Service Redefined: Genworth Introduces Industry-leading Technology To Simplify
and Enhance Sales Process
RICHMOND, Va., May 8, 2013
RICHMOND, Va., May 8, 2013 /PRNewswire/ --As part of its commitment to
continually raise the bar on service and technology, Genworth will expand its
Life Quick Request(SM) (LQR) platform to include its soon-to-be-released index
universal life insurance (IUL) product, making it the only IUL product in the
industry available on a comprehensive front-to-back electronic platform that
features electronic ticket drop, fulfillment and policy delivery.
Genworth's Life Quick Request significantly streamlines the life insurance
application and fulfillment cycle, cutting processing times in half -- to 13
days for term life insurance cases and 16 days for universal life cases. Life
Quick Request can also increase placement rate by up to eight percent.*
To complement its LQR platform, Genworth recently launched ePolicy Delivery
and check image deposit. ePolicy Delivery is an electronic policy delivery
workflow for life insurance products, which during the pilot period reduced
delivery cycle times from 25 days to an average of eight days and, in some
cases, a matter of hours. Check image deposit, a check imaging capability that
allows Genworth to work from the scanned image of a check, allows
participating brokerage general agents to increase speed of service and save
on express mail expenses.
Additionally, Genworth is easing the burden on distributors and enhancing the
client experience with in-house ordering and procurement of medical records,
medical authorization voice signatures, and assisting customers with the
scheduling of their medical exams.
"Our latest technology innovations simplify the sales process, making it
easier, faster and more profitable for our distribution partners to work with
us," said Chris Olson, SVP, Operations, for Genworth's U.S. life insurance
In addition to its investment in technology, Genworth continues to raise the
standard for the personal service it provides to its customers, as illustrated
by the distinction of being the only firm in the life insurance industry to
receive a DALBAR award for customer service in 2012. It is the second
consecutive year Genworth has received this award.
In a news release announcing the award, DALBAR managing director Kathleen
Whalen noted: "Genworth's results are proof that there is a commitment to
providing only the highest tier of service in these critical areas."
Added Olson: "Going forward, we will continue to advance our extraordinary
service capabilities through the expansion of our revolutionary quick
submission processes, high-touch underwriting and improvements in electronic
and digital processing."
Learn more about Life Quick Request and the latest Genworth technology
innovations by visiting genworth.com/lifequickrequest or
Life insurance products are underwritten by Genworth Life and Annuity
Insurance Company, Genworth Life Insurance Company and in New York, by
Genworth Life Insurance Company of New York. Only Genworth Life Insurance
Company of New York is admitted and conducts business in New York.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance
holding company dedicated to helping people secure their financial lives,
families and futures. Genworth companies have leadership positions in
offerings that assist consumers in protecting themselves, investing for the
future and planning for retirement -- including life insurance, long term care
insurance, financial protection coverages, and independent advisor-based
wealth management -- and mortgage insurance that helps consumers achieve home
ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 5,850 employees and operates through three
divisions: U.S. Life Insurance, which includes life insurance, long term care
insurance and fixed annuities; Global Mortgage Insurance, containing U.S.
Mortgage Insurance and International Mortgage Insurance segments; and the
Corporate and Other division, which includes the International Protection and
Runoff segments and the wealth management business presented as discontinued
operations. Products and services are offered through financial
intermediaries, advisors, independent distributors and sales specialists.
Genworth Financial, Inc., headquartered in Richmond, Virginia, traces its
roots back to 1871 and became a public company in 2004. For more information,
visitgenworth.com. From time to time, Genworth Financial, Inc. releases
important information via postings on its corporate website. Accordingly,
investors and other interested parties are encouraged to enroll to receive
automatic email alerts and Really Simple Syndication (RSS) feeds regarding new
postings. Enrollment information is found under the "Investors" section
*As of February 1, 2013, cases processed through Life Quick Request had a
median cycle time of 13 days for term life insurance and 16 days for universal
life insurance cases from the day new business receives the case to the day
the policy is mailed. Term cases with face amounts greater than $100,000 have
an 8% increase in placement ratio over paper applications (rolling 12-month
SOURCE Genworth Financial
Contact: Genworth, Julie Westermann, 804-662-2423,
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