American insurance holding company Transamerica has teamed up with LTCG, a third party administrator, to transfer the administration and claims management of its long term care insurance business line.
The deal is part of Transamerica’s strategy to speed up augmentation of its digital capabilities and modernise its long term care insurance platform.
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As per terms of the contract, LTCG will offer complete third party administration services for Transamerica’s long term care insurance product line such as new business, policyholder service, claims processing and care management.
Services are likely to start in the third quarter of this year.
Meanwhile, Transamerica will continue to administer and service its other insurance, investment, and retirement solutions on existing platforms.
Transamerica president and CEO Mark Mullin said: “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.
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By GlobalData“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 optimise our capabilities and deliver this valuable benefit to more people across the country.”
Under the contract, nearly 200 existing Transamerica staff in Plano, Texas, will be transferred to LTCG.
Transamerica, part of the Netherlands-based Aegon group of companies, offers life insurance, retirement and investment solutions, to its customers across the US.
Minnesota-based LTCG provides administrative solutions and clinical services to the long term care and life insurance industry. Currently, it manages more than one million policies and serves over 100 carriers across the US.
