Genworth Financial Uses Cloud-Based Applications for Highly Flexible, Available, and Secure Global Financial Business Infrastructure
 
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Genworth Financial Uses Cloud-Based Applications for Highly Flexible, Available, and Secure Global Financial Business Infrastructure

Genworth Financial Inc. is a Fortune 500, global financial services company with more than US$100 billion in assets, 15 million customers, and approximately 6,000 employees in more than 25 countries. Its products and services include annuities and insurance coverage for life, long-term care, mortgage, and lifestyle protection.

 
 

 
 

Challenges

A word from Genworth Financial Inc.

  • “We have a tremendous level of comfort and assurance with Oracle E-Business Suite applications hosted via Oracle Managed Cloud Services. We know that our enterprise applications, including global financial systems, will be available 24/7 and maintained by the experts who build them. And, we benefit from the power of Oracle’s engineered systems running our environment.” – JP Raffenot, Director of IT/Applications, Genworth Financial Inc.

  • Create a robust, integrated, and highly scalable global enterprise application infrastructure—including procure-to-pay and human resources (HR) systems—in preparation for an initial public offering
  • Enable quick adoption of an IT infrastructure and ensure stability and reliability to support a global financial services organization
  • Allow internal IT team to focus on innovative projects supporting new financial services offerings and customer-facing applications rather than on IT management—optimizing resource use
  • Ensure IT flexibility to speed time to market for new insurance, mortgage, and annuities products and services
  • Establish a single chart of accounts on a unified platform to ensure timely visibility into the company’s financial position
  • Provide efficient and effective HR management support to a global workforce, including learning opportunities and competitive compensation plans, while ensuring streamlined compliance with corporate and local regulatory requirements

Solutions

  • Deployed Oracle E-Business Suite via Oracle Managed Cloud Services to ensure a highly available and scalable enterprise application environment to support the newly independent company
  • Benefitted from Oracle Managed Cloud Services’ expertise for business-critical applications’ peak performance, including the company’s financial and human resources systems
  • Enabled quickly ramping up environments for new projects and performance testing—in days or weeks instead of months—accelerating time to market for new financial services offerings
  • Ensured a highly secure and controlled IT environment as well as the disaster recovery capabilities needed to ensure business continuity across the global financial services organization
  • Freed IT team members from routine maintenance to focus on strategic initiatives that drive the business forward, such as building IT solutions to support new financial services offerings
  • Streamlined and ensured business continuity during hardware and software upgrades with Oracle Managed Cloud Services
  • Ensured seamlessly integration of applications hosted by Oracle Managed Cloud Services with other on-premise and hosted systems
  • Provided flexibility and expertise for seamless upgrades
  • Upgraded Oracle HR applications to Release 12.1.2, on time, within budget, and with overall user satisfaction, and with plans to upgrade Oracle Financials as well
  • Enabled the company to quickly establish a single, procure-to-pay system as well as one chart of accounts for the global company, supporting transparency, control, and accountability
  • Created a secure financial system of record that supports timely and accurate monthly and quarterly reporting
  • Deployed flexible and scalable Oracle HR applications to effectively support the needs of a global financial workforce
  • Enhanced performance development and review processes while maintaining low operational costs
  • Leveraged Oracle Compensation Workbench flexibility to optimize salary, merit, bonus, and equity planning—helping to meet the company’s business needs with few customizations
  • Deployed Oracle Learning Management Managed Cloud Service to offer approximately 3,000 training courses, which cover such topics as general business practices, selling financial services, and understanding financial products

Why Oracle

“Oracle E-Business Suite running through Oracle Managed Cloud Services provides a compelling value proposition for Genworth Financial,” said JP Raffenot, director of IT/applications, Genworth Financial Inc. “It allows us to take advantage of industry-leading enterprise applications and gain the expertise of Oracle managing the applications on Oracle technology.”

Implementation Process

Genworth Financial rolled out Oracle E-Business Suite in several phases. One of the first initiatives was to create the procure-to-pay environment and general ledger for the company’s global mortgage business. It then expanded the system to its US mortgage operations, US life insurance, and international and corporate headquarters.

The company later upgraded its Oracle HR applications to Release 12.1.2 and plans to upgrade its financial applications in the near future.