death audit

Why the DMF isn’t Adequate for Insurance Companies

Identifying deaths has become harder for insurance companies. In 2011, a change to the SSA Death Master File (DMF) fundamentally altered the Death Audit landscape resulting in challenges to Death Audit providers accompanied by a significantly increased burden placed on insurance companies to accurately identify deaths of policyholders. Because of this, missed deaths are leading to overpayments for insurance companies in their Pension Risk Transfer (PRT) and Structured Settlements lines of business. In Long Term Care (LTC), [...]

John Bikus2024-05-01T14:24:57-05:00February 9th, 2023|Death Audit & CertiDeath, Insurance|

PBI Press Release: PBI Research Services Announces Expanded Capabilities for CertiCensus® – The First Single-Source Pension Plan Population Management Solution

MINNEAPOLIS, April 20, 2022 -- PBI Research Services, the leading death audit and locate service provider, today announced expanded capabilities of CertiCensus, the industry's first single-source proactive pension plan population management solution to help pension plans reduce costs, eliminate overpayments, ensure regulatory compliance and mitigate cybersecurity risk. The platform's capabilities now include new, automated reporting and dynamic updates to participant data, offering increased visibility for plan sponsors for more accurate and efficient participant management. This product release offers [...]

John Bikus2023-06-15T13:57:34-05:00April 20th, 2022|Death Audit & CertiDeath, News, Pensions, Population Management & CertiCensus|

In the News: PBI Research Services Says it’s Saved Companies $100M by Finding Deaths

Minneapolis-based PBI Research Services started a program that aggregates death information from roughly 26,000 sources to make sure benefits are being properly released. PBI says it's saved its customers about $100 million within the past 18 months in overpayments and erroneous payments because its program, called CertiDeath®, captures 95% of the deaths in the United States. Read the full Minneapolis/St. Paul Business Journal article written by Patrick Rehkamp here: https://www.bizjournals.com/twincities/news/2021/06/16/pbi-research-says-its-saved-100m.html?b=1623845660%5E21920527

John Bikus2023-06-16T10:07:28-05:00June 18th, 2021|Death Audit & CertiDeath, News, Pensions|

PBI Press Release: CertiDeath® Saves Over $100 Million in Overpayments to Deceased Pension Participants

MINNEAPOLIS, June 8, 2021 -- PBI Research Services, the leading death audit provider, announced its flagship product, CertiDeath®, has resulted in over $100 million of savings for clients. CertiDeath, the industry's only advanced death audit solution, has experienced 200% year-over-year client growth as it reduces overpayments to deceased pension plan participants. CertiDeath eliminates the work, complexity, and uncertainty now associated with identifying deaths, saving companies the time spent manually reviewing obituaries and helping avoid overpayments due [...]

John Bikus2023-06-16T10:21:28-05:00June 8th, 2021|Death Audit & CertiDeath, News, Pensions|

How Do You Handle False Positives from the Death Master File?

Death Audit false positives are defined as identifying a decedent who isn’t actually deceased. False positives result in unplanned organizational expense and incorrect payment stoppage. As a result, false positives can be painful to both those sending and receiving ongoing planned payments, e.g. pension plans/participants and beneficiaries, insurance companies/annuitants. Minimizing false positives while maximizing number of decedents identified should be the goal of any Death Audit system. However, it is virtually impossible to avoid [...]

John Bikus2024-04-26T14:46:43-05:00February 25th, 2021|Death Audit & CertiDeath|