Unclaimed Property Audits Your Way
Despite the amount of money paid out every year on life insurance claims, there are still billions of dollars that remain unclaimed by policyholders and their beneficiaries. In an effort to reduce the amount of money that remains unclaimed, federal and state regulations require life insurance companies to check their records against the Social Security Administration Death Master File (SSADMF). Additional regulations require the reporting of the proceeds of policies that are not claimed.
At LifeStatus360, we understand the unique requirements and needs of life insurance companies when handling unclaimed property audits. Our unclaimed property solutions are tailored to each insurer’s unique conditions to ensure fiduciary and regulatory compliance and reduce the risk of incomplete records. We use the latest technology and advanced algorithms to ensure the accuracy of the data provided, enabling businesses to easily find the definite reconciliations.
Regulations & Requirements of the Life Insurance Industry
States are continuing to enact legislation requiring insurance companies to positively attempt identification of deceased policyholders by comparing their PII data to the SSADMF. Currently, 20 states require DMF comparison and matching, 4 states have passed DMF legislation and 3 states are pending legislation. Most of these statutes require insurers to:
- Perform periodic comparisons against the DMF for life insurance policies, annuities and retained asset accounts.
- Make a “good faith effort” to confirm matches and determine if benefits are due
- Make a “good faith effort” to locate any beneficiaries
- If beneficiaries cannot be located, report proceeds as unclaimed property in accordance with the NCOIL Model Act
The American Council of Life Insurers (ACLI) developed a white paper to clarify issues with current laws and provide recommendations on how to best utilize the DMF.
LifeStatus360 Provides Simple Unclaimed Property Solutions
LifeStatus360 provides customers with a simple solution for unclaimed property audits. Our enhanced death records database includes:
- The Social Security Death Master File
- State Vital Records
- Obituary Sources from over 10,000 alternate sources of death data for all 50 states and outlying territories
Our proprietary SaaS platform uses complex, targeted algorithms which integrate these sources to provide comprehensive unclaimed property solutions, such as:
- Options for searches in the Death Data databases
- State Vital Files and Alternative Data Sources
- Comprehensive DMF matching
- Proprietary matching engine to meet most regulatory updates
- Provide beneficiary and relative searches
- Address Location and Address Data Management
- Data Cleansing and Analysis to review and correct records
- An intuitive platform to organize and group your data
- Tailored reports and exporting options
At LifeStatus360, we understand the unique demands placed upon the life insurance industry, and provide the tools required to ensure our customers’ compliance with federal and state regulations.
Sign Up for LifeStatus360 Unclaimed Property Services
Unclaimed property audits don’t have to be a daunting task; our Death Audit and Life Audit solutions provide a complete package to ensure your business’s compliance with federal and state regulations on a timeframe that you determine.
Using the latest technology and high quality sources, we’re able to provide you with a simple solution using our secure, integrated SaaS platform. Contact us online or via telephone at 888-LIFE-360 to begin our comparison process. Let us show you how our solutions can help your company by requesting a free demo with our president, and put our services to the test with our free 7/30 Challenge.