LexisNexis® and MarketSphere Join Forces on Unclaimed Property Front
Working together, companies bring data and audit services to help life insurers minimize risk
ATLANTA – LexisNexis® Risk Solutions today announced that it is collaborating with MarketSphere Unclaimed Property Specialists to help life insurance companies address rapidly changing regulatory requirements and strengthen key business processes. Through this relationship, insurers will gain access to the combined strength of extensive data assets from LexisNexis and unique analytics along with MarketSphere’s unclaimed property and audit defense services. Now, insurance companies can better assess the status of their insureds and put more insurance proceeds in the hands of beneficiaries – resulting in streamlined unclaimed property compliance processes and a coordinated response to multi-state audits.
"With the recent changes in the Social Security Death Master File, carriers are left with few choices to find reliable data on deceased individuals," said Elliott Wallace, vice president and general manager, Life Insurance, LexisNexis Risk Solutions. "With our advanced linking technology and public records from more than 10,000 sources, LexisNexis is well positioned to quickly identify deceased insureds through its vast data sources – even in situations where the insurer has dated or minimal information about the insured. Our life insurance customers can now leverage a collaborative solution that not only provides fast and comprehensive data, but also helps align their business processes and provide audit defense as well."
Over the past two years, life insurance companies have been faced with industry pressures due to the rise in multi-state unclaimed property audits and a heightened regulatory and legislative focus on benefits administration practices. As a result, carriers need seamless access to comprehensive data sources and insight to ensure that business processes are aligned with new regulatory requirements and state audits are managed effectively.
In addition, LexisNexis provides tools that help insurers locate beneficiaries in order to expedite payment. MarketSphere’s unclaimed property expertise includes advisory services for strategic audit defense, compliance outsourcing, voluntary disclosure and business process assessments and services for annual compliance and reporting—all designed to minimize the risk and liability for the carrier.
"Working with LexisNexis enables us to address the growing needs of life insurance companies in today’s dynamic marketplace underscored by regulatory developments and increased unclaimed property audit activity," said Jeffrey Henshall, vice president, MarketSphere Unclaimed Property Specialists. "The combined strength of our solutions and industry expertise equips life insurance carriers with powerful tools to tackle industry requirements while identifying and managing risk on multiple fronts."
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, we provide products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading publisher and information provider that serves customers in more than 100 countries with more than 30,000 employees worldwide.
Our insurance solutions assist insurers with automating and improving the performance of critical workflow processes to reduce expenses, improve service and position customers for growth.
About MarketSphere Unclaimed Property Specialist
MarketSphere Unclaimed Property Specialists is a national practice providing strategic advisory services to assist companies across all industries with unclaimed property needs. The Firm's team of seasoned professionals provides solutions designed to address audit defense, annual compliance outsourcing, state voluntary disclosure negotiations, operational readiness and process/procedure reviews. For more information, visit www.unclaimedpropertyspecialists.com