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Tracking Lost Pensions With Intelligent Document Processing

What we learned from helping L&G track lost pensions with Intelligent Document Processing, and the implications for Financial Services.

If you haven’t already invested in an intelligent document processing (IDP) solution, you really should.

A whopping 80 to 90% of business data is unstructured, which is industry lingo for “unsearchable.” 

That information lives in millions of paper-based forms, PDFs, images, emails, scanned files, and other document types — all spread across countless disjointed folders, servers, and filing cabinets. No wonder only 18% of organisations can leverage unstructured data, and 67% aren’t comfortable using or even accessing it. 

 Courtesy of Deloitte

Finance teams often have to manually sift through heaps of documents and spreadsheets to collect, sort, verify, and extract the information they need. This eats up money, resources, and human capital that are better spent on more impactful activities like customer service or revenue generation.

Here is where intelligent document processing comes in. It converts semi-structured and unstructured documents into ready-to-use business assets, minimising and, in some cases, completely dispensing with manual document processing.

But you don’t have to take our word for it. In 2021, our partners at Legal & General (L&G) leveraged Unitek’s IDP solution to streamline their pension pot tracing service. Our successful collaboration showcases three business applications of tracking lost pensions with intelligent document processing that hold a lot of promise for the finance industry.

Let’s explore these in more depth.

First Things First: What Is Intelligent Document Processing?

Intelligent document processing solutions automatically digitise, standardise, categorise, validate, and extract unstructured and poorly structured data, transforming it into usable and searchable business assets. IDP technology can process a wide variety of data types and file formats, from handwritten, machine-typed, and paper documents to washed-out scans, PDFs, and more. 

To do that, IDP leverages advanced technologies such as:

  • Robotic process automation (RPA)
  • Artificial intelligence (AI)
  • Natural language processing (NLP)
  • Optical character recognition (OCR)
  • Deep learning (DL)
  • Machine learning (ML)
ROI in Sixty Days: 96% Straight Through Processing Plus Near-Instant Data Extraction

How L&G Leveraged Intelligent Document Processing to Unlock £20b in Unclaimed Pensions

In 2020, the Association of British Insurers estimated that some £20 billion were sitting in 1.6 million unclaimed pension pots just because of house moves.

To help UK retirees track down lost or forgotten pensions, Legal & General — a FTSE 100 company and the UK’s leading provider of individual life assurance products — launched a new pension pot tracing and consolidation service in late 2020.

While the service proved successful and popular with customers, it could do with a bit of optimisation.

Day in and day out, dedicated L&G personnel managed a huge volume of fragmented and scattered documentation from 60+ pension providers. While the content was relatively similar, document formats and reporting methods varied widely across providers. L&G would receive multitudes of document templates, with many documents not following a templated structure at all. Some were even paper-based.

"[...] Lack of standardisation meant that L&G’s team had to manually collect, sort, classify, validate, and input massive amounts of information into their internal system, leaving little to no time for other business activities."

The lack of standardisation meant that L&G’s team had to manually collect, sort, classify, validate, and input massive amounts of information into their internal system, leaving little to no time for other business activities.

3 Use Cases for Intelligent Document Processing 

L&G turned to Unitek to help eliminate the administrative bottlenecks they were facing. Here’s how we helped L&G track lost pensions with intelligent document processing in three steps:

1. Document Standardisation 

To start, we focused on the documentation coming in from the eight largest pension providers that took up 70% of L&G’s total processing. We digitised and uploaded numerous documents. Then, we structured and standardised them to make them searchable and automation capable and reduce L&G’s reliance on tedious and error-prone manual processes.

2. Data Extraction and Entry

Next, we deployed our intelligent document processing solution to extract huge volumes of data in minutes, without error or human intervention. 

As a result, L&G can now process millions of documents in various formats from 60+ pension providers, automatically extracting and inputting customer data with above-human accuracy of >99%. This drastically shortened application processing time from days and sometimes weeks to minutes, enabling L&G to service more clients, handle more applications, and provide better customer experiences without increasing their headcount.

3. Creating Automations on the Fly 

Finally, we made sure to equip L&G's teams with the tools and knowledge to automate on their own. Citizen developers were able to manage the remaining document processing tasks on their own, without having to hire expensive developers or software consultants. 

To that end, we created a customisable dashboard with an intuitive interface and a built-in drag-and-drop automation builder. This enabled L&G’s team to easily automate any process on the fly to fit the company’s evolving needs, all without writing code.

Lessons Learned: Who Can Benefit from Intelligent Document Processing?

Our collaboration with L&G showcases the versatility of Unitek’s IDP solutions. They can streamline a wide variety of document-centric business processes across financial institutions and industries as diverse as:

By automating document-based workflows and other repetitive tasks, Unitek’s intelligent data capture and document processing tools boost efficiency, slash operational costs, and shorten processing time.

Manual processing and paper-based documents become things of the past, and even the most disjointed and complex documents are standardised in a structured format.

Curious to Know If Your Workflows Are Ripe for Intelligent Document Processing?

Document automation radically simplifies key business processes and countless mundane tasks, freeing time and resources to redirect towards more impactful business activities. 

To see what our intelligent document processing solutions can do for your business, schedule a free personalised demo.

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