Insurer improves customer outreach campaigns with more accurate data

Challenge

A top-five life insurance company was experiencing a higher than desired volume of unclaimed assets, missing customers, and returned mail due to insufficient and inaccurate customer contact data. The company needed a comprehensive customer data and address remediation solution to reduce their unclaimed asset volumes and successfully reunite policy owners and beneficiaries with their rightful assets. Disparate recordkeeping processes across legacy platforms further complicated efforts to streamline and maintain a single customer view, hindering outreach efforts and increasing the potential for unclaimed assets, improper payments, and incidents of fraud.

 

Approach

The insurer chose Guidehouse to work with in helping to improve its address remediation process. First, Guidehouse worked with key stakeholders to understand gaps in the company’s data and processes.  Guidehouse then proposed and implemented a novel data remediation plan that leveraged comprehensive data sourced from public and private consumer databases, including the USPS’s National Change of Address database, and a proprietary entity resolution model that identified the most recent and confident customer contact information on record, including address changes going back more than 10 years and not registered with the U.S. Postal Service (USPS).

After confirming the most recent customer address and contact information on record, address change notifications, address changes not registered with USPS, and cross-validating data from other sources, Guidehouse was able to help the insurer remediate missing, incorrect, and outdated customer records.

 

Impact

By reducing the volume of missing customers and returned mail, Guidehouse helped the insurer successfully reunite policy owners and beneficiaries with their assets, reduce unclaimed asset liability, enhance the customer experience, and significantly reduce operational costs.

 

Capabilities

Customized address remediation is a standalone solution included in Guidehouse’s suite of unclaimed property services that can be tailored to unique client needs. Guidehouse standardizes, supplements, and remediates customer and beneficiary contact information in an intelligent and cost-effective way empowering companies to identify, locate, and contact individuals with one of the highest contact success rates in the market. This eliminates handoffs between multiple vendors, reduces data security risks, and helps clients complete their outreach processes faster and more efficiently. A range of organizations including three of the top five life and annuity insurance carriers and several of the largest banks and managed care organizations in the US rely on Guidehouse for unclaimed property services, including location and outreach, decedent identification, escheatment, and death claims process optimization services.