Identifying a deceased participant’s beneficiary can be complex BeneVerify helps navigate this challenge with precision.
BeneVerify serves an essential function in bridging the gap between missing relatives and their entitled benefits following the mortality of a participant.
Abacus Intel solution streamlines beneficiary research by leveraging advanced data analytics, mortality data, and multi-source verification to help organizations locate missing beneficiaries quickly and accurately. The result: faster payouts, reduced fraud risk, and fully documented, audit-ready processes.
Organizations have a fiduciary responsibility to locate and pay beneficiaries accurately and in a timely manner. Incomplete records, returned mail, and outdated data can make this process difficult, leading to delays, unclaimed benefits, and increased regulatory scrutiny.
Without a documented beneficiary research process, organizations risk non-compliance with Department of Labor (DOL) and IRS requirements, which can result in penalties, audit findings, and reputational damage.
BeneVerify helps organizations strengthen compliance by combining advanced data analytics with a fully documented research process.
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.
