Annuity Portfolio Tracing & Verification Services 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. 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. Medical Record Inspection
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.
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.
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.
For insurers who accept new business on a moratorium basis we have expert staff and doctors available to inspect claimants’ medical records to identify pre existing medical conditions.
Arrangement of Early Intervention Investigation & Treatment
Claim form visits often identify claimants waiting for an investigation or treatment that is rationed by the NHS and for which there is a long waiting list. We can help you to arrange the test or treatment in the private sector thus reducing the waiting time and speeding up the claimant’s recovery and return to work.
Relief Claims Assessors
We are frequently asked to provide claims assessors to help out in peak periods or in periods of unplanned staff absence when a client’s staff is under pressure. The Bureau has a number of well qualified and experienced people to carry out this work.
Claim Audits
We can provide expert staff to audit your claim portfolio, or part of your claim portfolio, and provide a report on the quality of claim management. We will also make recommendations for improvement in the claim management process and provide templates for claim documentation and letters.
Claim Screening Service
We can provide expert staff to screen your claim portfolio for claims suitable for rehabilitation, investigation or other special services.
Training
We provide training in all aspects of disability claims management supported by “in house” manuals. We have developed a course specifically designed for new recruits so that they become effective members of the claims team as quickly as possible. Several clients have used our services to provide this initial training and the feedback has been very positive. We can provide training for a small group or a large number of your staff.
Third Party Administration
We undertake third party administration services for employers self administered long term disability schemes as well as acting for insurers who wish to outsource their claims services.
Advice On Ill Health Retirement
We provide expert advice to Pension Scheme Trustees on applications for ill health early retirement.