Address tracing
Is an automated process which confirms if the member is living as stated or provides a new address. This allows funds, administrators and insurers to connect with a member, confident that they have the correct address.
Financial organisations inevitably lose contact with their members leading to increased costs, operational overheads and non-compliance with regulations.
A pension member book will gradually become inaccurate due to changed or outdated addresses. MM Residence is an automated service which will discover home movement and trace a member to a new address.
Some interesting stats that will cause database inaccuracy:
- 12% of people move home annually
- 8 average home moves per lifetime
- 53% of home moves are renters
- Over 550K deaths per annum in the UK
- Over 300K emigrations per annum from the UK
MM Trace uses over 3 billion data points to provide an accurate current address for a member to ensure pensions data is compliant and current.
The service provides confidence levels and supporting evidence so you have peace of mind in relying on the results.
- Living as Stated
- Gone Away
- New Address
- Deceased
Reduce hidden costs of out-dated member data
Schemes are required to maintain accurate and current member details. Data degrades as circumstances change and the organisation is not informed. Managing this challenge in an unstructured way results in uninformed decisions, increased internal resource and regulatory non-compliance. MM Trace is a comprehensive tool which verifies and amends’ pensions data, including a members new address.
Seamless Implementation
MM Trace is offered as a managed service and is applied to a bulk data set.
Input data requirements
MM Trace can process ambiguous data and is configurable based on requirements. As a minimum MM requires a member’s DOB & Postcode. More granular data improves results.
Process & Analysis
Process and cross reference data with billions of records to identify if a member is living as stated, gone away or at a new address.
This solution does not include full Mortality Screening, however, if there is a requirement to identify deceased members to prevent fraud, then MM’s Mortality Screening service can be included as an additional product.
Overview Report
MM Trace will produce a boardroom-ready report which explains the key headline outcomes of the data processing.
MM is a trusted data enrichment and de-risking partner.
