Transamerica Employee Benefits Products Help People Live Their Best Lives

Q&A with Richard Hicks, Director, Workplace Solutions, Product Development

Offering innovative and competitive insurance benefits is a key focus when catering to a diverse workforce. The Transamerica Employee Benefits Product Development team, led by Richard Hicks, create products that provide solid value for the long term and honor our commitment to be there when customers need us most.

We caught up with Richard to see what he had to say about his team:

Q: How does your team bring products to life at Transamerica?

A: It takes teamwork and collaboration! We work closely with a variety of internal teams including pricing, underwriting, distribution, operations, IT, marketing (and more) to successfully take our products from an idea to launch.

Within my group, there are a few distinct teams that have specific roles to bring our products to life. Our Product Design team focuses on the competitive landscape, staying tuned into what the market is doing and vetting the viability of new products and product enhancements. Our Contract Development and Filing (CD&F) team works to turn those products into contract forms and negotiate approval of those new products with state insurance departments. The CD&F team ensures that our overall employee benefits product portfolio remains in compliance with new laws and regulations that states may pass after the product is in the marketplace. Our proposal team works closely with IT, operations, and distribution to make sure our proposals and illustrations are accurately reflecting benefits and product parameters in an easily accessible way.

Q: How important is it for you and your team to stay updated on industry trends and the changing needs of employers and employees?

A: It’s a critical part of our daily work. We’re continually reviewing our portfolio, trends within the overall marketplace, and regulatory activities impacting our products to ensure we’re meeting our customers’ needs. Employee benefits are always evolving, and we’re here to find solutions that fulfill a competitive job market by offering products that help attract and retain employees, while meeting the goals of brokers and employers.

Q: Do you have a favorite part of working in product development?

A: Over the years our product portfolio has expanded to meet the competitive employee benefits market. It’s rewarding to hear stories of how Transamerica’s products have meaningful impacts on the lives of our customers when they are facing difficult times such as the death of a loved one or the impact of an illness or accident.

Q: How long have you been with Transamerica?

A: I recently celebrated my 30th anniversary. In that time, I’ve held several roles within various business units and departments including legal, operations, marketing, and sales. I’ve worked in employee benefits for approximately 10 years, and I’ve been in my current product role for the last three years.

Q: Congratulations on the 30th anniversary! What has kept you at Transamerica all these years?

A: Talented teams of people within the organization who are commited to helping our customers and helping each other. So much of what is achieved within Transamerica comes from the dedication, efforts, and willingness of people from across the company.

Transamerica Employee Benefits are always evolving in order to stay relevant in a dynamic landscape. The Product Development team is focused on building a diverse suite of solutions that help customers live their best lives.

Want to learn more about Transamerica Employee Benefits?

Visit transamerica.com/employee-benefits or contact a Transamerica Representative today at 800-851-7555, option 4.

Insurance products underwritten by Transamerica Life Insurance Company (TLIC), Cedar Rapids, IA or Transamerica Financial Life Insurance Company (TFLIC), Harrison, NY.  TFLIC is licensed to conduct business in New York.  TLIC is authorized to conduct business in all other states.

EB3 3044234 S 08/23