We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Blog + Articles

Categories

  • Industry Articles (11,353)
  • Industry Conferences (2)
  • Industry Job Openings (9)
  • Negative Media (122)
  • Positive Media (73)
  • Sheryl's Articles (450)
  • Sheryl's Blogs (142)
  • Wink's Articles (173)
  • Wink's Blogs (133)
  • Wink's Press Releases (68)
  • Blog Archives

  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • Transamerica to Outsource Life, Voluntary Benefits and Annuity Administration

    January 12, 2018 by Allison Bell

    Transamerica has agreed to hire Tata Consultancy Services to administer its life insurance, supplemental health insurance, voluntary benefits and annuity businesses, Aegon N.V. announced today.

    Aegon, Transamerica’s Dutch parent, said Transamerica hopes to close on the deal by June 30.

    The deal could affect about 2,200 U.S. workers, Aegon said. 

    Click HERE to view the original story via ThinkAdvisor. 

    All of the Transamerica employees currently supporting these business lines and whose roles are in scope will be offered positions” by Tata, Aegon said.

    Aegon expects to record $100 million in conversion and transition charges for the arrangement in the first half of this year, and a total of $280 million in charges related to the shift over three years. It’s hoping the arrangement will cut operating costs by $70 million to $100 million per year.

    The Transamerica employees who transfer to Tata will be able to stay in the U.S. cities where they’re based now, Aegon said.

    The Players

    Aegon is a life insurer and asset manager with headquarters in the Hague, in the Netherlands.

    Transamerica was once based in San Francisco. It now has its headquarters in Baltimore and other main offices in Denver and in Cedar Rapids, Iowa.

    In June 2017, Aegon transferred responsibility for about $14 billion in Transamerica life and annuity liabilities to Wilton Re Ltd., a unit of the Canada Pension Plan Investment Board.

    Aegon issued the announcement of the Transamerica-Tata deal through its corporate headquarters, in the Hague.

    Tata Consultancy Services is a Mumbai, India-based affiliate of the Tata group. To support the Aegon deal, it will set up a new North American insurance operations hub in Cedar Rapids, Aegon said.

    Tata has invested $3 billion in the United States over the past three, and it has contributed to schools such as Carnegie Mellon University, Cornell and the Massachusetts Institute of Technology, Aegon said. 

    Suresh Muthuswami, a Tata Consultancy Services executive, said in a statement about the agreement is that Transamerica would be the first client to use Tata Consultancy Services as a third-party insurance administrator in the United States.

    What’s Included, and What’s Not

    Transamerica will continue to administer long-term care insurance (LTCI) policies in-house, for now, but it may enter into a similar outsourcing arrangement with Tata for the LTCI business, Aegon said.

    Transamerica plans to continue to handle administration of retirement plans, individual retirement accounts, mutual funds, exchange-traded funds, stable-value arrangements and its Advice Center through the programs in place now, Aegon said.


    Transamerica’s Strategy

    Mark Mullin, Transamerica’s chief executive officer, said in a statement that the new arrangement will support meaningful growth in all business lines, including insurance and annuities.

    Tata “will provide valuable administration and quality customer service,” Mullin said. “Transamerica will continue to engage with our customers, clients and advisors in ways that are most meaningful to them, by utilizing our digital engagement platforms and by developing new solutions to help people save, protect, invest and retire.”

    Originally Posted at ThinkAdvisor on January 11, 2018 by Allison Bell.

    Categories: Industry Articles
    currency