BALTIMORE, March 21, 2019 /PRNewswire/ -- Transamerica
announces today that it 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."
About Transamerica
With a history that dates back more than 100 years, Transamerica
is recognized as a leading provider of life insurance, retirement
and investment solutions, serving millions of customers throughout
the United States. Recognizing the
necessity of health and wellness during peak working life,
Transamerica's dedicated professionals work to help people take the
steps necessary to live better today so they can worry less about
tomorrow. Transamerica serves nearly every customer segment,
providing a broad range of quality life insurance and investment
products, individual and group pension plans, as well as asset
management services. In 2018, Transamerica fulfilled its promises
to customers, paying more than $42.6
billion in insurance, retirement, and annuity claims and
benefits, including return of annuity premiums paid by the
customer. Transamerica's corporate headquarters is located in
Baltimore, Maryland, with other
major operations in Cedar Rapids,
Iowa. Transamerica is part of the Aegon group of companies.
Based in the Netherlands, Aegon is
one of the world's largest providers of life insurance, pension
solutions and asset management products, operating in more than 20
markets worldwide. For the full year of 2018, Aegon managed
$920 billion in revenue generating
investments. For more information, visit www.transamerica.com.
About LTCG
LTCG is the leading provider of administrative solutions and
clinical services to the long term care and life insurance
industry, with over two decades of experience in this space. LTCG
currently manages over one million policies and serves more than
100 carriers nationwide. The company addresses all types of
customer needs and policy requirements—from application processing
and underwriting of new business to claims and administration of
open and closed blocks. LTCG's advanced data analytics, actuarial
and risk management capabilities and unmatched industry expertise
can help organizations manage their business and develop emerging
products such as hybrid life/long term care policies. LTCG
also provides clients with unique risk management insights built
upon the industry's largest database of long term care underwriting
and claims outcomes and helps carriers bend the cost curve through
innovative provider solutions and wellness programs. For more
information, visit www.LTCG.com.
Media inquiries
Transamerica:
Julie
Quinlan
303-383-5923
julie.quinlan@transamerica.com
LTCG:
Sarah
McLeod
800-516-2881 x103
smcleod@activate-health.com
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SOURCE Transamerica