When a loved one passes away, families are often overwhelmed – emotionally, logistically, and financially. Amid the grief and the numerous responsibilities that follow, an important question eventually arises: Did my loved one have life insurance, and how do I claim it?
The reality is that most beneficiaries don’t file a claim right away. Some don’t know how, and others might not know a policy exists. Even though insurers make every effort to contact beneficiaries, these efforts can only begin after a carrier is notified of a mortality event.
As USAA notes, “Most insurance companies attempt to contact beneficiaries. But that’s only if they’re aware something happened. In most cases, death benefits aren’t paid out unless someone files a claim.” (*)
The Hidden Gap in Benefit Transfers
Insurance carriers work hard to do right by policyholders and beneficiaries. But without timely mortality information, employees are often left out of the loop, not because of a lack of effort, but because the data simply doesn’t reach the team fast enough.
Abacus Intel Helps Insurance Carriers Close This Gap
Abacus Intel not only verifies mortality events with exceptional accuracy, but we also help carriers locate beneficiaries, resolve missing or outdated contact information without unnecessary delay.
As a leading provider of pension risk-management data solutions, Abacus Intel is trusted by state, county, municipal, and multi-employer Taft-Hartley plans across the United States, and that same expertise translates to the insurance industry, where reliable mortality verification and accurate beneficiary data are essential for meeting regulatory requirements and customer expectations.
Our experts identify mortality events across the U.S. with 99% verified accuracy, delivering timely, audit-ready data every day. In addition to mortality verification, we provide comprehensive location and beneficiary research, all at an average cost 25% lower than other providers.
Delivering Confidence When It Matters Most
Families deserve timely answers, beneficiaries deserve access to what they are owed, and your organization deserves a data partner capable of strengthening every step of the process. Talk to an Abacus Intel expert today to learn who Abacus Intel supports insurance carriers.
*Lyon, M. (n.d.). What happens to a life insurance policy when the owner dies?. USAA. https://www.usaa.com/advice/what-happens-to-life-insurance-policy-when-owner-dies/?akredirect=true&akredirect=true