The National Association of Insurance Commissioners (NAIC) announced on Monday that its Life Insurance Policy Locator has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities – totaling $92.5 million returned to consumers – since the launch of the consumer tool last November. More than 40,000 consumers have conducted searches since the policy locator was launched.
“State insurance regulators identified the scattershot, intensely manual process of helping consumers search for lost life insurance policies,” said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. “.. we leveraged innovation and technology to develop a bespoke solution providing an easy way for consumers to access nearly all life insurers and search for lost life insurance policies.”