A Longstanding Challenge: Finding Life Insurance Beneficiaries

It is common for life insurance beneficiaries not to be identified or located after the policyholder's death. This can be due to outdated information, errors in the beneficiary clause, or simply a lack of communication from the policyholder to their loved ones. Each year, several billion euros in life insurance benefits remain unclaimed due to the inability to find the beneficiaries.

Faced with this situation, insurers must implement effective and rapid mechanisms to ensure that the due funds are paid out. In this context, AI represents a major breakthrough in transforming the way beneficiary searches are conducted.

The Financial Impact of Unclaimed Contracts

The figures related to unclaimed life insurance contracts in France are striking:

• €5.4 billion is estimated to be unclaimed in life insurance contracts, according to the Caisse des Dépôts, representing approximately 4.5 million unclaimed contracts.
  

• Thanks to the Eckert Law, around €1.7 billion has been unlocked for beneficiaries between 2014 and 2019, significantly reducing the number of unclaimed contracts.
  

• Approximately 200,000 beneficiaries have been found through the active search measures imposed by this legislation.

  
  

AI: An Innovative Solution to Find Beneficiaries

Artificial intelligence optimizes the search for beneficiaries by processing vast and varied data.

Automated Search with Generative AI

Problem Identifying beneficiaries of unclaimed life insurance contracts is a long and manual process. Solution

1. LLMs (GPT, LLaMA) automatically extract information (names, addresses, family relationships) from heterogeneous documents.

2. Autonomous agents continuously query official databases and notify managers as soon as a potential beneficiary is found.
   

Benefit: Faster searches and higher contract recovery rates.

Behavioral Analysis and Prediction

Problem Prioritizing searches to maximize the chances of contact. Solution

1. LLMs and predictive models analyze past interactions to estimate the probability that a beneficiary will claim a contract.

2. Autonomous agents dynamically optimize priorities and adapt communication channels.
   

Benefit Lower costs and more efficient searches.

Real-Time Data Updates

Problem Outdated information delays payments. Solution

1. LLMs scan public and private sources (registers, social networks) to detect address changes.

2. Autonomous agents update databases and trigger automated actions.

Benefit Reduced dormant contracts and improved beneficiary tracking.

Automated Assistance and Reduced Inquiries

Problem Customer service is overwhelmed with repetitive questions. Solution

1. AI chatbots respond to questions in natural language and guide beneficiaries through their processes.

2. Agent-based systems automate document validation and detect missing pieces.
   

Benefit Fewer calls, better customer experience, and faster claim processing.

Benefits for Insurers and Policyholders

Integrating AI into the search for life insurance beneficiaries offers several advantages:

Reduced Search Time Automation and the speed of algorithms enable beneficiaries to be found in record time, speeding up the payment process. Improved Accuracy: AI reduces the risks of human error and omissions, ensuring that the right beneficiaries receive the funds they are owed.

Enhanced Customer Experience: Beneficiaries are not only found faster, but the overall experience is improved thanks to more transparent and streamlined processes.

Strengthened Legal Compliance: AI can also help insurers ensure they comply with regulations regarding the search for beneficiaries, guaranteeing that all necessary steps are taken within the legal framework.

Conclusion

Artificial intelligence is set to revolutionize the way insurers manage beneficiary searches in life insurance, although its potential remains largely untapped. With its analysis and automation capabilities, it allows insurers to save time, reduce errors, and enhance the customer experience. Insurers who invest in these technologies today are positioning themselves as the leaders of tomorrow, ready to tackle future challenges with efficiency and transparency.

The future of life insurance is undoubtedly tied to the evolution of AI. In an industry where trust and responsiveness are paramount, artificial intelligence proves to be a valuable asset to ensure that beneficiaries receive what is rightfully theirs, quickly and accurately.