Annuity Services

Annuity Portfolio Tracing & Verification Services
Research we have conducted recently has led us to devise a range of approaches to  annuity verification  which we believe can offer considerable help to annuity providers in this often problematic area.

We know that  providers utilise a number of tools and agencies in order to verify  annuitants, with varying degrees of success.  In some cases difficulty is experienced due to sheer volumes and tracing proves particularly difficult where overseas retirees are concerned.  Our service is fundamentally different and our solutions have been developed to operate alongside existing verification processes. This means that, for example, you would not have to disturb any existing business relationships you have with other verification providers.

Our comprehensive capabilities, combined with the flexibility of a menu of service options, can succeed in filling the gaps left by certain other service providers and more than justify the cost of our service.  Following our own research, a recent tracing exercise we have undertaken for one insurance company has discovered  approx. 1% of annuitants to be deceased, (before the more in-depth work is done on the residual  'Gone  Aways').  Of more than 8000 pensioners, 1% were immediately found to have died, representing an annual benefit saving of £190k.  This led to an immediate reserve release of £1.5 million. There  are  also almost 1000  'Gone Aways'  which are currently under investigation -  and likely to lead to further  cessation of annuity payments  in due course. 

The model works particularly well with regard to  annuitants  living overseas, as there is no data matching that can take place, and these  groups are often overlooked in other verification exercises, basically because it is much more difficult to prove their existence.  Our research shows the average  annuity  payable to overseas annuitants, (and therefore the reserves held) are often substantially higher than the comparable UK resident groups.

As well as being compliant with the Financial Services Act (particularly from a 'Treating Customers Fairly' perspective) we are not just relying on huge databases for "smart technology" indicators of death notifications. Our meticulous attention to detail leaves  providers reassured as to the integrity of their  annuity  records.