Transamerica has entered into an agreement with LTCG, an independent third party administrator, to transfer the administration and claims management of its long term care insurance business line.
The transaction will enable Transamerica to accelerate the enhancement of its digital capabilities and the modernization of its long term care insurance platform. Services are expected to commence in the third quarter of 2019.
LTCG will provide comprehensive third party administration services for Transamerica’s long term care insurance product line including new business, policyholder service, claims processing and care management. Transamerica will continue administration and servicing of its other insurance, investment, and retirement solutions on existing platforms.
The agreement with LTCG aligns with Transamerica’s commitment to help families protect their financial security with long term care insurance. “Transamerica continues to put the customer first in all our decisions. LTCG was carefully selected because of their significant expertise in the long term care insurance industry and their emphasis on technology,” said Mark Mullin, Transamerica President & Chief Executive Officer. “LTCG’s advanced tools and processes will enable us to enhance our customer experience in a more efficient manner. Their work with over 100 long term care insurers nationally has given them vast knowledge of the needs and best practice solutions of the long term care market. I’m confident that their platform will allow us to optimize our capabilities and deliver this valuable benefit to more people across the country.”
Transamerica employees currently supporting the administration and claims management of Transamerica’s long term care insurance and whose roles are transitioning will be offered positions by LTCG, helping to ensure continuity of a best in class customer experience. The transition will affect approximately 200 current Transamerica employees. All employees in Plano, Texas whose roles are transitioning will be offered positions at LTCG, which will locate in Transamerica’s existing office in Plano. Employees who currently work from home and whose roles are transitioning will be offered employment by LTCG and can continue to work from home in their current U.S. cities.
Based in Eden Prairie, Minnesota, LTCG specializes in business process outsourcing for long term care insurance and is a leader in third party administration for long term care insurance in the U.S., serving all of the top 10 insurers in this space.
“LTCG is fully committed to the long term care insurance industry, and continues to invest in the technology, people, and innovations in the wellness programs and provider solutions needed to demonstrate this dedication to insurers and their policyholders,” said Peter Goldstein, CEO of LTCG. “We’re honored to serve Transamerica customers who are protecting their future through these long term care insurance policies. We look forward to integrating Transamerica’s knowledgeable people into our organization and growing our relationship with this highly respected insurer.”
Source: Company Press Release