LTCG has entered into a strategic contract to provide Wilton Re with support in the administration of long-term care insurance (LTCi).
Image: LTCG to provide administrative support to Wilton Re. Photo: Courtesy of rawpixel/Unsplash
On 1 August, CNO Financial Group announced that its wholly-owned subsidiary, Bankers Life and Casualty Company, signed a long-term care insurance indemnity reinsurance agreement with Wilton Re. This agreement covers nursing home and comprehensive LTCi forms sold prior to 2003.
The transaction is anticipated to close no later than the end of this year. Wilton Re has selected LTCG to administer these 70,000 policies and approximately 8,000 active claims. After closing, CNO Financial will continue to provide administration services for these policies on behalf of Wilton Re during the transition to the LTCG platform.
LTCG is widely regarded as the most experienced LTCi administrator in the business today, providing services to all of the top long-term care insurers. Wilton Re will provide reinsurance for these policies while LTCG will offer a complete processing solution which includes policy administration, care management, claims payments, benefit eligibility assessments, actuarial analysis and financial reporting.
Due to the current challenges facing LTC insurers and the rising number of claims overall, many carriers are increasingly looking to reduce their financial exposure while also enhancing their claims management capabilities. LTCG is able to meet these needs through extensive LTC market data, a state-of-the-art claims system and industry best practices that are integrated with wellness and recovery programs, provider solutions and fraud detection.
LTCG CEO Peter Goldstein said: “We are very excited to join Wilton Re as strategic partners in this significant opportunity. We think the combination of Wilton Re’s risk transfer solution paired with our administrative and claims capabilities is exactly what the market is looking for.”
Source: Company Press Release