TPA Notice

TPA Notification FAQs

We've anticipated some questions and answers you might have about our partnership with our new third party administrator, TCS E-serve International Limited (TEIL). We hope you find this information helpful. As always, feel free to contact your financial professional for further details or clarification. 

A TPA, or third party administrator, is an entity who directly or indirectly performs certain insurance administration functions, which under state law may require licensing or registration with state insurance regulators.
TCS E-serve International Limited (TEIL) is our third party administrator.
Some of our administrative systems stand as a barrier to growth and to the kind of experience we want to deliver. We concluded that it’s not feasible to update these systems. So we looked for a solution that would help ensure three things:
• That we can deliver a consistently positive experience for our customers,
• That our employees who support this business will continue to do so, and
• That we deliver on our financial commitments
 
All of that said, we found TEIL to help us achieve these objectives.
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.
Because of the regulatory requirements, the time involved in ironing out other internal operation details, and the large number of customers impacted by the change, it took a bit of time to plan and mail this notification.
The administrative services we mentioned simply mean the day-to-day processing of certain policies including handling premium payments, claims processing, responding to other requests, etc.
You’ll still have communications from us, but our TPA will be handling the work behind the scenes.
“Administrative change” means the way your policy is handled internally has changed. Our TPA will do administrative functions such as claims processing and other day-to-day work. It has no impact on the terms or conditions of your actual product.
TEIL is licensed as a Third Party Administrator (TPA). A TPA, or third party administrator, is an entity who directly or indirectly performs certain insurance administration functions, which under state law may require licensing or registration with state insurance regulators.
We have contacted all of our impacted financial professionals separately so they are fully aware of the change.
We suggest you read through a copy of your product terms and conditions where it references a third party administrator. If you have questions, give your financial professional a call to review your product information, or contact us at 800-797-2643, weekdays 9 a.m. – 6 p.m. ET.
Since they’ve partnered with us, TEIL shares Transamerica’s address: 4333 Edgewood Road NE, Cedar Rapids, IA 52499.
TCS E-serve International Limited (TEIL) is a wholly owned subsidiary of Tata Consultancy Services Limited, which is sometimes referred to as “TCS.”
Since TEIL is Transamerica’s TPA, the Transamerica address is used for mailing purposes. So it’s business as usual as far as whenever you need to contact us or send any documents to our office — just follow the directions detailed in a given communication or form.
This would be for a life or health insurance product, or an annuity product. You can give your financial professional a call to get more information on how this change may or may not have impacted you, or contact us at 800-797-2643, weekdays 9 a.m. – 6 p.m. ET so we can review what’s in our system.
It’s possible you have another policy or product with us. Also, if you happened to cancel your policy within the last few months, we may have included you in our mailing because we pulled the data for this notification project in early February. You can give your financial professional a call, or contact us at 800-797-2643, weekdays 9 a.m. – 6 p.m. ET, so we can review what’s in our system.
There are a few Transamerica life, health, and annuity policies which are not serviced by TEIL. If you have questions about your policies, please contact us at 800-797-2643, weekdays 9 a.m. – 6 p.m. ET.
No, Transamerica will continue to handle retirement accounts directly without the involvement of a third party administrator at this time.
Feel free to give your financial professional a call to discuss how the change affects you, or you can contact us at 800-797-2643, weekdays 9 a.m. – 6 p.m. ET.