Unclaimed Death Benefits: Technology Aspirin for a Big Headache
Report Summary
Unclaimed Death Benefits: Technology Aspirin for a Big Headache
Tending life insurers' liability headaches, third-party providers better the death-matching process.
Boston, January 30, 2014 – Since 2008, U.S. states facing financial difficulties have focused on unclaimed death benefits as a way to increase revenue. But societal trends, including increased mobility, and conflicts between and gaps within state laws have exposed life insurers to significant liability. Now, wrong and missing data in the Social Security Death Master and life insurers' own records have life insurers using third-party death-matching solution providers to perfect the death-matching process.
Written for line-of-business, product, claims, risk management, compliance, and technology leaders and managers within life insurance companies, this report analyzes and summarizes the capabilities of selected solution providers that can help life insurers with accurate death-record matching and effective beneficiary research and outreach capabilities. Based on late-2013 Aite Group interviews with 20 U.S. solution providers, the report also analyzes and summarizes other selected solution providers that life insurers can use to improve their overall life insurance claims processes.
The report profiles the Berwyn Group Inc., Computer Sciences Corp., Cross Country Computer, Exigen Insurance Solutions, EXL, FAST Technologies, Fineos, Keane, LexisNexis, MIB Group Inc., Navigant, Pension Benefits Information, Polaris Financial Technology Limited, and Security Software Solutions.
This 22-page Impact Note contains four figures and three tables. Clients of Aite Group's Life Insurance service can download this report.