LGA Pension Risk Transfer: The 100 Day Project
Celent has released a new report titled LGA Pension Risk Transfer: The 100 Day project. The report was written by research director Tom Scales and analyst Mohammed Mahfuz, both in Celent’s Insurance practice.
Legal & General America (LGA) has entered the US Pension Risk Transfer (PRT) market in a big way. After researching the market for partners to process the business, with Celent's help, they made the bold decision to build the capability in-house at their US Life insurance system company. This report documents this aggressive 100 day project, through the eyes of those involved.
“We had a unique opportunity to observe the project from the very early formation,” said Scales. “It is an impressive story of accomplishments in a very compressed timeframe.”
The project has been a big success. This success can be attributed to the team, from all areas of the business, that worked together to achieve their goals. From IT, to Operations, to Sales, to Executive leadership, the entire team was actively involved in the project. By leveraging the existing LGA operations and technology infrastructure, they were able to accelerate the process and go live in an extremely short time, with great success.
"The camaraderie of the entire team was clear," said Mahfuz. "Everyone jumped in to help, including the most senior executives."