Over the last couple of years one of the main issues dominating the life insurance industry has been the saga of unclaimed property. It has caused emotional responses from the families of veterans, compelled multi-million dollar settlements from huge insurance companies and prompted House panel hearings all while companies struggle to keep up with its evolving regulatory requirements.
LexisNexis Risk Solutions announced that it had recently entered into an agreement to collaborate with MarketSphere Unclaimed Property Specialists to assist insurers with gaining access to extensive data sets and unique analytics.
The partnership is the result of the strong need by carriers to have comprehensive data sources that ensure their business processes are aligned with the incipient regulatory requirements.
LexisNexis will also avail tools to insurers that make it easier to locate beneficiaries.
MarketSphere, which offers advisory services for strategic audit defense, compliance outsourcing, voluntary disclosure and business process assessments for annual compliance reporting hopes to help carriers minimize both risk and liability.
“With the recent changes in the Social Security Death Master File, carriers are left with few choices to find reliable data on deceased individuals. With our advanced linking technology and public records from more than 10,000 sources, LexisNexis is well positioned to quickly indentify deceased insureds,”said Elliot Wallace, vice president and general manager, Life Insurance, LexisNexis Risk Solutions.