Life Insurers Can Accelerate Past-Due Child Support Payments With Verisk Data – InsuranceNewsNet - Insurance News Net

JERSEY CITY, N.J., April 05, 2022 (GLOBE NEWSWIRE) — Life insurers will be able to help streamline matching of claim settlements with outstanding child support obligations under agreements Verisk announced today with the Child Support Lien Network (CSLN) and the federal Office of Child Support Enforcement (OCSE). The collaboration expands automated child support matching available for property/casualty insurers to the life industry.

More than $114 billion of child support payments are past due in the United States, according to OCSE, reflecting U.S. Census data that counts more than 12.9 million custodial parents—half of whom have some form of legal or informal child support in place. A growing number of states require insurers to match settlements to claimants who owe past-due child support, so these outstanding financial obligations can be met when claims are paid.

In addition to compulsory states, many insurers voluntarily participate in child support matching in all states. This approach delivers an efficient claim processing workflow while helping to ensure compliance. When they enable matching in all states, insurers can reduce the risk of missing a state change from voluntary to mandatory, automatically meeting child support agencies’ regulatory requirements. Effective January 2022, Washington joined a growing number of jurisdictions shifting from voluntary to compulsory child support intercept for life insurers.

“As a steward of insurance industry claims data through our contributory database, Verisk is uniquely positioned to help the industry stay in compliance, supplying data elements that can help identify outstanding child support obligations or liens before insurers pay claims,” said Carlos Martins, senior vice president of claim solutions at Verisk. “Because of this collaboration, insurers can reduce the need for manual intervention and help improve efficiency and accuracy by opting in for electronic data reporting.”

“Access to Verisk’s vast database in support of this mission will give life insurers vital resources to respond to a necessary but significant ask on the part of regulators across the country,” said Project Director George French at CSLN. “The public/private partnership of CSLN offers insurers a streamlined process that fits seamlessly into existing claims processes. Further, expanding our work with a trusted data steward like Verisk will help us deepen our partnership with the insurance industry, to the benefit of children and families across the country.”

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To support life insurers across the policy life cycle, Verisk has developed a suite of solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources. The solutions are designed to help transform current workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection and actuarial and portfolio modeling.

To learn more about Verisk’s life insurance solutions, visit verisk.com/life.

About Verisk
Verisk (Nasdaq: VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

About CSLN
CSLN, or the Child Support Lien Network, provides a national web-enabled network that seamlessly connects to state child support agencies and insurance companies. The objective is to perform data matching to increase child support collections by intercepting claim settlements before insurers send them to claimants who owe past-due child support. CSLN’s unparalleled quality assurance processes ensure the highest level of qualified claims is released to states, preventing false liens from reaching insurers and creating unnecessary work. CSLN works collaboratively with its insurance partners to execute secure and timely automated delivery methods. More than 85% of the forms CSLN generates are delivered through electronic means to the insurance companies, often reaching the adjuster the very same day the match is released to the state. Currently, 30 states and the District of Columbia participate in CSLN.

About OCSE
The OCSE insurance match program, under authority of the Deficit Reduction Act of 2005, allows the U.S. Department of Health and Human Services’ Office of Child Support Enforcement to compare information about noncustodial parents who owe past-due support with information from insurers or their agents about insurance claims, settlements, awards, and payments. When an insurance company participates in the OCSE program through ISO ClaimSearch® in one or more states and a claim report is submitted, ClaimSearch® will automatically search the OCSE master file for matching information and return it to OCSE for dissemination to its child support stakeholders. Currently, all states and territories participate in the OCSE insurance match program.