EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--LTCG has entered into a strategic contract to support Wilton Re in the administration of long-term care insurance (LTCi). On August 1, CNO Financial Group announced that its wholly-owned subsidiary, Bankers Life and Casualty Company, signed a long-term care insurance indemnity reinsurance agreement with Wilton Re. This agreement covers nursing home and comprehensive LTCi forms sold prior to 2003.
The transaction is anticipated to close no later than the end of 2018. Wilton Re has selected LTCG to administer these 70,000 policies and approximately 8,000 active claims. After closing, CNO Financial will continue to provide administration services for these policies on behalf of Wilton Re during the transition to the LTCG platform.
LTCG is widely regarded as the most experienced LTCi administrator in the business today, providing services to all of the top long-term care insurers. Wilton Re will provide reinsurance for these policies while LTCG will offer a complete processing solution which includes policy administration, care management, claims payments, benefit eligibility assessments, actuarial analysis and financial reporting.
Due to the current challenges facing LTC insurers and the rising number of claims overall, many carriers are increasingly looking to reduce their financial exposure while also enhancing their claims management capabilities. LTCG is able to meet these needs through extensive LTC market data, a state-of-the-art claims system and industry best practices that are integrated with wellness and recovery programs, provider solutions and fraud detection.
“We are very excited to join Wilton Re as strategic partners in this significant opportunity,” said Peter Goldstein, CEO of LTCG. “We think the combination of Wilton Re’s risk transfer solution paired with our administrative and claims capabilities is exactly what the market is looking for.”
LTCG is the leading provider of administrative solutions and clinical services to the long-term care and life insurance industries, with over two decades of experience in this space. LTCG currently manages over one million policies and serves more than 90 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. LTCG also provides clients with unique risk management insights built upon the industry’s largest database of long-term care underwriting and claims outcomes and helps carriers bend the cost curve through innovative provider solutions and wellness programs. For more information, visit www.LTCG.com.