Managing pensions is the basic task of a pension insurance company. Veritas manages the pension security of approximately 110 000 people and pays annual pension in the amount of over EUR 600 million. We assume responsibility for remitting pension payments in a timely manner and in the correct amounts.
In December, we were remitting pension payments to a total of 37 965 recipients.
Number of pension recipients in 2021
| wdt_ID | Asiakasryhmä | Luvut |
|---|
*including part-time pensions and partial early old-age pensions
During the year, we issued 2 184 (2402) new pensions. 72 (72) per cent of the pensions were old-age pensions, 14 (16) per cent disability pensions and 14 (12) per cent survivor’s pensions.
Retirement represents one of the monumental life changes. Our pension advisory assists those insureds, who are contemplating their own retirement, as well as those for whom a pension becomes topical, for instance, due to occupational disability.
In 2021, the service satisfaction of beneficiaries conversing with our pension advisory remained at a good level. We measure beneficiary satisfaction through NPS surveys conducted after service encounters, and we aim for the results to always be above 50.
We aim to process pension applications and to issue pension decisions so as to avoid any disruptions in an individual’s livelihood due to retirement. In 2021, pension applicants were issued a pension decision on average within 25 days. During the year, we elevated the level of automation of our pension processing and we will be further accelerating the automatization of our handling process in 2022.
We also measure pension application processing times both through a key performance indicator (KPI) and a key risk index (KRI). We monitor the indicators regularly to ensure that the timeliness of application processing and the internal efficiency targets set for the application process remain in balance.
We monitor the quality of the pension decisions we issue, as well as any resolutions issued by redress bodies. This allows us to ascertain the lawfulness of our decisions, and implement modifications to our decision-making policies, where needed.
Goal 2: We issue pension decisions swiftly and reliably
25
Application processing time in days on average*
*We managed to curtail our average processing time by two days. We did not, however, yet reach our target, i.e., an average processing time of 22 days.
86 %
Percentage of decisions upheld in redress process**
**We aim for the percentage of altered decisions to not exceed 15 per cent.
Veritas’ money flows 2021
