Genpact Extends Partnership with Genworth Financial for Five Years
Genpact Continues to Help Drive Effectiveness in Genworth's Operations Based on Its Smart Enterprise Processes (SEPSM) Methodology
NEW YORK, May 21, 2013 /PRNewswire/ -- Genpact Limited (NYSE: G), a global leader in business process management and technology services, today announced a five-year contract extension with Genworth Financial, Inc., a leading financial security company, to continue providing comprehensive business process management services. Genpact has a 14-year relationship with Genworth and supports Genworth's three primary divisions: Insurance and Wealth Management, Mortgage Insurance and Corporate and Runoff.
Under the terms of the renewed master services agreement, Genpact will continue to provide its business process management services to Genworth for functions including agent services, analytics and actuarial, finance and accounting (F&A), sourcing, and content solutions. Genpact also signed a third party administrator (TPA) agreement with Genworth, enabling Genpact to provide TPA services in the United States for Genworth. Genpact provides its services to Genworth from six delivery centers across the U.S., U.K. and India.
Throughout the duration of this expanding partnership, Genpact has applied its SEPSM methodology to help Genworth achieve optimal process effectiveness that results in measurable business impact. Genpact's Application to Issue (A2I) SEPSM framework uncovered significant cost savings and improved Genworth's service delivery for its life insurance processes.
"Genpact has been a proven partner in helping us make our business processes run more effectively, so Genworth is pleased to extend this relationship," said Paul Gomez, senior vice president, Operations for Genworth. "Genpact has evolved with our business and has continued to provide high-value insights and domain expertise to support our plans for rebuilding shareholder value."
"We are excited to expand our work with Genworth and continue providing them with best-in-class business process management services," said Mohit Thukral, senior vice president and global leader, Banking, Financial Services, Insurance and Healthcare for Genpact. "Genworth is one of our many clients that has experienced the impact of our science of process, SEPSM, and along with our deep insurance domain expertise, we've been able to help Genworth run smoother and more streamlined processes, resulting in better service for their many customers."
Genpact's global insurance practice is driven by a team of professionals who hold over 3000 insurance certifications, including LOMA, IIA, AAPA, FINRA Series 6, FINRA Series 7, AICPCU, and actuarial exams, of which LOMA certifications are 1500 with 75 ALMI and FLMI Certifications. For clients like Genworth, Genpact also leverages professionals with financial training and certifications such as IFRS and CPA to provide additional expertise.
About Genworth Financial
Genworth Financial, Inc. is a financial security company, which provides insurance, wealth management, investment and financial solutions. The company operates its business through three divisions: Insurance and Wealth Management division, Mortgage Insurance divisions and Corporate and Runoff divisions. The three divisions are divided in into six operating business segments. The Insurance and Wealth Management division includes the following operating business segments: U.S. Life Insurance, International Protection and Wealth Management. The U.S. Life Insurance segment offer and manage a variety of insurance and fixed annuity products. The International Protection segment provides payment protection coverage's in multiple European countries. The Wealth Management segment offer and manage a variety of wealth management products that include managed account programs together with advisor support and financial planning services. The Mortgage Insurance division includes the following operating business segments: International Mortgage Insurance and U.S. Mortgage Insurance. The International Mortgage Insurance segment provides mortgage insurance products and related services in Canada, Australia, Mexico and multiple European countries. The U.S. Mortgage Insurance offer mortgage insurance products in the United States. The Corporate and Runoff division includes the Runoff segment and Corporate and Other activities. The Runoff segment includes the results of non-strategic products which are no longer actively sold. Its non-strategic products include its variable annuity, variable life insurance; institutional, corporate-owned life insurance and Medicare supplement insurance products. Genworth Financial was founded on October 23, 2003 and is headquartered in Richmond, VA.
Genpact Limited (NYSE: G), a global leader in business process management and technology services, leverages the power of smarter processes, smarter analytics and smarter technology to help its clients drive intelligence across their enterprise. Genpact's Smart Enterprise Processes (SEPSM) framework, its unique science of process combined with deep domain expertise in multiple industry verticals, leads to superior business outcomes. Genpact's Smart Decision Services deliver valuable business insights to its clients through targeted analytics, reengineering expertise, and advanced risk management. Making technology more intelligent by embedding it with process and data insights, Genpact also offers a wide range of technology services. Driven by a passion for process innovation and operational excellence built on its Lean and Six Sigma DNA and the legacy of serving GE for more than 15 years, the company's 60,000+ professionals around the globe deliver services to its more than 700 clients from a network of 70+ delivery centers across 18 countries supporting more than 30 languages. For more information, visit www.genpact.com. Follow Genpact on Twitter, Facebook and LinkedIn.
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