UNCLAIMED PROPERTY SERVICES The Unclaimed Property regulatory landscape continues to exhibit constant change and complexity. The changing nature of the approach that states are taking, particularly in the use of success-based third-party audit firms, has increased the stakes for non- compliance. Responding to the challenges brought on by regulatory pressure involves managing multiple work streams across distinct businesses and disparate administrative platforms on an ongoing basis. Navigant is uniquely positioned to assist companies ensure they are compliant and address differing industry and business-specific challenges. Our knowledge and expertise within the Unclaimed Property space allows us to provide a wide range of compliance services tailored to your specifics needs. At the same time, leveraging our deep industry, operational and technical knowledge to provide guidance based on industry best practices. HOW NAVIGANT CAN HELP SERVICE DESCRIPTION Decedent Identification Perform comprehensive Death Master File (DMF) matching in adherence to client- specific settlement requirements and common regulatory requirements across multiple states. Enhanced Decedent Identification Utilize proprietary matching logic and a database of death records from the DMF, states, and other vetted sources to provide death identification that meets and exceeds regulatory requirements. Decedent Text Analytics Enhance and expedite the beneficiary outreach process through identification of next of kin information using Navigant’s decedent text parsing tool. Death Claims Optimization Streamline the death validation process by providing automated comparisons to multiple death sources. Location Services & Address Data Management Rehabilitate incorrect address information using USPS CASS-certified and National Change of Address (NCOA) data to reduce returned mail. Data Cleansing/ Rehabilitation Review and correct customer records to ensure data consistency, completeness, and accuracy; incorporate client updates to records for an improved customer experience. Audit Readiness/Prep Assessment Perform a review of current Unclaimed Property processing structure and procedures, identifying gaps through comparisons to multiple state regulations and industry best practices; identify and visualize outstanding and potential exposure with a comprehensive suite of reports. Regulatory Compliance (Health Check) Perform a two-way death matching comparison, providing an analysis of differences, regulatory or best practice gaps, recommended steps, and a strategic roadmap. Operational Strategy & Support Reduce operational volume and drive process efficiencies by providing reports that aggregate siloed information from isolated processes. Common Customer File Create a holistic view of the death claims process and enhance beneficiary experience by identifying common customers across multiple disparate admin platforms involving several businesses.
Transcript
UNCLAIMED PROPERTY SERVICES The Unclaimed Property regulatory landscape continues to exhibit constant change and complexity. The changing nature of the
approach that states are taking, particularly in the use of success-based third-party audit firms, has increased the stakes for non-
compliance. Responding to the challenges brought on by regulatory pressure involves managing multiple work streams across distinct
businesses and disparate administrative platforms on an ongoing basis. Navigant is uniquely positioned to assist companies ensure
they are compliant and address differing industry and business-specific challenges. Our knowledge and expertise within the Unclaimed
Property space allows us to provide a wide range of compliance services tailored to your specifics needs. At the same time, leveraging
our deep industry, operational and technical knowledge to provide guidance based on industry best practices.
HOW NAVIGANT CAN HELP
SERVICE DESCRIPTION
Decedent Identification Perform comprehensive Death Master File (DMF) matching in adherence to client-specific settlement requirements and common regulatory requirements across multiple states.
Enhanced Decedent Identification
Utilize proprietary matching logic and a database of death records from the DMF, states, and other vetted sources to provide death identification that meets and exceeds regulatory requirements.
Decedent Text Analytics Enhance and expedite the beneficiary outreach process through identification of next of kin information using Navigant’s decedent text parsing tool.
Death Claims Optimization Streamline the death validation process by providing automated comparisons to multiple death sources.
Location Services & Address Data Management
Rehabilitate incorrect address information using USPS CASS-certified and National Change of Address (NCOA) data to reduce returned mail.
Data Cleansing/Rehabilitation
Review and correct customer records to ensure data consistency, completeness, and accuracy; incorporate client updates to records for an improved customer experience.
Audit Readiness/Prep Assessment
Perform a review of current Unclaimed Property processing structure and procedures, identifying gaps through comparisons to multiple state regulations and industry best practices; identify and visualize outstanding and potential exposure with a comprehensive suite of reports.
Regulatory Compliance (Health Check)
Perform a two-way death matching comparison, providing an analysis of differences, regulatory or best practice gaps, recommended steps, and a strategic roadmap.
Operational Strategy & Support
Reduce operational volume and drive process efficiencies by providing reports that aggregate siloed information from isolated processes.
Common Customer File Create a holistic view of the death claims process and enhance beneficiary experience by identifying common customers across multiple disparate admin platforms involving several businesses.
CHALLENGE
In November 2011, the Social Security Administration (SSA) removed 4.2 million state-protected records from the Death Master File (DMF) and has excluded approximately one million state-protected records per year since – a 40% drop in the number of new records published in the DMF each year. This makes it more difficult for companies to use the DMF to identify decedents and contact rightful owners.
SOLUTION
In addition to a comprehensive DMF database spanning from pre-November 2011
to the present, Navigant reached agreements with several states to use their vital
statistics data to narrow the death record gap created with the removal of state-
protected death records from the DMF. Navigant also incorporates over 35 million
decedent records from thousands of nationwide death data sources to further
mitigate the death record gap. Navigant’s Enhanced Death Data is updated weekly
and captures more than 90% of the deaths registered with the Centers for Disease
Control and Prevention (CDC); whereas, the DMF now captures only 50% to 60% of
CDC registered deaths. Combined with a custom-tailored matching engine designed
to account for transpositions, nicknames, and other data variations, Navigant’s
Enhanced Death Data helps companies find the most decedents possible with an
approach that will also help to optimize and streamline operational processes.
EXPERIENCE AT WORK
Decedent Identification
Address Remediation
CHALLENGE
Legacy platforms across business ‘silos’ and increasing regulatory and competitive pressure impede efforts to streamline and maintain accurate customer contact information. This negatively impacts the outreach process and overall customer experience.
SOLUTION
Navigant rehabilitates incorrect or outdated customer contact information using
USPS CASS-certified software to validate addresses and National Change of Address
(“NCOA”) processing to identify the most recent customer address and contact
information on record. Address change notifications keep companies up-to-date
on customer contact information. We use supplementary databases to provide
additional information such as phone number and email address. By providing the
most accurate and recent contact information, Navigant helps companies reduce the
volume of returned mail and better facilitate outreach.
3
CHALLENGE
Disjointed and regular changes to operational procedures created in response to regulatory demands are often not properly integrated and create numerous disparate activities throughout the claims process. Legacy platforms and a lack of connectivity and transparency across businesses lead to operational inefficiencies, incongruent death claims handling, and a negative beneficiary experience.
SOLUTION
Navigant illuminates the customer data abyss by providing companies with a holistic view of their customers’ biographic and policy
information across businesses, even in cases of incomplete or mismatched data. Navigant identifies and fills these ‘data gaps’ that
exist within customer records (i.e., missing birth dates, address information) through supplementation with external information.
And by connecting an individual’s accounts across an enterprise, we are able to identify common customers and reduce processing
costs. We reduce or eliminate the need to conduct third-party validations of customer deaths by providing verification of death
against secondary and tertiary death sources. Streamlining multiple steps in the claims process reduces operational costs and
allows you to begin outreach quickly to provide a positive beneficiary experience.
Death Claims Process Optimization
THE NAVIGANT DIFFERENCE
Navigant does not employ ‘off the shelf’ or ‘one size fits all’ solutions; we work closely with our clients to design and implement à la
carte services tailored to their needs, while also providing in-depth industry expertise and best practice guidance to help our clients
comply with regulations, reduce costs, and improve the customer experience.
The Navigant Unclaimed Property Solution:
Navigant’s comprehensive suite of solutions weaves in-depth unclaimed property, industry, and technical expertise together to provide
informed, objective, and actionable guidance to our clients. Navigant helps clients meet current challenges and strategic goals while
simultaneously avoid the pitfalls of future challenges.
CustomerRaw Data Validate Clean
Standardize
Enhance
• Navigant Death Records Database maximizes death identification, far exceeding deaths reported in the DMF
• Additional death sources provide automated death validation as well as Next of Kin/Funeral Home info
• Next of Kin (participant) contact info append
Death Match and Next of
Kin
• Updated address information addedd to facilitate beneficiary location
• Cleaner addresses and individuals who have moved can be flagged
• Additional demographic information, including phone number and email address, can be appended
Navigant Consulting, Inc. (“Navigant”) is not a certified public accounting or audit firm. Navigant does not provide audit, attest, or public accounting services. See navigant.com/about/legal for a complete listing of private investigator licenses.
This publication is provided by Navigant for informational purposes only and does not constitute consulting services or tax or legal advice. This publication may be used only as expressly permitted by license from Navigant and may not otherwise be reproduced, recorded, photocopied, distributed, displayed, modified, extracted, accessed, or used without the express written permission of Navigant.
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About Navigant
Navigant Consulting, Inc. (NYSE: NCI) is a specialized, global professional services firm
that helps clients take control of their future. Navigant’s professionals apply deep industry
knowledge, substantive technical expertise, and an enterprising approach to help clients
build, manage, and/or protect their business interests. With a focus on markets and clients
facing transformational change and significant regulatory or legal pressures, the firm
primarily serves clients in the healthcare, energy, and financial services industries. Across
a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and delivers powerful results.
More information about Navigant can be found at navigant.com.
CONTACTS
JONATHAN W. BERRY IIIManaging Director 617.748.8360 [email protected]
