July 21, 2017
With so many things being on-demand, such as dogwalkers, rideshares and even your favorite television shows, we wanted to remind our current customers and potential customers that we offer two options (with additional options coming soon) to receive your data compliance solutions. However, we understand that acronyms are many in today’s world, so while “OTR” means something to us, it may be a foreign acronym to others.
While “batch” reports – reports that are done a subscription basis and served at a designated interval (daily) – are the most common, OTRs – one-time reports or on-demand reports – provide you with the specific data you need if you only need to check your records once. Several industries, such as the insurance industry, only require their death audit data one or twice a year, so a subscription basis may not be the necessary option. On-demand reports allow these industries to receive the information needed to fulfill their fiduciary obligations.
Batch reports are available on a subscription basis, and are often utilized by pension funds and the retirement industry to ensure their federal requirements. These death audit reports are available as fast as daily, allowing industry professionals to keep their records as accurate and up-to-date as possible.
How LifeStatus360 Provides Death Search Compliance
The death audit industry has traditionally provided death search results in one on of two ways, though many of our customers aren’t aware of the different reports that we offer. Our data compliance solutions, such as our Death Audit Services and Life Audit Services, are available in one of two delivery methods: OTR or batch.
Our OTRs are typically available within 24-48 hours of receiving your participant data. The information is imported into our proprietary SaaS platform, and run against our extensive proprietary data sources – LifeStatus Proprietary (LSP) – and checked against our obituary matches – Obit360 – before undergoing our data quality analysis and being reported back to our customers.
Using LSP and Obit360, we also run our batch services, which are our subscription services, and report at the designated interval our customers’ require. We provide the fastest death audit compliance reports in the industry, as quick as daily, to help our customers maintain their fiduciary obligations. These services are best utilized by our long-term customers who need to regularly ensure the mortality of their plan participants to avoid unclaimed property issues.
We are available to help you locate your missing participants, clean up your participant lists, and maintain your fiduciary obligations based on federal regulations and requirements. Contact us online or via telephone at 888-LIFE-360, or request a walk-through webinar to see easy it is to locate the data compliance and death audit information you need.
Don’t forget to ask your current provider: Is my pension benefit information secure?