Toronto, Canada – May 01, 2002 – GeniSystems.ca Services (GeniSystemsGeniSys), a market
leading Business Process Outsourcing firm specializing in policy administration solutions
for the life insurance industry, announced today that Transamerica Life Canada
(Transamerica) has signed an agreement to begin utilizing GeniSystems’ best-of-breed
administration solutions for the launch of a new pilot product campaign. The use of
GeniSystems’ solutions will enable Transamerica to optimize efficiencies and
cost-savings in this strategic, new product development initiative.
Transamerica’s use of GeniSystems’ front and back-office capabilities
includes the following components:
Call centre support
New business entry
Premium billing, collection and accounting, and
All policyholder fulfillment
According to Ed Yeung, Assistant Vice-President – Specialty
Products for Transamerica Life Canada, “We were impressed by Genisystem’s
ability to act in a timely manner to meet our timelines. Their expertise in project
management was a key factor in our final decision to move forward with them.”
“We are pleased that Transamerica has chosen
GeniSystems as a strategic partner in this new initiative. The selection of GeniSystems
demonstrates the strategic and operational confidence Transamerica has in our business
process outsourcing capabilities, project management expertise and ability to address
their time to market requirements”, states Michael Nurse, Sr. VP of Business
Development for GeniSystems.
About Transamerica Life Canada
Transamerica Life Canada is a market leader in the sale of
individual life insurance and segregated funds. Through a national network of 18,000
independent advisors, Transamerica Life Canada helps Canadians meet their financial goals
and preserve their wealth through innovative financial products and services.
Transamerica Life Canada is a member of the AEGON Group,
one of the world’s largest insurers. AEGON N.V. and Transamerica Life Canada have
consistently received strong financial ratings from Standard and Poor’s, Fitch and
A.M. Best Company. In 2001, Transamerica Life Canada earned more than $605 million in life
insurance premium income and recorded over $8 billion in total assets under management.
About GeniSystems.ca Services
GeniSystems.ca Services is an international provider of
market leading front and back-office policy administration solutions for the life and
health insurance market. Utilizing best-of -breed technologies, re-engineered processes,
and experienced life insurance staff, GeniSystems is able to provide substantial
cost-savings and increased efficiencies for end-to-end policy processing.
GeniSystems’ outsourced solutions allows insurance carriers to:
Limit new technology investments,
Alleviate onerous fixed-costs for application processing and
Generate revenue by focusing on their core-competencies of
marketing, distribution and sales.
Increase time to market for new product initiatives
Founded in 2000, GeniSystems.ca Services is a privately held company headquartered in Canada.
For more information please visit www.genisystems.ca.
Sr. Vice President, Business Development
Research and Business Development Tactician, MBA
Assistant Vice-President, Specialty Products