Genpact and Genworth Extend Partnership for 5 Years [Professional Services Close – Up]

Proquest LLC

Genpact Limited, a company in business process management and technology services, announced a five-year contract extension with Genworth Financial, Inc., a financial security company, to continue providing business process management services.

According to a release, 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.

The Company noted that 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."