Customer Stories and Case Studies from ITM | ITM

Customer Stories

We solve complex data problems for our clients – but you don’t have to just take our word for it.

De-risking case study

Intro – 2018 was a record year for pension insurance transactions. And 2019 has broken that record. A fundamental element to a successful deal is data – after all it is the data of the pension scheme, which – along with the documentation – define the liabilities.

Challenge – We were asked to undertake a data risk audit and look at the potential impact of missing or incorrect data in relation to their plans for a buy-out transaction.

Solution delivered – We audited, analysed and reported on the scheme data. We found that the overall common data score was low. This then meant that there was missing data that needed to be traced and errors within the existing data that needed to be rectified.

The data also contained duplicate values, this can mean the scheme could potentially be overpaying benefits out to members, which in turn can affect the overall scheme funding.

The data was subject to a migration project several years earlier, approximately only 30% of the data was checked. Not all data was stored on the current admin system – reliant on legacy systems.

Result – Our processes and technology allowed us to extract, audit and rectify the data efficiently and effectively. Automated checking processes were used to uncover any inconsistencies – reducing manual intervention and costs. As a result insurers were able to price the deal more accurately – ultimately accurate data means a smaller premium variation.

Data audit and cleanse case study

Intro – Administration backlogs and outstanding casework can be demotivating for staff and dissatisfying for members.

Challenge – We were already working with this Local Government Pension Scheme (LGPS) client to reconcile guaranteed minimum pension and were invited to put forward a proposal to help them process other data issues that were affecting them.

Solution delivered – After completing a full data extract and discovering that 25% of the data was identified as having a data quality concern, the biggest challenge was obtaining the information from employers required to process the casework. We worked closely with our client to support them and make the job easier for them. This minimised the impact of the project and allowed staff to continue with their day-to-day role.

Result – With our help, the LGPS cleared a substantial number of outstanding cases. This not only improved morale among the administration staff, it also greatly improved the quality of the data. This allowed for an improved administrative performance and a better member experience.

Master trust case study

Intro – In 2018 the Pensions Regulator (tPR) announced that all master trusts would need to apply for taster trust authorisation – a process designed to improve standards in the sector after the prolific rise of master trust membership post the introduction of automatic enrolment.

Challenge – A significant area of the authorisation process focussed on data, systems and processes. We were invited to put forward a proposal to support this scheme through the authorisation process.

Solution delivered – The process of agreeing the submission for authorisation requires intensive stakeholder management, which we delivered, including a weekly checklist of work and actions – circulated and agreed. Alongside the process to gain authorisation we also supported delivery of a continuity plan.

Result – Our processes and technology allowed us to prepare the data for authorisation as well as review and improve system processes to a level required to meet authorisation requirements.

Auto-enrolment case study

Intro – In 2018 the Pensions Regulator (tPR) announced that all master trusts would need to apply for master trust authorisation – where clients provide master trust solutions for multiple clients the task of undertaking the authorisation process required some outside help.

Challenge – We were asked to ensure that data across different schemes was correct and up to date – the software requirements potentially affected thousands of members and scheme benefits worth several millions.

Solution delivered – We audited, analysed and reported on the scheme data to fully understand the scope and position. We developed a conversion process that takes the data – then validates and enhances it before submitting it. This ensures that sub-standard data never gets into the system before being improved.

Result – Our processes and technology allowed us to not only meet the client’s needs on this particular occasion, but also develop a long-term relationship that goes far beyond our initial project.

Operational risk case study

Intro – Taking data from existing systems, platforms and middleware and consolidating onto a new platform has great operational benefits in the long-term, but can be tricky to achieve in the short term.

Challenge – As well as replatforming, there were significant data errors that had created a large scale administration backlog. Calculations were being done manually by Excel spreadsheets for many thousands of members.

Solution delivered – We audited, analysed and reported on the scheme data. Then put in place a data improvement plan which cleansed 60% of errors within 3 months. The remaining data issues were identified and rectified during the migration process.

Result – All records were migrated and data errors rectified to a very tight timescale and in budget.