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The 2007 Commission of Unclaimed Assets urged the UK government "to investigate proposals for the scheme to include other classes of unclaimed asset, including insurance."

"We were extremely pleased with Georgeson's success in this project which enabled us to reunite over £56 million in unclaimed assets."
Kirsty Cooper, Deputy Group Company Secretary, Aviva plc

Bradford&Bingley Case StudyAsset Reunification
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Life and Pensions
 
Re-engage with your lapsed, matured and goneaway policy holders, ensure your customers receive the benefits to which they are entitled 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 like the Financial Services Authority (FSA) and changing legislation (e.g. the introduction of the EC Solvency II Directive in 2013) means that life insurance and pension providers are under pressure to provide more transparency of capital investments and ensure that their 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 schemes.

During the lifecycle of a policy, insurance providers inevitably lose touch with their customers. There are numerous reasons why customers may become lost or disengaged. These range from people simply not making the company 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 an active policy or investment.

Georgeson has developed an end to end and fully managed solution for the life and pensions sector to locate and engage ‘missing’ customers by combining Data Cleansing and Enhancement, Mortality Screening, 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 policy holders, ensuring they receive the benefits to which they are entitled
  • Enable you to release capital invested unnecessarily to cover the risk of dormant policies, subsequently reducing balance sheet liability
  • Identify policy holders that have recently deceased and eliminate annuity over payments
  • Ensure you comply with the DPA and the FSA’s Treating Customers Fairly guidelines
  • Improve customer and brand protection by significantly reducing the risk of identity fraud against your consumer databases
  • Update your consumer databases to subsequently improve marketing impact and customer retention
  • Reduce data administration and customer communication costs.

Solutions »

Our Life and Pensions solutions include:

  • Regular Mortality Screening and annuity verification to identify deceased policy holders, 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 consumer databases are current and up to date
  • Specialist Research and Tracing to enable providers to locate 'goneaway' policy holders, meet regulatory obligations and reduce fraud
  • Outsourced Identity Verification to positively identify policy holders traced to a new address prior to communications or immediate payment events
  • Asset Reunification to trace, engage and where applicable ensure that your policy holders received the 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.