Transamerica jobs shifting to third-party company

192 employees in Exton will be affected

EXTON » There is a change coming for 192 Chester County employees of Transamerica’s insurance and annuity business lines.

On Jan. 11, Transamerica announced that it planned to move the administration and servicing of its life, annuity, supplemental health and workplace voluntary benefits business lines to a third party administrator, Tata Consultancy Services (TCS). The transaction is expected to close in the second quarter 2018.

The move will affect 2,200 employees across the U.S., including those in Exton. Their positions are being transferred to Tata Consultancy Services — the employees will no longer work for Transamerica, according to a Transamerica spokesperson, who declined to be identified.

All of the affected employees received offers of employment from Tata Consultancy Services, according to the spokesperson. She explained that 99 percent of the employees across the country accepted the new positions.

A total of 192 employees from the Exton location are expected to transfer their positions to Tata Consultancy Services under workfrom-home arrangements. They will transition to work-from-home by the end of March.

“While these will no longer be Transamerica positions, all of these roles are transferring to Tata Consultancy Services and employees have the opportunity to remain in the U.S. cities where they are currently based,” the spokesperson said.

Transamerica this month filed a notification about the transition through the Pennsylvania Department of Labor’s WARN notification system. The WARN Act is federal legislation that offers protection to workers, their families and communities by requiring employers to provide notice 60 days in advance of a covered-business closing and covered-business mass layoff, according to the Department of Labor website.

“On 4/14/18, all employees will transition from employment with Transamerica to employment with a third party. Separation from Transamerica is permanent. All Transamerica employees were offered positions in their

“On 4/14/18, all employees will transition from employment with Transamerica to employment with a third party. Separation from Transamerica is permanent. All Transamerica employees were offered positions in their same city with the same (or greater) base pay.” — Transamerica WARN notification

same city with the same (or greater) base pay,” the WARN notification states.

While most WARN notifications use the words “layoff” or “closing,” the Transamerica notification calls the event a “transition.”

Meanwhile, Transamerica said it will not renew its lease on the Eagleview Boulevard building, but plans to maintain a presence in the Exton area. The spokesperson said the company will vacate the current building at the end of March.

“The new office location is still being determined and we expect it will be in close proximity to our current facility,” she said. The new office will house Transamerica employees in finance, risk and actuarial.

According to the Jan. 11 press release, Tata Consultancy Services will take on the administration of more than 10 million Transamerica policies.

The multi-year partnership enables Transamerica to accelerate the enhancement of its digital capabilities and the modernization of its platforms to service its customers in all lines of business, according to the press release.

Founded in 1968, Tata Consultancy Services is a global IT services, digital, consulting, operations and business solutions company that has operated in the U.S. for more than 40 years. It offers expertise in the insurance sector and works with more than 100 insurers, including six of the world’s top 10 insurance companies. Tata Consultancy Services will expand its existing relationship with Transamerica under this transaction, and will locate in Transamerica’s current offices in various U.S. cities.

With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers throughout the United States. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. For more information, visit www.transamerica.com.