Leading pension administrator enhances the integrity of their paper based member data by adopting electronic pension records management.
- A reduction in storage requirements and the provision of enhanced customer service
- An increase in data transparency across the team eliminates the reliance on a single member of staff
- Ease of access to member records
Outsourced pension records management
After identifying these issues surrounding storage costs, disaster recovery and customer service approaches, Aon Hewitt worked with a number of clients with a view to scanning all the member files relating to their pension scheme arrangements. Due to the different approaches required for each project, and the need to find a capture expert that was able to tailor their delivery, Aon Hewitt partnered with us to deliver a number of these projects.
One of the first projects we completed was the electronic conversion of over 40,000 individual member files, capturing each paper document and automatically indexing these by the National Insurance number, member name or any other unique identifier. These indexed files, converted to PDF and imported into their back-end pension software FileNet, provide easy to view data for Aon Hewitt’s administration team.
Another project completed for Aon Hewitt involved the extraction of data relating to taxable benefits - the availability of which enables Aon Hewitt to meet an area of the Pensions Regulator’s guidelines for conditional and unconditional data. However, due to the potential age of these documents the file concerned can appear in a variety of different formats and layouts. Therefore the capture software chosen enabled the automatic identification of the correct page, along with accurate extraction and indexing of the relevant data.
In addition, we provide Aon Hewitt with a fast track retrieval service – a process carried out during the period when their client files were stored on our site awaiting scanning. If at any point in member servicing an administrator would require sight of a particular member file, we located the file, either sending over the hard copy or scanned version. This was run on a 24-hour SLA, enabling the team to continue administering the scheme without a loss of service to the members.
Achieving a long-term impact
These outsourced capture models developed alongside Aon Hewitt are established so that they can now be repeated for any of Aon Hewitt’s clients as and when the need arises.
As Don McKinna, Business Programme Director at Aon Hewitt explains, ‘Outsourcing the capture process has removed the need for us to invest in a hardware and software capture infrastructure, along with skilled operatives. Also, given the non-routine nature of our capture requirements, coupled with potential sudden peaks in volumes, it is more cost effective for this to be handled by an off-site bureau with a scalable capacity’.
The impact of converting these member files has been significant. By enabling their pension advisors to work from electronic images Aon Hewitt has immediately reduced their dependency on an individual administrator to handle an individual enquiry. Now a single enquiry can be dealt with by any member of the pensions team, and this enablement of data sharing has led to quicker and more accurate service provision.
Don McKinna explains further, ‘It has also enabled a much cleaner and tidier way of working for the team. With all the electronic images held within our FileNet repository, our administrators are able to view the relevant pensions documents on one screen whilst viewing additional information in parallel on their second screen. There is also no need to store box loads of paper files, therefore giving us the office space to expand our team’.
But perhaps the most important impact has been the increase in disaster recovery and data security, in an industry where accurate data becomes an increasingly important asset – and a key factor as the pension market continues to evolve and change in the future.