Transamerica says it will be putting LTGC in charge of administering its long-term care insurance (LTCI) business and managing the claims.
LTCG plans to begin serving as the third party administrator for the Transamerica LTCI business by Sept. 30.
The Eden Prairie, Minnesota-based company will help Transamerica handle new LTCI business as well as policyholder service and claim processing.
The LTCG deal will not affect Transamerica’s other in-house or outsourced administrative arrangements, Transamerica announced Thursday.
LTCG already handles LTCI administration for about 100 other insurers.
Mark Mullin, Transamerica’s president, said in a statement that LTCG’s technology will help to improve the efficiency of Transamerica’s LTCI customer service and LTCI policyholders’ experience.
The transition will affect about 200 Transamerica employees.
LTCG will keep the Transamerica employees now based in Plano, Texas, at their current location, Transamerica said.
“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,” Transamerica said.
— Read 9 Long-Term Care Insurance Claim Whisperer Secrets, on ThinkAdvisor.