today announced that its customer, Genworth Financial, a Fortune 500 company specializing in financial security solutions including life and long term care insurance, wealth management, mortgage insurance, lifestyle protection insurance and annuities, has been named a “Model Insurer” in Celent’s Model Insurer 2013: Case Studies of Effective Technology Use in Insurance report.
The annual “Model Insurer” Awards from leading research and advisory firm, Celent, recognizes the effective use of technology in insurance. The Lifestyle Protection Insurance (LPI) division of Genworth Financial was recognized in the Claims category for the innovative way in which it improved the claims process with real time, web-based filing, and management.
As Genworth’s technology partner, Dell’s
team helped build the Claims solution by providing services around business process analysis, software development, configuration management, release management, DBA services, test automation, project management and consulting. Dell also provides additional BPO services to Genworth outside of claims. The project covered the development of technology capabilities along with process reengineering to vastly simplify what has historically been a very protracted, complex and paper-centric process.
The real-time web service allows Genworth’s policy holders to register their claims online, track the progress of their claim and submit a variety of supporting documents to assist with the assessment and continuation of their claim. The online claims site, which has been launched in a number of countries and languages, has helped Genworth significantly reduce the claims transaction and duration times, resulting in twin benefits of financial upsides and improvement in customer satisfaction.
“This is a landmark program for Genworth, as we believe we are one of the first in the lifestyle protection space to offer a web-based service that gives real time feedback to the customer about the progress of their claims. The Claims Evolution program was designed to provide our customers (policy holders) with a much enhanced experience during the claims process. As our trusted partner for many years now, Dell supported us tremendously through our efforts to offer our customers, current and new, a completely new business proposition,” said
Ronan Hanrahan, CIO of Genworth’s Lifestyle Protection division.
“Celent is pleased to present this award to Genworth,” said
Karen Monks, Analyst with Celent's Insurance Group
. “Among the many excellent nominations this year, Genworth exemplified the best practices of effectively aligning IT and business during development, actively soliciting end user feedback, and automating functions and integrating systems to improve their Lifestyle Protection Insurance claims process. Genworth’s business results illustrate the success of the project.”
“For the third time in the last four years, we have the opportunity to congratulate a Dell Services customer on their recognition by Celent. We are proud that Genworth’s recognition comes as a result of our work with them. Genworth has always been known for their customer centricity and the Model Insurer award validates their strategy of using technology effectively to dramatically improve customer experience. For Dell Services, this award recognition provides testimony to our cutting-edge efforts in helping customers across industries to achieve business outcomes. We look forward to growing our relationship with Genworth as they continue to invest in technology and process enhancements to offer solutions to their customers,” said
Sameer Kishore, vice president and general manager, Banking, Financial Services & Insurance (BFSI), Dell Services
About Celent Model Insurer Awards
The “Celent Model Insurer 2013: Case Studies of Effective Technology Use in Insurance” recognizes 17 Insurer technology initiatives as “Model Insurer Components” and also names the Celent Model Insurer of the Year. These case studies represent best practices in the use of technology and span key areas of the product and policyholder lifecycle, including product development, distribution, underwriting, policy administration, IT management, claims, and infrastructure. The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer Components. Members of Celent's Insurance research services can download the report at
. Non-members should contact
for more information.
About Genworth Financial
Genworth Financial is a Fortune 500 global financial security company specializing in life and long term care insurance, wealth management, mortgage insurance, lifestyle protection insurance and annuities. Genworth Financial provides financial services to 600 different institutions in over 25 countries and each of the 6.300 people employed worldwide are dedicated to making a difference to people’s lives.
Dell Inc. (NASDAQ: DELL) listens to customers and delivers innovative technology and services that give them the power to do more. Dell Services develops and delivers a comprehensive suite of services and solutions in applications, business process, consulting, infrastructure and support to help customers succeed.