Customer input into products, services leads to quicker loan closings and builds loyalty
RICHMOND, Va., September 11, 2014 – For the second consecutive year, the Temkin Group recognized Genworth U.S. Mortgage Insurance (“Genworth”) in its 2014 Insight Report as a leader among business-to-business (B2B) companies. Genworth was highlighted for its use of customer experience methods to address the root cause of business issues, continuously improve every interaction with customers, and drive strong customer loyalty. Leveraging input from loan originators to guide development of its products and services has been vital in deepening customer relationships. Genworth Mortgage Insurance is a unit of Genworth Financial, Inc. (NYSE: GNW).
Customers’ involvement through all steps of the development process has helped propel strong adoption of time-saving technology solutions during the first half of 2014, said Bob Noble, Genworth MI senior IT leader.
“As the home purchase market accelerates, it’s critical that loan originators are able to complete a variety of critical functions – from comparing rates, to submitting loans for approval, and getting a fast decision about MI coverage – as easily as possible,” Noble said.
By focusing on solutions that help mortgage originators reduce duplicate data entries, speed loan processing, and close more loans – faster – the company is helping lenders meet the demands of today’s growing home purchase market, he said.
“Customers today expect the same kind of experience in B2B transactions that they’re accustomed to in interactions with leading consumer-goods companies,” said Geriel Thornburg-May, Genworth MI director of customer experience. “By listening to our customers about what matters most to them and focusing on the end-to-end experience, rather than individual transactions, we build a real relationship that helps shape the products they use to succeed. It’s been a key factor in our market share gains this year and will contribute to our future growth.”
Thornburg-May said Genworth’s customer experience process ensures that customer validation and data-gathering takes place before a technology offering is released to customers to reduce potential pain points and deliver the most effective solutions.
That strong customer experience focus is reflected in a number of Genworth MI technology offerings:
Rate Express®: Nearly 5,600 users have downloaded the mobile version of the company’s rates and comparison tool, Rate Express®. The mobile application helps on-the-go mortgage lending professionals use their mobile devices to quickly and easily gather the information needed to close loans, and requires fewer data entry fields to get a quote than competing apps. Users have expressed strong satisfaction with Genworth MI’s mobile tools.
“I really like the format, but I especially like the side-by-side comparisons with the various MI plans as well as to FHA! I really appreciate the defaults you have in the app where you can load up your assumptions in the settings. Definitely a time saver and a great tool out in the field.” – Kurt Blumthal, Vice President – Sr. Mortgage Banker, Fidelity Bank
Quick Submit: Allows the lender to reduce duplicate data entries and speed up mortgage loan processing. Processors may be able to significantly boost productivity, reducing the time required to submit a mortgage loan to Genworth by up to ten minutes in some cases. Lenders also get a reference number to track the loan throughout the process.
Product and Pricing Engines (PPEs): A recently-completed integration with Optimal Blue® used customer feedback to deliver a higher level of functionality than currently available from competitors.
The Optimal Blue integration was the first in the industry to offer functionality that lets originators:
- Email rate quote results to themselves or others in the origination process, such as a processor or underwriter. Originators can add the borrower name and loan number to the results to ensure MI rate information is tied to the correct loan file, which can help lenders with compliance.
- View and print results that contain all the loan parameters used to generate the MI quote.
- See a brief description of each Genworth product when the computer cursor hovers over it.
- Generate a Scenario ID to allow an originator to recall a specific Optimal Blue Genworth MI rate quote obtained through Genworth’s Rate Express®, and order MI directly from Rate Express.
LOS Integrations: Genworth’s dedicated integrations team has provided seamless, secure electronic data connections to the top 18 mortgage loan origination system (LOS) providers, as well as the proprietary systems of many of the nation’s largest lenders. Integrations with leading LOS providers allow mortgage lenders to get “one-click” access to Genworth rate quotes and ordering of commitments to grant mortgage insurance, without leaving their internal network. This can reduce the time and simplify the process needed to obtain confirmation of Genworth mortgage insurance coverage. Customers who completed an integration with Genworth now originate more than 80 percent of their loans using the faster electronic interface, which shows their satisfaction with the process and Genworth efforts to make these integrations as easy as possible.
“Thank you all for focusing your resources on making this integration as tight and valuable as possible. Our industry gets tougher every day; we’ve got to deploy or take advantage of any process efficiencies wherever they present themselves. A company that understands and contributes to that vision elevates themselves from vendor to partner.” – Joe Lewis, Vice President, Information Technology, New Penn Financial, LLC.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in long term care insurance and mortgage insurance and competitive offerings in life insurance and fixed annuities that assist consumers in solving their insurance, retirement and home ownership needs.
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. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, 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 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. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://www.genworth.com.au and http://genworth.ca.