Every year, millions of dollars 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.
Unclaimed life insurance benefits face challenges due to distinct regulations, unlike those for retirement funds. Companies must conduct audits, crucial for timely benefit disbursement as required by life insurance policies.
Life insurance providers operate within a complex regulatory environment where compliance is not just required, it’s continuously evaluated. From audit readiness to ongoing data validation, organizations must demonstrate that they are taking appropriate steps to identify and process benefits accurately.
Inconsistent or outdated data can make this process more difficult, increasing the effort required to meet audit standards and maintain compliance.
Abacus Intel supports insurers by providing reliable data and verification tools that strengthen internal processes, improve audit readiness, and help organizations meet regulatory expectations with greater confidence.
Insurance organizations need reliable systems to track policyholder status and ensure benefits are processed accurately and efficiently. As regulatory expectations evolve, having access to timely, verified data is critical to maintaining smooth operations.
Abacus Intel’s advanced data platform helps navigate regulatory and compliance requirements to fulfill these needs effectively.
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.