Based in suburban Indianapolis, Ind., Conseco has more than $36 billion in assets. Consecoâs insurance subsidiaries have more than 4 million customers. A long-standing client of Open Solutions, Conseco has paid $2.45 billion in claims through the CAA program. In addition to the CAA service, Conseco is continuing with Open Solutionsâ Customer Service, Corporate Closeout Services, and Consumer Web and Data Warehouse Services. Hank Wong, Senior Director of Conseco, cites Open Solutionsâ expertise in the CAA market as the primary reason for extending the contract.
âWhat distinguishes Open Solutions from its competitors is its experience in the asset retention market,â said Wong. âOpen Solutions has provided these services for many years so they are fully equipped to consider and handle each request we make of them. Whether by offering sound advice or innovative recommendations, Open Solutionsâ experience is second to none. Cost is always a consideration, but it is the value equation that draws us to Open Solutions in the CAA field.â
Open Solutionsâ Customer Access Accounts (CAA) reduces the outflow of cash, retains investment income and disburses benefits to accountholders. The program fosters ongoing customer relationships with beneficiaries and claimants and earns investment income on funds that otherwise would have been lost to another financial services firm.
âLife insurance companies are on the brink of the largest distribution of benefits to beneficiaries and claimants ever,â said Louis Hernandez, Jr., chairman and CEO of Open Solutions. âAs the baby boomer generation ages, it is imperative for insurers like Conseco to provide high levels of service to accountholders by maintaining efficient processing in the back-office. Open Solutions provides a competitive solution that removes accountholder frustrations and stresses caused by critical financial decisions. The Customer Access Accounts program not only improves these relationships, but also maintains accountholders loyalty by providing a competitive interest rate beginning the day the account is opened. Furthermore, accountholders have the security of a safe investment vehicle and complete control of the proceeds. We are proud to have re-earned the business from Conseco and look forward to assisting them in reaching their strategic objectives.â