Actuarial Outpost

Actuarial Outpost (http://www.actuarialoutpost.com/actuarial_discussion_forum/index.php)
-   Careers - Employment (http://www.actuarialoutpost.com/actuarial_discussion_forum/forumdisplay.php?f=18)
-   -   Transamerica Outsourcing (http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=329280)

Doctor Who 01-12-2018 02:48 PM

Transamerica Outsourcing
 
1/11/18 Transamerica partners with Tata Consultancy Services to transform its insurance and annuities administration

https://www.transamerica.com/images/...m73-100222.pdf

I feel for those who are being outsourced.

How long before actuaries are outsourced?

Doctor Who 01-12-2018 02:54 PM

"The majority of these expense savings is expected to benefit underlying earnings."

If I was an agent for a competing company, I'd try use this to my advantage.

I wonder how this will impact their experience, particularly persistency/renewals.

Westley 01-12-2018 03:18 PM

Quote:

Originally Posted by Doctor Who (Post 9212193)
If I was an agent for a competing company, I'd try use this to my advantage.

As in, "buy from us we're more expensive"? I don't think that's how marketing works.

Their administration is pretty incompetent, don't know that this will (even could) lower the quality. I've been disputing their errors for months on admin of a 401k where the person involved is grossly incompetent. Didn't they lose a lawsuit to their own employees on, essentially, cheating the participants (i.e., their own employees) on fees? Not the same area, so perhaps the people being outsourced for annuities are competent and honest, but seems unlikely.

HenryGale 01-12-2018 03:54 PM

Quote:

Originally Posted by Doctor Who (Post 9212187)
1/11/18 Transamerica partners with Tata Consultancy Services to transform its insurance and annuities administration

https://www.transamerica.com/images/...m73-100222.pdf

I feel for those who are being outsourced.

How long before actuaries are outsourced?

The answer is: it already happened at least since a year ago, actuaries of different levels, from chief actuary to analysts, were let go or given retirement package if over 5X years old and had worked for the company for over Y years.

Doctor Who 01-12-2018 03:59 PM

Quote:

Originally Posted by Westley (Post 9212243)
As in, "buy from us we're more expensive"? I don't think that's how marketing works.

Their administration is pretty incompetent, don't know that this will (even could) lower the quality. I've been disputing their errors for months on admin of a 401k where the person involved is grossly incompetent. Didn't they lose a lawsuit to their own employees on, essentially, cheating the participants (i.e., their own employees) on fees? Not the same area, so perhaps the people being outsourced for annuities are competent and honest, but seems unlikely.

Except they weren't doing this to lower prices to customers, it was to enrich their shareholders.

"Buy American" works, sometimes.

Transamerica was also sued in 2016 for UL rate hikes.
http://www.thinkadvisor.com/2016/05/...ver-rate-hikes

"Why would you buy from Transamerica, when they raise rates and oursource American jobs?"

Doctor Who 01-12-2018 04:00 PM

Quote:

Originally Posted by HenryGale (Post 9212294)
The answer is: it already happened at least since a year ago, actuaries of different levels, from chief actuary to analysts, were let go or given retirement package if over 5X years old and had worked for the company for over Y years.

:link:?

hjacjswo 01-12-2018 04:27 PM

Quote:

Originally Posted by Doctor Who (Post 9212187)
1/11/18 Transamerica partners with Tata Consultancy Services to transform its insurance and annuities administration

https://www.transamerica.com/images/...m73-100222.pdf

I feel for those who are being outsourced.

How long before actuaries are outsourced?

Not sure about life insurance. But, I would like to see P&C companies try and hire actuaries in India to understand all the regulatory stuff and talk to claims dept/TPAs and underwriters. Same for health actuaries.

Colonel Smoothie 01-12-2018 04:38 PM

Quote:

Originally Posted by hjacjswo (Post 9212327)
Not sure about life insurance. But, I would like to see P&C companies try and hire actuaries in India to understand all the regulatory stuff and talk to claims dept/TPAs and underwriters. Same for health actuaries.

It only has to work long enough for you to cash out. You can leave the turnaround strategy to the next person.

working girl 01-12-2018 05:48 PM

Quote:

Originally Posted by Westley (Post 9212243)
Their administration is pretty incompetent, don't know that this will (even could) lower the quality. I've been disputing their errors for months on admin of a 401k where the person involved is grossly incompetent. Didn't they lose a lawsuit to their own employees on, essentially, cheating the participants (i.e., their own employees) on fees? Not the same area, so perhaps the people being outsourced for annuities are competent and honest, but seems unlikely.

Unfortunately for you, Transamerica will continue administration and servicing of its retirement plans, IRAs, Advice Center, mutual funds, exchange-traded funds and stable value solutions on existing platforms.

My guess is they offer these people a new lower-paying job, and if they turn it down, they get no severance at all. If they take it, even at the same salary, do they retain their old vacation time? And I'm guessing the pension plan going forward goes away for them too. Should be interesting as time progresses.

royevans 01-12-2018 05:58 PM

lol this company was horrible... it took them 3 months to reimburse my friends travel expenses.... but thats just the admin/payroll department prolly.


All times are GMT -4. The time now is 06:48 PM.

Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.

Page generated in 0.13581 seconds with 9 queries