Keane Partners with Cross Country Computer to Improve Insurers’ Unclaimed Property Reporting Compliance Efforts

Cross Country Computer’s patented APEARS^® analytical process further strengthens Keane’s best-in-class unclaimed property solutions for the insurance industry

NEW YORK--(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. We have recently expanded the process to include deceased verification that exceeds industry standards.”

Cross Country Computer designed APEARS^® in response to insurance industry escheatment issues encountered in the late 1990s and early 2000s during the wave of demutualizations. At that time, poor data quality within older policy records – many of which date back to the 1920s when address standards, state abbreviations, postal codes and data collection requirements were far different than today – clouded the determination of where to escheat unclaimed assets. APEARS® reconstructs, refines, and analyzes the data, while maintaining the original books and records. It creates statistical confidence intervals that provide both insurers and states with assurance that the property is reported correctly to the state.

For more information on Keane’s unclaimed property services or its partnership with Cross Country Computer, please call 1800-848-8896 or visit www.KeaneUP.com.

About Keane

On December 14, 2010, Venio, LLC and The Keane Organization joined forces to become the clear leader in the unclaimed property industry. The combined company, now operating under the name Keane, provides unmatched communication, consulting, and compliance services. From customized communications programs and data analysis to in-depth consulting and annual compliance reporting, Keane provides corporations, mutual funds, banks, brokerages, insurance companies and transfer agents with a depth and breadth of services that is unmatched. Each Keane service helps clients ensure compliance, reduce costs, protect shareholders, or retain customers while successfully navigating the complexities of unclaimed property reporting regulations. What sets Keane apart is our commitment to customer service, the expertise of our employees, and our accountability for measurable results. Keane employs more than 160 people across the country, in our New York, NY headquarters, our Wayne, PA operating facility and satellite offices across the country. For more information, please visit www.KeaneUP.com.

About Cross Country Computer

Cross Country Computer is a leading database management service provider specializing in delivering superior data analysis, hygiene, repair and reporting solutions to hundreds of clients for more than 35 years. For more information on APEARS^® and Cross Country Computer's broad suite of solutions, please contact Thomas Berger at (631) 851-4214 or via email to [email protected].

Vault Communications, Inc.Meredith Rovine, 610-455-2756
[email protected]
or
KeaneDavid McCrystal, 800-848-8896 x3257
[email protected]

Source: Keane