Annually, over $1 billion in life insurance benefits goes unclaimed due to companies’ lack of awareness regarding policyholders’ passing or beneficiary information gaps. This unclaimed sum represents unused financial resources, posing a significant concern.
Regulatory mandates require insurance companies to verify policyholder data diligently, an ethical responsibility towards policyholders and beneficiaries. Lapses in compliance audits can extend benefit transfer gaps, leading to more unclaimed funds.
Insurance companies need robust systems to track policyholders’ statuses and facilitate smooth benefit transfers. Using advanced data management to navigate regulatory and compliance requirements is critical in fulfilling these needs.
MVerify® confirms participants’ mortality using databases and obituaries, ensuring accurate records and preventing fraud.
LifeVerify uses mail, phone outreach, and a detailed audit trail report to comply with Department of Labor and IRS guidelines for locating participants.
BeneVerify reunites missing relatives with entitled benefits post-participant’s mortality, using commercial databases and thorough investigations.
