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reliability and support to meet its changing business needs without limiting its business or service potential with outdated or inadequate technology.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 Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.