Cross Country Computer's patented APEARS(R)
analytical process further strengthens Keane's best-in-class unclaimed
property solutions for the insurance industry
Jul. 19, 2011 (Business Wire) -- Keane, the country's only comprehensive provider of unclaimed property consulting, annual compliance reporting, and communication solutions, announced today a new partnership with Cross Country Computer Corporation, a leader in unclaimed property data services, located in Central Islip, NY. Keane will employ Cross Country Computer's patented APEARS® data rehabilitation process to resolve common data challenges in insurance company records – such as helping clients resolve incomplete and incorrect owner and beneficiary data.
Incorporating APEARS® (which stands for Abandoned Property Escheat Assignment & Reporting System) into its processes will allow Keane to optimize the location of owners and beneficiaries and ensure that unclaimed assets are reported to the correct state jurisdiction in accordance with unclaimed property laws. The partnership further expands Keane's suite of comprehensive unclaimed property solutions for the insurance industry.
"We are very excited about the partnership with Cross Country as we are confident it will allow us to provide an even greater level of expertise and guidance to our clients," explains Nick Nichols, COO, Keane. "Enhanced data quality supports and improves our entire suite of services for insurers, from audit support and process consulting to annual reporting and claims settlement solutions. Beyond being a best practice for insurers in terms of data clean-up, compliance reporting and account retention, the APEARS® solution expands our ability to demonstrate a clear audit trail to states reflecting the efforts conducted to identify the correct beneficiary."
Because identifying the correct state jurisdiction is critical to the unclaimed property process, Keane will leverage the technology to augment address information for policy owners, annuity contract owners, and beneficiaries to maximize the number of missing individuals that can be located, contacted, and reconnected with the insurer.
"We are thrilled to be working with Keane to deliver this important service to their clients as we know it will improve compliance and communication within the reporting process," said Tom Berger, President and CEO of Cross Country Computer Corp. "The APEARS® process has been used for some of the largest unclaimed property filings in history, handling of billions of dollars in assets. It has gained wide acceptance by the states for jurisdiction determination.