EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--LTCG, the recognized leader in business processing outsourcing for long term care insurance, has just announced it has been awarded a five-year contract with CalPERS, one of its largest clients. CalPERS administers benefits, including a Long-Term Care Program, for California state employees and retirees as well as their families.
This hard-earned win for LTCG came after a comprehensive 15-month process that began with a request for proposal issued by CalPERS’ Pension and Health Benefits Committee in early 2016. CalPERS then performed extensive due diligence which included capabilities evaluations by both internal staff and consultants, on-site visits, reviews of the bid packages, numerous presentations, analysis of follow-up documentation, as well as competitive negotiations. After narrowing the bidders down to two finalists, CalPERS identified LTCG as the clear winner thanks to the organization’s advanced technology, premier customer service and its ability to drive down administrative costs.
LTCG already provides a wide variety of services and support to CalPERS including end-to-end administration and all new business functions. This new contract, which will begin in January 2018, will encompass all of these capabilities while also adding marketing and actuarial support services to the mix.
“It’s clear that our decades of experience and expertise in this industry, combined with our investments in new technology, were a winning combination,” said Peter Goldstein, CEO of LTCG. “It’s not enough to be just a service provider or a technology provider in this day and age. You need both to be able to act in the best interest of your customers, whether that means providing compassionate support to their members or employing state-of-the-art systems to improve the administration of their policies.”
LTCG is the leading provider of administrative solutions and clinical services to the long term care and life insurance industry, with over two decades of experience in this space. LTCG currently manages over one million policies and serves more than 50 carriers nationwide. The company addresses all types of customer needs and policy requirements—from application processing and underwriting of new business to claims and administration of open and closed blocks. LTCG’s advanced data analytics, actuarial and risk management capabilities and unmatched industry expertise can help organizations manage their business and develop emerging products such as hybrid life/long term care policies. In addition, LTCG provides clients with unique insight about risk management built upon the industry’s largest database of long term care underwriting and claims outcomes. For more information, visit www.LTCG.com.