We considered proposals from a number of potential partners. The decision to go with TEIL was based on several factors, including:
• The deep expertise they have in their areas of specialty
• The investment they’ve made in technology, and how that will benefit our customers
• A multi-year partnership with Transamerica and Aegon (Transamerica’s parent company)
• Their appreciation for the skills and experience Transamerica employees will bring to their organization
• Their desire to remain in our major locations, which mitigates the impact on the employees who are transitioning as well as the communities where we live and work. TEIL is making a substantial commitment to Cedar Rapids, Iowa. TEIL plans to establish its North American insurance hub for business operations in Cedar Rapids, bringing another major employer to the area.
The TEIL administration platform is a modern, flexible, and scalable end-to-end policy administration solution that enables rapid product rollouts, reduces overall cost, enhances operational efficiency, and drives market responsiveness.