Discover how Kroll helped Illinois return nearly $170 million in unclaimed property to 1.5 million families through innovative data matching technology that automated the entire process and eliminated the need for complex claim procedures.
The Challenge
The State of Illinois faced a significant challenge: holding over $5 billion in unclaimed property that legally needed to be returned to its rightful owners or heirs. With this large amount of unclaimed assets, the state required an efficient system to match and return funds to the correct recipients. The State Treasurer's office was tasked with this enormous responsibility, requiring an innovative solution to expedite the process and ensure accurate distribution.
Kroll stepped in with a groundbreaking approach: the Enhanced Money Match Program. This program leveraged Kroll's advanced data matching services and proprietary technology to revolutionize the unclaimed property return process. By crossmatching state data such as voter registration files with the unclaimed property database, Kroll created an automated system that identified and verified property owners with unprecedented accuracy and speed.
The solution removed friction from the claiming process and provided the State of Illinois with the correct data to facilitate the delivery of unclaimed assets to recipients without requiring them to take any action. This seamless approach not only expedited the return of funds but also ensured that more Illinois residents could be reunited with their rightful property.
“A big part of the Enhanced Data Match Program wasn’t even just the matching; it is cleansing the data. Unclaimed property data comes in and a lot of times it is incomplete, there are missing fields, there are missing records. You can’t match data unless it’s correct,” said Joeseph Marcelonis, Managing Director of Government Solutions. “Every year when new accounts are brought into the process, Kroll is going to help them conduct the data analysis and the matching.”
The Enhanced Money Match Program helped return nearly $170 million to more than 1.5 million accounts to date. This significant impact not only improved the state's ability to fulfil its legal obligation but also provided tangible benefits to thousands of families across Illinois.
The program's success went beyond just numbers. It dramatically improved the effectiveness and speed of streamlining what was once a complex and time-consuming process. Additionally, Kroll's solution enhanced fraud detection capabilities, ensuring that funds were returned to verified residents while protecting the integrity of the program.
State Treasurer Michael Frerichs emphasised the program’s importance, stating, "Putting money back in people's pockets helps families and our state's economy. This money belongs to its rightful owners, and we have added tools to return more of it." He further noted the real-world impact, saying, "Returning this money to its rightful owners will help make life a little bit easier for those people. At a time when we are all dealing with higher prices, it can pay for a couple of bags of groceries or maybe a fill-up or two at the pump."
“Everyone likes free money. They don’t necessarily like to jump through a lot of hoops or jump over a bunch of obstacles to get it,” said State Illinois Treasurer Michael Frerichs. “We had thoughts on how we could return more money through Money Match, but it was with our partnership with Kroll that helped us to make that happen.”
Kroll is the leader in providing U.S. state agencies with data-driven compliance and recovery solutions through proprietary technology. We consistently identify and deliver larger amounts of unclaimed property than other providers, maximizing the impact of state programs. Kroll's expertise has been recognized by government clients, with one rating our service as "outstanding" for overall quality and staff performance.
Moreover, Kroll's fraud detection capabilities are unparalleled. In one state, a law enforcement agency independently verified that approximately 90% of fraudulent claims had been previously identified by Kroll, demonstrating the company's crucial role in maintaining the integrity of unclaimed property programs.
Through innovative technology, unmatched expertise and a commitment to reuniting people with their assets, Kroll continues to set the standard in unclaimed property solutions, making a real difference in the lives of citizens and the efficiency of state governments.
Transform your unclaimed property program today – contact Kroll to reunite more people with their assets while enhancing efficiency and security.
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