PBI's CertiDeath® Saves Over $100 Million in Overpayments to Deceased Pension Participants
MINNEAPOLIS, June 8, 2021 /PRNewswire/ -- 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 to missed or misclassified deaths.
As a result of a 2011 change to death data available via the Social Security Administration Death Master File (DMF), on average only 23% of deaths today can be identified via the DMF. Without a singular comprehensive source of reliable information, companies have been left to aggregate and validate data on their own, using thousands of data sources, such as obituaries, containing inconsistent information. The increase in disparate data sources, coupled with the complexity of those supplementary sources, makes finding and verifying deaths more challenging and burdensome than ever. The result is missed deaths an associated impacts such as pension overpayments, inaccurate reserving for future debt obligations, fraud, and several other issues.
PBI's CertiDeath delivers a comprehensive death audit solution, identifying 95% of total deaths. Combining artificial intelligence, 26,000 integrated databases, and human expertise, CertiDeath is the only death audit solution in the market that provides a full set of validated results.
"Since 2011, there has been a significant burden placed on pensions to develop their own processes to confirm decedents by validating obituaries," said John Bikus, President of PBI Research Services. "The result is a significant overpayment issue associated with deceased participants. With CertiDeath, PBI eliminates the overpayment issue."
Launched in early 2019, CertiDeath ended 2020 with several hundred clients, including pensions, third-party administrators, insurance companies, financial institutions, healthcare providers and others.
To learn more about PBI's services and calculate how much CertiDeath could save your organization annually, please visit www.pbinfo.com.
About PBI Research Services
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SOURCE PBI Research Services
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