BALTIMORE, Sept. 19, 2023 /PRNewswire/ -- Transamerica is pleased to announce its strategic partnership with Bestow, a leading technology company in the life insurance industry. Together, Transamerica and Bestow will offer customers an intuitive digital platform with enhanced self-service options for Transamerica's life insurance products. Transamerica and Bestow have aligned behind the mission to empower people to create a better tomorrow through saving, investing, and protecting their loved ones.
"We are excited that Bestow will be building out a platform that redefines the Transamerica experience with our agents and clients," said Andrew DeMarco, Head of Life Solutions at Transamerica. "Powered by Bestow technology, Transamerica will be able to enhance not only the way we engage with new clients ? digitally and in minutes ? but also how we provide service throughout the policy lifecycle."
The Bestow platform simplifies the insurance application process for customers and agents and, in most cases, speeds up the process from application to decision in less than ten minutes. The partnership will allow Transamerica to provide new products, including new final expense offerings, with enhanced customer experience while keeping a focus on quality and sound financial products that help bring people peace of mind.
"Partnering with Transamerica to reimagine the application, underwriting, and policy issuance of new products on our platform has been rewarding for both teams," said Melbourne O'Banion, CEO & Co-Founder, Bestow. "This is only the beginning of a fantastic partnership that will provide their agents and customers with increased access to financial products through a best-in-class, convenient, digital buying experience."
With an eye toward reaching the underserved middle market, Transamerica's partnership with Bestow will offer customers and insurance agents a streamlined application experience. The new customer digital footprint will also enhance Transamerica's ability to support customers after they have purchased a policy.
The collaboration with Bestow is part of Transamerica's strategy to accelerate growth and build America's leading middle market life insurance and retirement company. This is an example of Transamerica's continued investment in product manufacturing capabilities and operating model to provide a differentiated customer experience.
With a history that dates back more than 100 years, Transamerica is a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Transamerica's dedicated professionals focus on helping people live their best lives through saving, investing, and protecting their loved ones. Transamerica is dedicated to building America's leading middle market life insurance and retirement company, with unique access to the large and growing middle market consumer via World Financial Group and US retirement recordkeeping. Transamerica provides a broad range of quality individual life insurance policies, workplace supplemental insurance benefits, workplace retirement plans, individual retirement accounts, and investment products including mutual funds, annuities, stable value solutions, as well as investment management services.
In 2022, Transamerica fulfilled its promises to customers, paying more than $46 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's head office is in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa, and Denver, Colorado. Transamerica is part of the Aegon group of companies. Each Aegon company is solely responsible for its own financial conditions and contractual obligations. Based in the Netherlands, Aegon is an international financial services holding company.
Bestow is building the infrastructure to modernize life insurance, both as a direct-to-consumer life carrier and as a SaaS partner for leading carriers. Bestow's full-stack technology solutions can make buying life insurance fast, convenient, and more affordable for consumers. For life insurance carriers, Bestow offers a singular end-to-end technology platform to de-risk innovation, expedite modernization, and help increase profitability. Bestow is on a mission to increase financial stability for everyone by creating the best possible products and experiences that serve future generations. To learn more, visit bestow.com.
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