Pension Data Analysis | Pension Schemes and Insurers | ITM

Analysing your data

A data health check – we look at what you have, create a baseline and an action plan to improve it.

Good data governance is vital to the smooth and efficient running of any organisation in the finance sector. You want to make sure you hold the right data, report on the right data, and calculate and pay out the right benefits to the right people at the right time. That’s a lot to get right!

Your data underpins everything you do and with increased demand for greater data quality, it’s time to get your data working for you.

Missing, incorrect and inconsistent data increases risk and operational inefficiency and can be costing you money. Our work within pension schemes; defined benefit, defined contribution and public sector, as well as our work in the insurance market, means we understand the issues you face.

Your data strategy should work towards your future objectives. It could be as simple as using our technology to analyse and report on system and administration processes, finding ways to create efficiency. Or perhaps you’d like to use your data to drive you forward – with things like creating an app or a customer focussed digital experience. Analysing your data is the first step.

Who we help

Your data is under increased scrutiny, with the Government and pensions industry as a whole pushing for improved data integrity, governance and controls. Good data governance can support you with efficient and accurate administration. It’ll help you correctly forecast scheme costs and future liabilities, giving you an oversight of core scheme transactions and supporting you to mitigate risks.

We’ve helped clients see the value in the data they have and how it can help drive their proposition forward. Technological advances have been creeping up on the pensions industry, and accurate, quality data is vital if you want to keep up.

Your records contain a wide range of data items, from basic member information like names, addresses and dates of birth to complex scheme specific information like transactions, funds held, service dates and statuses, and guaranteed minimum pension (GMP) entitlements. The Pensions Regulator (tPR) expects schemes to audit their data at least once a year, report on it and put a data review and improvement process in place.

We’ve developed our eDAaRT tool with you in mind – that’s why it can perform over 500 data analytic tests to help you pinpoint the pain points.

Using our eDAaRT tool we can:

  • Review and report on basic common data, like addresses, National Insurance numbers and dates of birth
  • Audit scheme specific data
  • Work through missing contribution history, unit price differences, exclusions and transactions after date of exit
  • Assess the suitability of data for transition, in house or to a bundled supplier
  • Get you ready for a system migration
  • Analyse the suitability of data for member self-service

Whether you’re looking into options for your data to comply with the Pension Regulator’s (tPR) recommendations around regular data reviews and providing data scores, or something more complex our experts can help.

We’ve advised third party administrators who manage a range of schemes, wealth managers who oversee individual policies, and other organisations responsible for a portfolio of insured schemes. We’ve found that good systems and processes can be enhanced with improved data integrity.

We understand record keeping and the ability to accurately report on the data you hold is important to you. We use our eDAaRT technology to conduct data risk audits, process reviews and benefit audits and can help you design a data improvement plan tailored to you.

Improving your data quality can help you become more efficient, reduce costs and improve your ability to report scheme information.

Inaccurate data holds you back. Whether that be basic administration, like paying the right benefits or archiving records, to digital transformation projects. We’ve worked with insurers to support the analysis and cleansing of data for over 20 years.

You may be facing the challenge of decommissioning legacy systems, where its important data doesn’t get left behind. We can help you by using our eDAaRT technology, which can extract, analyse and reconcile data.

Using eDAaRT to pinpoint problems by using our library of analysis queries is always the starting point for any project, then we bespoke it to suit each client, adding additional queries as we go. We use the information we gather to implement improvement plans to transform your data into one of your greatest assets.

At ITM we understand the responsibility for data quality lies with you, the trustee. With an increased emphasis on de-risking, guaranteed minimum pension (GMP) reconciliation and complex liability management initiatives such as buy ins/buy outs, PIE, longevity swap and trivial commutation – the quality of data plays a crucial role in reaching favourable financial outcomes.

The Pension Regulator’s guidance on record keeping has also been a key driver for data analysis and reconciliation. We use our eDAaRT technology to run data analysis queries – both standard and bespoke to your needs. This helps you pinpoint problem areas with your data and create a data improvement plan. We can also use this tool to analyse system administration processes, helping you identify areas for improvement.

We bring independent, industry-wide expertise from schemes, large and small, public and private, to help guide your data strategy. Our tried and tested techniques and technology have been refined, allowing us to work to tight timescales and reliable costs. We’ll call on our experience from across the industry, to help you approach your data challenges.

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