Gretel estimates that 2.5 million people have lost a life insurance policy, with a total value of £2bn
Gretel, a new financial hub which helps financial organisations and their customers reconnect lost bank accounts, pensions, savings and investments, recently opened for consumers to pre-register their interest ahead of full launch. From an adviser's perspective, helping people track a lost life insurance policy, for example, provides the opportunity to review it and perhaps switch to one that's more appropriate, according to a spokesperson for Gretel.
Gretel uses intelligent technology to see a customer's past financial path, identifying where they might have left money and then helping them reclaim it. Gretel aims to cover the entire financial services industry and will be free for all consumers.
In the UK there are an estimated 19.6m customer accounts with a combined value of over £50bn that has been lost or forgotten by their rightful owners. People get married, move home, move jobs and it is often difficult to keep track of every bank account, pension and investment, reports Gretel. The organisation will work with financial companies to do the right thing for their customers and help them follow the path to giving them back their money.
We are talking to all financial organisations that want to build deeper, more meaningful relationships with customers
Many financial companies have an obligation to reunite customers with their lost money - whether through client money rules, data quality regulation or the legislative framework of the Dormant Assets Scheme. However, individual financial companies only have part of a customer's financial picture.
Gretel aims to see the big picture and can reconnect financial organisations to their customers and their unclaimed assets. Once a customer has signed up with Gretel, the service will keep working for them to constantly look for lost monies and flag any new accounts as and when they are identified.
Duncan Stevens, CEO, Gretel, who has over 23 years in financial services and technology and was/is a member of the Government's Independent Commission on Dormant Assets, said: "Finding the path to disconnected customers is a challenge for many financial providers and Gretel now offers a platform to connect banks, insurers and pension providers to their legacy customers and restart financial conversations. We are talking to all financial organisations that want to build deeper, more meaningful relationships with customers they may have lost touch with."
Gretel is founded by IntelliTeq, which creates solutions for complex financial processes. It is currently working with a number of financial organisations and Gretel aims to launch within the next few months to all consumers.
Stevens continued: "We know that banks and other financial providers want to do all they can to help their customers' current financial situation. We are talking to new companies every day and, without exception, every organisation can see the incredible potential to help customers and make them better off."
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