London, May 2012 - Leading consumer credit information and analytics expert, Equifax, is working with life and pensions company, ReAssure, to help them trace gone away policyholders in order to repatriate them with their investments. The innovative Equifax Positive Locate service is playing a crucial role in ReAssure’s campaign to find customers who have moved, but forgotten to inform ReAssure of their changed address. Since the new service was implemented in March 2012, over £250,000 in investment funds has already been repatriated with customers.
Data quality is a key requirement for ReAssure, who rebranded from Windsor Life in December 2011. In particular it is focusing on gone-away customers, and utilising Equifax’s Positive Locate service as part of a review of its whole gone-away process is providing crucial data enhancement.
Equifax Positive Locate is a quick, reliable and flexible way for businesses to reunite individuals with their money. If a customer has moved house or changed their name but did not inform their financial services provider, Equifax Positive Locate could provide an address at which the account holder is most likely to be reached - either the last known or possible future address. It also confirms details of individuals at the same address who have been recorded as deceased, so that financial services companies can contact spouses, co-inhabitants or family members. Utilising Equifax's extensive consumer databases, Positive Locate is able to provide reliable and up-to-date results quickly and efficiently.
Equifax is providing ranking of customer data to enable ReAssure to issue letters and change data on its systems. Equifax is also providing data to confirm residency and where customers have deceased.
“We selected Equifax Positive Locate following a trial that put several different service providers to the test” confirmed Brian McPhail, Head of Customer Services at ReAssure.
“Equifax returned the best results, but that wasn’t the only reason we have now implemented this solution across our business. The ease with which we could integrate Positive Locate with our processes was also crucial.
“Throughout the trial at our Telford operations centre, the Equifax team demonstrated a high level of professionalism, engagement and product knowledge. This level of customer care is matched by Equifax’s high quality data, allowing us to operate an effective review of our databases and processes.”
“This is a key contract for us and demonstrates Equifax’s ability to work with clients on-site, attending internal training sessions and working with staff to ensure a positive result”, added Steve Heywood-Jones, Equifax. “Our data quality and address matching structure was key in ReAssure’s decision making process and continues to make Equifax the first choice for businesses looking to enhance their customer retention rates, including organisations where they are aiming to repatriate customers with investment funds.”
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