Marital Status Prediction created by Tracesmart
Marital Status Prediction to aid pension schemes de-risking procedures
UK data specialist, Tracesmart, has created a new de-risking product for the pension industry. Risk MSP (Marital Status Prediction) is a data-enhancing product for companies that might need to identify the potential added risk within their pension schemes attributable to the marital status of their members.
Scheme members' spouse usually receive benefits upon the demise of a partner and as a consequence the existence of a spouse could materially increase the cost of providing pension benefits – strong grounds to establish who within a database is single or married. Risk MSP is to be launched at the Professional Pensions Show 2012 on the 3rd and 4th October.
Tracesmart, one of the UK's leading consumer data specialists, provide people tracing, identity verification and data cleansing solutions to a large and diverse range of companies and sectors. An established data solution provider in the field of life and pensions with strong working relationships with the majority of the industry's third party administrators, Tracesmart continues to break new ground, producing brand new products and delivery methods for ease of use and promptness.
Risk MSP along with other data solutions is available on Tracesmart's newly launched online data cleansing bureau, Smartcleanse. The bureau was developed within scope of The Pensions Regulator's record keeping guidance and is at the cutting edge of pension scheme data management. The online portal is also to be showcased at the Professional Pension Show.
Following a recent Risk MSP trial, Barry Hawkins, Group Pensions Manager for the Hoover Candy Group provided feedback, comparing traditional and electronic processes for a marital status prediction, "There are numerous benefits to Risk MSP - it greatly reduces time and effort, negating the need to write to members. The process is totally unobtrusive and comparatively immediate. The cost comparison is quite marked. I would estimate that the electronic version is 50% the cost of the traditional paper method."
Mike Trezise, Tracesmart's founder and Managing Director added, "As a result of in-depth consultation with our pension sector clients, we are proud to be introducing our unrivalled self-serve and secure online batch-processing portal, delivering new automated data cleansing and tracing products specific to the industry. I'm confident the Smartcleanse portal and its products are going to prove very popular. These are exciting times for Tracesmart."