CSC Launches Unclaimed Property Offering for Life Insurance and Annuity Carriers
News Release -- July 17, 2012
CSC’s Business Process Service Helps Insurers Comply with Evolving State Requirements
FALLS CHURCH, Va., July 17 – CSC (NYSE: CSC) today announced the expansion of its business process services with the launch of a complete insurance unclaimed property resolution process, including searches to identify deceased insureds, locate beneficiaries and distribute funds, or escheat unclaimed benefits to the States. CSC’s insurance business process service accelerates payments of death benefits to hard-to-locate beneficiaries by undertaking massive cleanup of policies with the potential for unclaimed death benefits, as well as proactive periodic searches against the Social Security Death Master File (DMF). The offering helps life insurers and annuity providers identify unclaimed policy benefits, optimize administrative operations and comply with State escheatment mandates.
CSC’s unclaimed property investigative service identifies potential claims by searching the DMF or a similar database, validates the insured’s identity and policy coverage, adjudicates the claim, including searches for beneficiaries and claim payment recommendations, and provides reports on all search details. The offering delivers the required insurance professional skills when and where they are needed, enhancing the quality of service and reducing the cost and time spent on training temporary staff. CSC’s team of claim examiners can perform the entire cycle of a proof of existence search, claim adjudication, or portions of the claim depending on the insurer’s needs, priced on a per-transaction basis.
“The laws and responsibilities around unclaimed property are evolving, and carriers should expect to see more inquiries during audit and market conduct exams,” said Greg Wittenbrook, principal analyst at Novarica. “Because of the magnitude of unclaimed assets involved — more than $30 billion nationwide — regulatory requirements for insurers will likely increase. Identifying beneficiaries and tracing monies owed will be difficult because of data discrepancies, particularly for insurers that have separate systems — in some cases, multiple systems — for life and annuities.”
“Resolving insurance unclaimed property is a labor-intensive process, and CSC’s industry specialists have the process discipline and experience to meticulously search, validate and document these requirements, as well as adjudicate the resulting claims,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “CSC provides a scalable solution for both the initial massive cleanup assessments and the future periodic sweeps needed to maintain State compliance and avoid costly fines.”
CSC is a market leader for insurance business process services, offering transformational policy and claims administration, individual process augmentation services, specialty services, customized business process outsourcing (BPO) and virtual Business Process as a Service (BPaaS) solutions. With these options, CSC’s domestic, regional and global clients have the flexibility to move seamlessly from model to model as their business needs change over time. Clients gain streamlined processes, services and systems; accelerated market entry; cost savings; and improved customer satisfaction. For more information, visit www.csc.com/lifebpo.
About CSC in Financial Services
More than 1,200 major banking, insurance, investment and wealth management, and securities firms rely on CSC's global financial services team to turn their ambitions into realities. With a track record for delivering software, consulting, and IT and business process outsourcing and services at scale, CSC brings a deep understanding of the financial services business and a collaborative culture to one of the industry’s most engaged client communities. For more information, visit www.csc.com/financialservices.
CSC is a global leader in providing technology-enabled business solutions and services. Headquartered in Falls Church, Va., CSC has approximately 98,000 employees and reported revenue of $15.9 billion for the 12 months ended March 30, 2012. For more information, visit the company’s website at www.csc.com.