The company will provide administration, claims management, and assessment services for over 360,000 group and individual policies under new 10-year contract
EDEN PRAIRIE, Minn., January 19, 2022--(BUSINESS WIRE)--LTCG, the leading insurance administration and claims solution provider for long term care (LTC) insurance, just announced it has been awarded a new 10-year contract to provide administration and claims management services to CNA. LTCG has managed all of CNA’s individual LTC insurance policies since 2005 but will now add more than 200,000 group policies within the expanded scope of this agreement.
These CNA policyholders will be supported by a broad set of services provided by LTCG, including the company’s core offerings which are policy administration, claims and care management and benefit eligibility assessments. Due to the substantial growth in LTC insurance claims in recent years, companies like CNA also benefit from LTCG’s additional capabilities that are designed to better manage risk, such as its fraud analytics and investigation services and wellness solutions intended to help policyholders age in place.
Over the past decade, LTCG has delivered impactful operational enhancements alongside significant investments in leadership, technology, systems, and risk management products in order to enhance its service offerings. For example, the company has developed new digital tools designed to improve the customer experience, including virtual assessments and PolicyHub, a self-service policyholder portal, both of which have been implemented by CNA as part of the contract.
"Our strategy to focus on risk management while also optimizing the customer experience has reinforced LTCG’s position as the leading outsource partner for the LTC insurance industry," according to Peter Goldstein, CEO of LTCG. "This expanded contract demonstrates the trust CNA has placed in LTCG and validates our thesis that LTC insurers are looking for more impactful and innovative offerings from their service providers."
LTCG has a long history of providing end-to-end administration to the LTC insurance industry, and currently serves all of the top 10 insurers. Under this new contract, LTCG will now administer 368,000 policies and 15,000 active claims for CNA.
"We have been impressed by LTCG’s commitment to our business and willingness to adapt and evolve in order to meet our needs," said John Palmer, Vice President of LTC Operations, Claims and Innovation at CNA. "Their team’s dedication to supporting our policyholders and the recent addition of innovative programs and technologies have made them an ideal fit for CNA’s Long Term Care business."
LTCG is the leading provider of administrative solutions and clinical services to the long term care (LTC) insurance industry, with over two decades of experience. As the largest LTC insurance third-party administrator and claims payer in the country, LTCG serves all of the top 10 insurers and manages over 1.6 million policies. The company addresses many types of customer needs and requirements via its full-service actuarial consulting practice and end-to-end administrative solution that includes policy administration, new business and underwriting, claims and care management, assessments and clinical consulting. LTCG has also developed a number of industry-first innovations including fraud detection and mitigation services, electronic visit verification, white-labeled policyholder portals and provider networks as well as fall prevention and wellness programs. Together, these solutions help insurers reduce costs and manage their risk exposure while improving the overall customer experience across every touchpoint. For more information, visit www.LTCG.com.
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