Genpact Limited (G) announced a five-year contract extension with Genworth Financial Inc., a financial security company, to continue providing comprehensive business process management services. 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.
As per 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 or F&A, sourcing, and content solutions. Genpact also signed a third party administrator or 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.
Throughout the duration of this expanding partnership, Genpact has applied its SEP methodology to help Genworth achieve optimal process effectiveness that results in measurable business impact. Genpact's Application to Issue (A2I) SEP framework uncovered significant cost savings and improved Genworth's service delivery for its life insurance processes.
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