LexisNexis Risk Solutions is partnering with MarketSphere Unclaimed Property Specialists to help life insurance companies address regulatory requirements and strengthen business processes. Through this relationship, insurers will gain access to the data assets from LexisNexis and analytics, along with MarketSphere’s unclaimed property and audit defense services.
LexisNexis says 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.
During the last two years, says LexisNexis, 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 business processes are aligned with new regulatory requirements, and state audits are managed effectively.
LexisNexis says that, in addition, it provides tools to 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. These are designed to minimize the risk and liability for the carrier.
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