Data is increasingly under the spotlight in the Life and Pension arena, highlighting the obligation of preserving its quality and reliability. To alleviate the possible problems associated with data integrity, Tracesmart’s ‘Existence’ solution delivers a proactive approach to improving and identifying any issues within a database. The process will also strengthen a plan or scheme’s resistance to deception, such as impersonation of the deceased (IOD) fraud.
Existence has been developed to provide a quick and convenient means of maintaining or improving data quality by verifying residency, flagging gone aways and identifying mortalities*. Additionally, it cleanses data to postcode address file (PAF) standard, and will telephone append where available. The service is a cost-effective and efficient alternative to the manual, obsolete and fraud-susceptible certificate of existence (COE) approach.
Tracesmart has two Existence solutions to improve data integrity.
A quick one-off, cost efficient means of conducting high volume existence checks to identify mortalities and gone aways, in addition to improving data quality.
A continuous monitoring system that offers the highest level of data maintenance and protection from IOD fraud, the process will automatically conduct regular existence checks, ensuring gone aways and mortalities are highlighted at the earliest possible juncture.
*Death Registration Information (DRI)
Tracesmart is one of a small number of companies licensed to receive DRI data from the Identity and Passport Service. The feed gives notice of all deaths registered within the UK on a weekly basis, permitting data screening against the most up-to-date mortality information available. Supplemented with our existing mortality datasets that includes historic death data spanning back to 1976 for England and Wales and to 1974 for Scotland, our existence service delivers authoritative screening to combat fraud.
Our obligation to data management is resolute, accredited with the globally recognised ISO27001:2005 information security certification, we provide a trusted framework to ensure all data is kept secure and confidential.