Guidewire ClaimCenter® deployed as key component in Genworth initiative to support its claims� best practices with flexible modern technology
SYDNEY, NSW, Australia and SAN MATEO, Calif., U.S.A., May 12, 2009 – Genworth Financial (Genworth), a leading provider of Lenders Mortgage Insurance (LMI) in Australia and New Zealand, and Guidewire Software®, a leading global provider of solutions to general insurance companies, today announced that Genworth has successfully deployed the first release of its Loss Mitigation management Platform which includes Guidewire�s industry-leading ClaimCenter system. As a result of this release, Genworth now has improved automation and more streamlined processes to help with its loss mitigation management program.
Genworth is working closely with lender partners to assist with arrears management and employs a team of arrears management experts to provide the support that lenders expect from their LMI provider. Genworth recently selected Guidewire ClaimCenter as part of its strategy to automate and streamline its existing best practices in loss mitigation and claims management. Genworth wanted technology that could provide flexibility, configurability, reliability and support to meet its changing business needs without limiting its business or service potential with outdated or inadequate technology.
“Replacing some of our more manual processes with a flexible, modern claims system was foremost in our minds,” said Sarma Rajaraman, Chief Information Officer, Genworth Financial, Australia and New Zealand. “We selected Guidewire ClaimCenter based on the service-oriented, high quality design, its flexibility, and the ease with which we were able to make the configuration changes we wanted.”
Working with Genworth, Guidewire will launch ClaimCenter in several releases. The first release launched recently included process automation to reduce manual tasks and to provide greater consistency.
Once implemented, Genworth will have a more streamlined and efficient system that enables greater consistency, transparency and efficiency for the business which in-turn will improve service delivery for customers..
“When planning a project, the Genworth team focuses on how to best support business strategies through IT. We challenge ourselves to create possibilities for improving process and then work with the best products and partners available to deliver on our vision,” said Mr. Rajaraman. “In Guidewire, we had a very synergistic, flexible and knowledgeable partner. We�re proud of our collective achievement.”
“Genworth is a unique business for Guidewire, and a company with a strong IT vision,” said Keith Pfeiffer, General Manager, Australia and New Zealand, Guidewire Software. “This project enabled us to really demonstrate ClaimCenter�s flexibility and configurability by helping Genworth adapt the product for a new business line in relatively short order.”
Guidewire ClaimCenter is a leading end-to-end claims system for general insurance. ClaimCenter�s flexible business rules enable claims organizations to optimize and monitor the claim process. Claims executives can define, enforce and continually refine their preferred claim handling practices. In addition, ClaimCenter uses a modern technology architecture, including a 100% Web client and Web services interface that enable lower total cost of ownership in any environment.
About Genworth Financial
Genworth Financial (Genworth) is a leading provider of Lenders Mortgage Insurance (LMI) in Australia and New Zealand. Working closely with our partners, our aim is to make homeownership more accessible to borrowers through the provision of LMI solutions. Collaborating with over 200 lenders, Genworth has built a reputation for being experts in understanding the evolving mortgage market, and our financial strength is underpinned by the AU$300 billion of residential mortgages we have insured since 1965.
Internationally, Genworth Financial, Inc. is a leading financial security company with strong and expanding global operations, serving more than 15 million customers with a presence in more than 25 countries. To learn more, visit Genworth online at www.genworth.com.au.
About Guidewire Software
Guidewire Software is a leading global provider of core systems to general insurers. Guidewire delivers proven software to run core insurance operations, including billing, underwriting, policy, and claim management. The Guidewire Insurance Suite™ consists of Guidewire ClaimCenter, Guidewire PolicyCenter®, and Guidewire BillingCenter®, which provide a modern, web-based platform for all lines of business. Guidewire is headquartered in San Mateo, California, with offices in London, Munich, Paris, Sydney, Tokyo, and Toronto. For more information, please visit www.guidewire.com.