Faraday
Faraday is the longest established specialist tracing agency in the UK. They work with over 200 pension funds to identify clients that have died and trace missing beneficiaries whose schemes have lost contact with them.
Pension funds make payments to around 70,000 deceased people every year and they are at risk of both deliberate and inadvertent fraud. It is important that the mortality screening that Faraday provides ensures total coverage and accuracy so that pension schemes can suspend payments efficiently. Equally, Faraday need the highest level of data matches to allow them to trace any missing beneficiaries who are entitled to receive a pension.
Faraday turned to Data Discoveries as they wanted to ensure the quality of data was of the highest level possible. They combine our interactive software, Fastrac with our batch software, Enhance. Enhance allows them to upload client data and the software automatically validates, corrects, and enhances the data so that they can communicate more effectively with the people they are trying to contact. This, combined with our sophisticated tracing tool, Fastrac, allows them to identify new addresses and provides mobile and ex-directory telephone numbers.
Faraday also upgraded to a web-based system which allows them to access the most up to date data together with access to historical, goneaway, and deceased records.
Ian de Souza, Managing Director of Faraday said:
“It was imperative that we consistently work with the best data possible. Data Discoveries’ software provides us with high level customer matches which have been accurately verified. We regularly achieve an 80% tracing success rate and our schemes have peace of mind in knowing that pensioners are being paid what they are entitled to and any fraud or potential overpayments can be eliminated”.