Automation platform Unitek has partnered with Legal & General’s new pension pot tracing business to automate part of the process, using AI technology, and help trace 1.6 million in unclaimed pension pots, worth £19.4 billion.
This partnership builds on the services Legal & General launched at the end of 2020, which includes a ‘stand-alone’ tracing service to help people track down lost or forgotten pension pots, and a consolidation solution, for those wanting to bring their various pension savings together. The tracing-only service is unique in the market in offering a ‘no-strings’ tracing option, meaning customers have no obligation to buy a product once tracing is complete.
Historically the process for tracking down lost pensions has been slow and complicated, with the onus typically on the customer to contact their pension providers and past employers themselves. Using Unitek’s technology, Legal & General will transform the customer experience by automating data collection and data entry from more than 60 pension providers to speed up and simplify the process, whilst significantly reducing the need for human intervention and paperwork.
Talking about the partnership, CEO of Unitek, Martin Brown said “We are delighted to be working with a FTSE 100 company like Legal and General on their really important mission to help fix a common and complicated pension problem that affects so many UK employees and residents. In reality, many people are unaware of what pensions they have with their old employers and even if they are, it’s a complicated drawn-out process. The team at Unitek is proud that our technology is enabling Legal and General to provide its customers with this service, whilst also being able to deliver the services more cost efficiently.