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"Georgeson were able to deliver exactly what we needed to meet our requirements and do the right thing for our members. They adapted their approach to our requirements and delivered in short timescales. We would be happy to work with Georgeson again."
Chris Lerpiniére, Head of Operations, Reliance Mutual Insurance Society Limited

Reliance Mutual Case Study

Asset Reunification
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Mutual Organisations
 
Ensure your members receive the benefits to which they are entitled, re-engage with your ‘goneaway’ members, release capital invested unnecessarily to cover the risk of dormant policies and reduce administrative and marketing costs
 
Assist you to comply with the FSA’s Treating Customers Fairly initiative and the Data Protection Act 1998

Increasing scrutiny from regulators such as the Financial Services Authority (FSA) mean that mutual organisations are under pressure to ensure that their register of members and consumer databases are current and up to date. Due to the current economic conditions there is also a need to deliver efficiencies and maximise the value of investment funds.

During the lifecycle of a policy mutual organisations inevitably lose touch with their members. There are numerous reasons why members may become lost or disengaged. These range from people simply not making the mutual aware that they have changed address or to more complex situations of an executor of a deceased estate not being aware that their relative had a policy or investment.

Georgeson has developed a fully managed outsourced solution for mutual organisations to locate and engage ‘missing’ members by combining Data Cleansing and Enhancement, Specialist Research and Tracing, Stakeholder Engagement and Communication and Asset Reunification.

Why Georgeson? »

Our service is designed to:

  • Keep your records up to date and enable you to re-engage with your members, reuniting them with benefits to which they are entitled
  • Enable you to identify lapsed policies, release capital invested unnecessarily to cover the risk of dormant policies and subsequently increase the assets available to your members
  • Ensure you comply with the DPA and FSA’s Treating Customers Fairly guidelines
  • Improve member and brand protection by significantly reducing the risk of identity fraud against your register of members and databases
  • Update your register of members and databases to subsequently improve the impact of member communications and customer retention
  • Reduce data administration costs.

Solutions »

Our Mutual Organisations solutions include:

  • Regular Mortality Screening and annuity verification of member registers and databases to identify deceased members, save costs, release capital reserves and prevent the risk of identity fraud
  • Data Cleansing and Enhancement to improve data quality and to ensure that your organisations registers of members are current and up to date
  • Specialist Research and Tracing to enable mutual societies to locate 'goneaway' members, meet regulatory obligations and reduce fraud risk
  • Outsourced Identity Verification to positively identify members traced to a new address prior to important member communications or immediate payment events
  • Asset Reunification to trace, engage and where applicable ensure that your members and policy holders receive benefits to which they are entitled.

Next Steps »

To find out more about the Georgeson Asset Reunification Services please contact us using the details provided below.

James Devon > Head of Business Development, Georgeson Asset Reunification

james.devon@georgeson.com
+44 (0)870 7020316
+44 (0)7789 205 104

Alternatively, you can email us at assetreunification@georgeson.com.

Or if you prefer you can write to us at our main office address:

Georgeson Asset Reunification
2nd Floor, Vintners Place
68 Upper Thames Street
London
EC4V 3BJ
United Kingdom

A 'goneaway' is someone that has been flagged as lost or not responding from the registered address. People's circumstances and personal details change, they move, change their name due to marriage or divorce or die without making their executors aware that they held a policy, account or entitlement. The individual becomes a 'goneaway' because the organisation is not made aware of these changes in circumstance.