Death Audit vs. Death Data

There’s a big difference and it will have a significant impact on your bottom line. The change to data accessible via the Social Security Administration Death Master File (DMF) in late 2011 redefined the Death Audit category.  With this change, Death Audit providers became Death Data providers.  This shift added complexities to death identification resulting in a significant number of missed deaths and associated overpayments amongst population groups monitored for decedents, e.g. Pension Plan [...]

2020-10-30T09:15:22-07:00October 30th, 2020|Death Audits|Comments Off on Death Audit vs. Death Data

The Changing Landscape of Death Audit

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 Death Audit customers to accurately identify deaths.  Because of this, missed deaths are leading to overpayments (estimated at $1.5B annually by pension plans), inaccurate reserving for future debt obligations, fraud, and a several other issues.  To alleviate the issue of missed deaths [...]

2020-10-15T10:35:38-07:00October 15th, 2020|Death Audits, Pension plans, Pensions|Comments Off on The Changing Landscape of Death Audit

The Importance of Obituaries in Death Audits: Analysis Shows 65% of Deaths Identified Via Obituaries

PBI’s CertiDeath® product is the only full-service Death Audit product.  Typically, Death Audit products are comprised of data (possible decedent matches) sent to customers, requiring customers to comb through the data and validate decedents in a population.  CertiDeath® utilizes data from 20,000+ sources along with artificial intelligence and human expertise to deliver confirmed deaths – the answers, not just data. Because CertiDeath® is the only service to deliver validated deaths, PBI is uniquely positioned [...]

2020-09-25T13:19:47-07:00September 25th, 2020|Death Audits|Comments Off on The Importance of Obituaries in Death Audits: Analysis Shows 65% of Deaths Identified Via Obituaries

$1.4B Stimulus Overpayments to Deceased Persons Happen Annually – To Pension Plans

Recent analyses of the federal government’s coronavirus stimulus payments indicate up to $1.4 billion in payments were sent to dead people.  The overpayments were a function of two elements: no formal process was utilized to identify deceased persons and it doesn’t appear the federal agencies responsible for payments had access to all the necessary data.  This same overpayment issue is happening for similar reasons to Pension Plans.  However, while overpayments to deceased persons via the [...]

2020-09-18T13:31:39-07:00September 11th, 2020|Pension plans, Pensions|Comments Off on $1.4B Stimulus Overpayments to Deceased Persons Happen Annually – To Pension Plans