Tata Consultancy Services (TCS) — a company that will be administering many U.S. business lines for Transamerica — has set up a North America insurance hub at a Transamerica building in Cedar Rapids, Iowa.
TCS now employs about 800 people who previously worked for Transamerica in the building, at 4333 Edgewood Road NE in Cedar Rapids, TCS announced earlier this week.
TCS is a business and technology support services arm of the Tata group, a company based in Mumbai, India. It employs about 390,000 people in 46 countries.
Transamerica, a Baltimore-based unit of Aegon N.V., signed a long-term administration contract with TCS in January. The agreement calls for TCS to oversee Transamerica’s life insurance, supplemental health insurance, voluntary benefits and annuity businesses.
For now, at least, Transamerica will continue to keep administration of long-term care insurance, retirement plans, individual retirement accounts, mutual funds, exchange-traded funds and stable-value arrangements in-house.
TCS will be responsible for administering a total of about 10 million Transamerica insurance policies and annuity contracts.
Mark Mullin, Transamerica’s president, said in a statement that Transamerica likes TCS’s expertise and continual efforts to improve its technology.
“Transamerica will continue to focus on our digital engagement platforms and new solutions that help people save, protect, invest, and retire,” Mullin said.
Suresh Muthuswami, head of banking, financial services and insurance platforms at TCS, said TCS wants to work with state, city and local organizations to improve workforce outcomes and other outcomes for the community.
TCS noted that it has invested about $3 billion in the United States over the past three years and has supported science and engineering programs at universities such as Carnegie Mellon University.
— Read Transamerica to Outsource Life, Voluntary Benefits and Annuity Administration on ThinkAdvisor.