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.
“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.”
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.