RICHMOND, Va., July 2, 2013 /PRNewswire/ -- Genworth Financial, Inc. (NYSE:GNW) announced today that American Express, EXLService Holdings and ExamOne, a business of Quest Diagnostics, are recipients of its 2012 Strategic Supplier Partnership Initiative Awards. The three awards presented this year include one for Strategic Alignment, one for Value Creation and the Platinum Award for Supplier of the Year.
"These awards recognize key suppliers that show commitment to embodying Genworth values, demonstrating alignment to Genworth strategic goals, and creating value through innovation, continuous improvement, and cost performance," said Brandon Taber, Genworth director of Supplier Management. "We are honored to recognize these strategic partners who have made an exceptional contribution to Genworth's performance and success during 2012."
American Express: Supplier of the Year for Strategic Alignment
American Express is a global strategic supplier that is helping Genworth improve and increase financial strength and flexibility and simplify its business processes.
Through American Express payment programs, Genworth is able to preserve financial flexibility by providing accelerated supplier payment terms that improve cash flow and through the use of an electronic payment process and streamlined travel and purchase card program that narrows and simplifies business processes.
"American Express was truly honored and excited to receive the SSPI Gold Award," said Stephanie Schmidt, director of account development responsible for the Genworth relationship. "Genworth is a partner that consistently challenges us to innovate and drive value in our relationship. As a result, we are allowed to think creatively and work collaboratively across the Genworth organization to push the envelope on how we deliver value.
"We are fortunate to have a partner in Genworth that formally recognizes that value, and we are dedicated to the continued enhancement of both the value and strategy we bring to the program. Working with the Genworth team exemplifies what 'partnership' is all about."
EXL: Supplier of the Year for Value Creation
EXL is a Third Party Administrator that manages Genworth's run off variable annuity business. Since the start of this relationship, beginning with the 2011 implementation and administration of Genworth's run off variable annuity business, EXL has demonstrated the ability to create value.
In 2012, EXL successfully completed the transition of all variable annuity servicing within committed timelines with no service impacts. Given the nature of the variable business, this speaks volumes for EXL's focus on training and quality.
EXL is meeting or exceeding ongoing service deliverables and helping Genworth achieve its goal of improving business performance on in-force blocks. They have helped ensure financial flexibility by supporting Genworth's reinsurance teams system migration which enhances the ability to leverage reinsurance where needed.
"This recognition from Genworth reinforces how collaborative alliances and a strong dedication to client service foster innovative solutions, enhance business performance and improve customer experience. We are thrilled to be recognized by Genworth for the business value our TPA services have delivered to Genworth's run-off variable annuities business," said Bill Bloom, president of Global Client Services at EXL
ExamOne: Platinum Supplier of the Year for Strategic Alignment and Value Creation
ExamOne is a provider of health-risk assessment services for life insurers. A business of Quest Diagnostics, the world's leading provider of diagnostic information services, ExamOne's services are designed to make the underwriting process quick and convenient for applicants, agents and homeoffices. The company has provided new business underwriting services to Genworth's Life Insurance segment since 1991, and has been an exceptional partner. In 2012 and early 2013 ExamOne helped Genworth execute against key aspects of its strategy to improve the new business profile of its life and long-term care insurance products with the implementation of IT enhanced processes like Genworth's life and long-term care insurance online quick request application process and the "My future My Plan" long-term care insurance initiative. Genworth utilized key components of ExamOne's Policy Express™ process including laboratory testing, paramedical examinations and electronic data collection.
Both of Genworth's new programs are designed to provide a time efficient, yet thorough underwriting process in a cost-effective manner supporting Genworth's distribution commitments.
ExamOne uses quality initiatives such as Six Sigma and Lean Processes to consistently deliver value through the Policy Express process. ExamOne has made a concerted effort to understand Genworth's business by providing dedicated project and implementation teams who frequently demonstrate how their services can help meet strategic goals and deliver value to customers and distributors.
"ExamOne is honored to receive Genworth's Supplier of the Year Award, and appreciates the opportunity to work with Genworth as it strives to provide better services for applicants," said Troy Hartman, ExamOne president. "Genworth recognizes the value of diagnostic information services and data management in illuminating health risks, areas in which ExamOne, as a business of Quest Diagnostics, naturally excels. The combination of unique perspectives and shared dedication to delivering value of Genworth and ExamOnes has ultimately resulted in a better experience for life insurance applicants."
The three winners of this year's Genworth Strategic Supplier Partnership Initiative Awards represent an elite group of suppliers from around the world who work together to help make Genworth a leading global financial service company.
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 has 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 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.
SOURCE Genworth Financial, Inc.
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