February 4, 2017
Death audit services are a simple way to manage the funds being dispersed to benefit plan recipients, life insurance participants, and other fiduciary obligations. Changes made to how the Death Master File (SSDMF) collects and disperse data, however, makes it more difficult to find the information you need to accurately discern the continuation of participants and/or beneficiaries.
After the passage of Section 205(r) of the Social Security Act in 2011, there has been a sharp decline of the data provided by the DMF, making this an unreliable source of data for your death audits, though it is a steady source of supplemental information.
Section 205(r) made alternative sources even more important. One of the most reliable data sources for death audit solutions is obituary matching, which additionally provides an excess of information for individuals.
Obituary Matching Provides Extensive Death Audit Data
The information provided by the SSDMF is a valuable tool in finding data about fiduciary participants, but it provides limited data about individuals. Obituary matching is a reliable way to find extensive information, including: city and state of residence, spouse information, beneficiaries and survivors, military history and more.
LifeStatus360 uses obituary matching to fill in the gaps left by the DMF to provide the highest quality information to death audit customers:
- Number of Records: LifeStatus360 added approximately 4,000 more death records in 2016 than in 2015, adding 2,753,052 records in 2016. We have over 34.7 million active records in our database.
- Date of Birth Population: Date of Birth was included in 69% of our 2016 records, up 10% from our 2015 records. Our total database records with Date of Birth information is now up to 75%.
- Canadian Records: LifeStatus360 added over 16,000 Canadian records in 2016, up from 754 records in 2015. We anticipate over 50,000 records to be added to our database in 2017.
- Puerto Rico Records: We added over 600 Puerto Rican records in 2016 and anticipate adding over 3,000 new records in 2017.
Our data sources were a big focus in 2016, and we added over 4,000 new sources to our database. Our database now provides data from over 17,000 sources, and our LSP – LifeStatus Proprietary – software provides our customers with up-to-date information with daily updates for our Death Audit and Life Audit customers.
Obituary Matching is Now Free for Current LifeStatus360 Customers
Obituary matching is one of our major data sources and provides our customers with extensive data on their participants and beneficiaries. LifeStatus360 is excited to announce a new benefit to our current clients by reducing the cost of obituary matching! Not only have we simply reduced the cost of our obituary matching service – we’ve cut the cost completely!
Our current customers can enjoy our extensive obituary matching completely free with their current service. This is just one more way LifeStatus360 helps you save time and money. Our team is leading the way with technology integrations to ensure that we’re providing our customers with the best Death Audit and Life Audit solutions on the market.
If you’re not a current LifeStatus360 customer, sign up for our free 30-Day trial and experience the difference of our service over your current Death Audit provider. Contact our team online or via telephone at 888-LIFE-360 to learn more about how our solutions can make your Death Audit and Life Audit jobs easier.