StoneRiver Blog

Don’t Be Offended by the “Why” During Claims System Configuration

Terry Walker Terry Walker, Pre-Sales Engineer

As you face a claims system modernization or replacement at your company, what can you do to make the project go more smoothly? For nearly 15 years, I have worked with clients in that situation: A claims system replacement project was looming or already underway.

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Spring Reporting Cycle Is Just Around the Corner – 7 Tips for Successful Reporting

Christa DeOliveira Christa DeOliveira, CIA, CCEP

With the fall reporting season behind us and the hustle and bustle of the holiday season upon us, it could be easy to lose sight that the spring reporting season, especially due diligence activities, is just around the corner.  To survive and thrive through another reporting cycle here is a quick guide for successful reporting:

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TRACKER® Unclaimed Property Compliance: What is new?

Christa DeOliveira Christa DeOliveira, CIA, CCEP

The latest release of TRACKER®, available on September 4, 2013, contains a host of compliance updates. Compliance updates are vital in the ever changing unclaimed property arena and are essential with assisting to keep our users on top of unclaimed property compliance. As might be expected there are a number of typical changes including dormancy period changes, activations and deactivations of property ID codes, state contact information updates, mailing address changes, and functional enhancements.

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Update on States Adopting Legislation Related to Unclaimed Life Insurance Benefits

Christa DeOliveira Christa DeOliveira, CIA, CCEP

As noted in several previous blog postings, states are passing legislation related to unclaimed life insurance benefits.   The common link of these laws is that they have provisions requiring searches using the Social Security Death Master File (SSDMF).  Specifically requiring for life insurers to conduct searches comparing the SSDMF to insureds of in force policies and retained asset account owners to identify matches.  For any potential matches identified there are requirements to make efforts to find the beneficiaries, to confirm the death of the insured, and assist beneficiaries in claiming any applicable policy proceeds or retained asset account amounts.  Another similar theme is the laws generally include references to policy information that would be necessary to complete a successful search, such as SSN, complete name, date of birth, beneficiary designation, etc.

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How Far Has Automated Underwriting Come?


Jerry Whetnall
Director Life Product Management
StoneRiver

Has automation of the Life underwriting process moved from the ‘nice to have’ phase to table stakes necessary to stay in the game? Industry trends indicate that automation has reached the majority adopter phase with more carriers having automated underwriting than not. Life IT spend projections show carriers committing upwards of 10% or more of their budgets to these systems.

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Off to the Summit, 2013!

Tess Dea Tess Dea, Business Analyst

Wow! Each time I think of the eFreedom User Group turnout I can’t help but think “Wow”! We had nearly 100 people register for the May User Group session and while we had intended to convene for between 60 and 90 minutes, we were able to visit with the User Group for 125 minutes! Such an exciting, insightful session.

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States Passing the “Model Unclaimed Life Insurance Benefits Act” and Similar Legislation Continues

Christa DeOliveira Christa DeOliveira, CIA, CCEP

As noted in previous blog postings, It’s Similar to Unclaimed Property Compliance… and Goings on in the Life Insurance Sector, states are adding new laws many of which are based on NCOIL’s “Model Unclaimed Life Insurance Benefits Act” or at least contain similar provisions.  While these laws are generally not directly a part of unclaimed property law, but rather insurance statutes, the laws remain significant and are at minimum indirectly tied to unclaimed property.

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