CSC has rolled out an optimum suite of insurance unclaimed property resolution process, such as searches to identify deceased insureds, trace beneficiaries and distribute funds, or transfer unclaimed benefits to the States.
The new business process service will leverage the underwriter to comply with evolving state requirements as well as identify unclaimed policy benefits and optimize administrative operations, claims CSC.
Expediting payment process to trace beneficiaries, whose relative has passed away, the new offering reduces the number of claims for unclaimed death benefits.
It also assists insurers to conduct proactive periodic searches against the Social Security Death Master File (DMF), the underwriter said.
The new service presents the easiest solution to validate the insured’s identity and policy coverage, adjudicates the claim, including searches for beneficiaries and claim payment recommendations.
CSC’s Life Insurance and Annuity Division president Michael Risley said 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.
"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," Risley added.
CSC currently, is serving over 1,200 prominent institutions including banks, insurance, investment and wealth management, and securities firms across the globe.