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Third Party Administration
UTG Teams with Fiserv to Provide TPA
Services
Springfield, Illinois, June 10, 2002
-- UTG, Springfield, Illinois and Fiserv Life Insurance Solutions (a unit
of Fiserv, Inc.), Cedar Rapids, Iowa announced today the formation of an
alliance between their respective organizations. The Alliance will provide
a stable, dependable and predictable alternative to those life insurance
companies seeking a Business Process Outsourcing solution for new product
introductions and administering their business volumes more economically
while enhancing customer service.
"We were seeking an experienced business partner that could offer the
dependable and predictable service our clients demand," said Mike Key, COO
of Fiserv LIS. "We are very pleased to be aligned with an organization
that shares the same business philosophies and commitment to the customer.
Their proven processes and outstanding reputation truly exemplifies their
motto ‘We Care’."
The Alliance matches two highly successful companies’ "best of practice"
offerings. UTG has established a reputation for delivering the highest
quality customer service to its insureds and those it supports as a Third
Party Administrator. UTG will expand its TPA base through the outsourcing
of the Fiserv ID3 administration system for UTG’s existing business and
that of its TPA clients. Today, UTG administers nearly 400,000 policies.
Several million policies are administered on ID3 every day among its
valued customer base.
"The unique value of this alliance is its ability to deliver
mission-critical support on multiple levels with many types of
organizations," said Jim Rousey, Executive Vice President of UTG. "With
the technology and experience that Fiserv brings, we are able to create a
win/win opportunity for all." Many companies have strategically selected
the TPA option to reduce the volatile costs of in-house administration.
This business strategy can greatly improve both new-product time-to-market
and return on investment, Rousey said.
The alliance will offer full service support to its customers including
marketing support, policy administration, new product filing support,
agency, and conversion assistance. The BPO/TPA offering is competitively
priced for companies of all sizes and product mix.
Fiserv LIS will be responsible for the marketing and sales function for
the alliance as well as providing the operations processing service for
UTG. Together the combined operations will provide a full suite of
associated services, and UTG will staff the administration effort. The
Alliance will also be positioned to offer call center support,
underwriting, document management, imaging and workflow, and
sales/illustration support.
ID3 is a software system offered by Fiserv LIS currently used to
administer an array of life, health and annuity products throughout the
insurance industry.
Fiserv, Inc. (Nasdaq: FISV) is an independent, full-service provider of
integrated data processing and information management systems to the
financial industry. Headquartered in Brookfield, Wisconsin, Fiserv also
can be found on the Internet at
www.fiserv.com.
As a family of companies that has been providing life insurance services
for over 75 years, UTG is committed to making a positive difference in the
lives of those they touch by:
* Believing in ourselves and each other.
* Providing quality, one-on-one customer service and valuing (respecting)
our relationships.
* Ensuring profitability through administrative efficiency.
* Giving of ourselves to the community and sharing the rewards of our
endeavors.
UTG, Inc., a public corporation traded in the Over-the-counter market
(UTG) is located on the Internet at
www.utgins.com.
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