TeleTech Announces Long-Term Contract With CIBC Insurance

TeleTech Holdings, Inc., a provider of customer care management solutions to Fortune 500 and international companies, has announced a seven year agreement to provide a full range of customer care solutions to CIBC Insurance through a licensed Canadian insurance agency. This agency will manage the sales and service customer interactions for CIBC Insurance's individual and group auto, home, health and life insurance products in Canada.

In order to meet all Canadian regulatory requirements, TeleTech will establish an insurance agency, Customer Care Insurance Agency Limited (CCIAL), that will act as exclusive agent to CIBC Insurance in the distribution of insurance products in Canada.

"We are delighted to enter the Canadian market with CIBC Insurance, a prestigious, well known company and our first client in the insurance industry," said Kenneth D. Tuchman, TeleTech's president and chief executive officer. "We are equally excited about expanding our international footprint into Canada, our fifth international market."

CCIAL will assume management of two CIBC Insurance sales and service operations in Mississauga and Etobicoke, Ontario, Canada. These facilities currently have 550 workstations and will be consolidated into the Mississauga site. There is no employment impact to CIBC Insurance employees from this announcement. All employees involved in sales and service at these two locations will be offered employment in the new agency.

Dwight E. Lacey, chief executive officer, CIBC Insurance, said, "We are pleased to have a world class company join us in providing high quality service to our customers. This long term relationship will allow us to become a more integrated, customer-focused organization."