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 companies.
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 genworth.com/lifesalescenter.
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, visit genworth.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 of genworth.com.
*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 average).
SOURCE Genworth Financial
Genworth, Julie Westermann, 804-662-2423, email@example.com