Careers at Genworth
Genworth provides a range of mortgage insurance products to institutional clients, as well as life insurance products to consumers, with a view to providing reliable coverage across mortgage and life insurance markets.
Genworth organises its activities into five core operating segments:
- US Mortgage Insurance, which offers a range of mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans, as well as providing mortgage insurance on a bulk basis;
- Canada Mortgage Insurance, which offers flow mortgage insurance, as well as bulk mortgage insurance, that aids in the sale of mortgages to the capital markets and helps lenders manage capital and risk in Canada;
- Australia Mortgage Insurance, which offers flow mortgage insurance and selectively provides bulk mortgage insurance that aids in the sale of mortgages to the capital markets and helps lenders manage capital and risk in Australia;
- US Life Insurance, which offers long-term care insurance products as well as service traditional life insurance and fixed annuity products in the US; and
- Runoff, which includes the results of non-strategic products which are no longer actively sold, including the Company’s our variable annuity and variable life insurance products.
Genworth traces its history back to 1871 and the formation of The Life Insurance Company of Virginia. The Company, as it is today, is the result of a number of mergers and acquisitions completed over the course of more than 100 years. Notably, The Life Insurance Company of Virginia was acquired in 1986 by Combined Insurance, which later became Aon PLC. It was sold again in 1996, this time to GE Capital. Genworth was formally incorporated in 2003 as a vehicle for several of GE Capital’s insurance businesses.
Genworth has since established itself as a leading provider of mortgage insurance and life insurance products, serving institutional clients across the US, Canada, and Australia, as well as general consumers in the US. The Company is ranked 306th on the Fortune 500 list and trades a portion of its shares on the New York Stock Exchange. Genworth has a current market capitalisation of $2.09 billion.
Benefits at Genworth
Business model of Genworth
Genworth provides a range or of products and services to individual and institutional customers. The Company’s customers can be organised broadly into the following categories:
- Institutional Customers, including various banks, financial institutions, specialist lending institutions, and mortgage originators, which in turn offer mortgage insurance products to borrowers; and
- General Consumers, including consumers across various consumer demographics to which the Company sells life insurance products.
Genworth markets and sells products to a number of high-profile institutions, including the largest five banks in Canada and leading financial institutions in the US. In Canada, one major lender customer represented 16% of the Company’s total gross written premiums in its mortgage insurance business in Canada for 2015.
Genworth principally serves customers in its home market of the US. The Company also serves an international customer base, including institutional customers across Canada and Australia.
Genworth provides value to its customers in the following ways:
- Its industry standing and reputation, with the Company established as a reliable provider of mortgage insurance products, with a positive track record and reputation, including various high-profile institutions among its customers;
- Its international reach, with the Company providing products and services to a large domestic customer base, as well as extending its services internationally to customers in Canada and Australia;
- Its accessibility, with the Company providing services, products, and support across multiple channels, including online and physical service channels, as well as mobile apps;
- Its technology and IT systems, with the Company employing modern and efficient IT systems to manage its operations, and maintaining an extensive database for long-term care insurance claims that enables it to provide effective solutions; and
- Its industry experience and expertise, with the Company employing highly-trained, specialist personnel across its multiple operating segments, as well as an experienced team of industry executives.
Genworth operates a website at www.genworth.com, through which its provides information on its various products, services, and activities. The Company does not operate an online sales channel, however, it does provide information on where customers can find an agent in their local area. The Company also operates an online customer portal, through which consumers can manage their accounts and coverage.
Genworth sells and distributes its mortgage insurance products through a dedicated sales force, which is organised geographically, including dedicated sales teams for the US, Canada, and Australia. This sales force primarily markets to financial institutions and mortgage originators which impose a requirement for mortgage insurance as part of the borrower’s financing. In addition to its field sales force, the Company also distribute products through a telephone sales force serving smaller lenders.
Genworth additionally sells insurance products through a network of appointed independent producers, financial intermediaries, agents, and employer groups across the US, who are authorised to provide products and services to consumers on Genworth’s behalf.
While Genworth does not sell its products and services on a self-service basis, the Company does operate an online customer portal, which allows consumers to manage their accounts and coverage, and access tools and resources without interacting directly with members of the Company’s sales and service teams.
Genworth deals with its institutional clients directly, consulting with representatives closely with a view to providing services and products that are tailored to their individual circumstances and requirements. The Company also provides consumers with personalised life insurance quotes, dependent on the needs of each customer. Genworth seeks to establish long-term relationships with its institutional and consumer customers, with relationships often spanning multiple years.
Genworth provides ongoing support to its customers, offering various technology enabled services in its mortgage business to help lenders and servicers, as well as consumers, receive efficient and reliable services. The Company provides support through its ‘Action Centre’, which offers live phone support for all customer segments. It also allows customers to contact support teams by email in order to receive personalised responses to queries and enquiries.
Additionally, Genworth provides a range of support resources through its website, including FAQs and guides to the claims process. Customers can also follow the Company’s activities, and interact with its personnel directly, through its various social media accounts, including with Facebook, Twitter, YouTube, LinkedIn, Pinterest, and Google+.
Genworth provides a range of mortgage insurance products, as well as consumer life insurance services. The Company aligns its operations into five core business segments: US Mortgage Insurance, which offers mortgage insurance products insuring prime-based, individually underwritten residential mortgage loans in the US; Canada Mortgage Insurance, which offers flow mortgage insurance and provides bulk mortgage insurance in Canada;
Australia Mortgage Insurance, which offers flow mortgage insurance and bulk mortgage insurance in Australia; US Life Insurance, which offers long-term care insurance products in the US; and Runoff, which includes the results of non-strategic products, which are no longer sold. The Company serves a network of institutional clients, including mortgage originators and specialist lenders, as well as general consumers in the US.
Genworth works closely with a range of partner companies and organisations across its operating segments. These partners can be organised broadly into the following categories:
- Supplier and Vendor Partners, including suppliers of services, technologies, and equipment that are utilised across the Company’s five operating segments, as well as companies to which certain no-technical functions can be outsourced;
- Channel and Distribution Partners, principally comprising the Company’s network of intermediaries, including independent producers and agents, through which the Company provides various products and services;
- Lending Partners, including lending institutions and mortgage loan originators, with which the Company works to promote the mortgage lending sector and establish responsible lending practices;
- Joint Venture Partners, including various insurance and other service companies with which the Company jointly provides products and services through mutually owned entities; and
- Strategic and Alliance Partners, including market leading companies across multiple sectors, with which the Company collaborates on joint marketing, branding, and other projects.
Genworth has a number of key partnerships in place. This includes an integration partnership with Ellie Mae designed to make loan submissions more simple, a distribution partnership with Puritan Financial Group, and a technology partnership with Roostify.
Genworth’s key resources are its financial reserves, its IT and communications infrastructure, its sales and distribution channels – including its network of financial intermediaries, its partnerships, and its personnel.
Genworth owns and or leases a number of properties across the US, Canada, and Australia that are key to its ongoing operations. This includes its international network of offices, as well as its other service and support centres.
Genworth incurs costs in relation to the maintenance of its IT and communications infrastructure, the development of its online portal, the procurement of various professional services, the operation of its sales and distribution channels, the implementation of marketing and advertising campaigns, the settlement of insurance claims, the management of its partnerships, and the retention of its personnel.
In 2015 Genworth recorded total benefits and expenses in the amount of $8.56 billion. This comprised benefits and operating expenses – including the payment of salaries and benefits to the Company’s employees – totalling $8.14 billion and interest expenses totalling $419 million.
Genworth generates revenue through the sale of various mortgage and life insurance products to institutional and consumer customers. The Company derives its revenue primarily in the form of insurance premiums, as well as other related service fees.
In 2015 Genworth recorded total revenue for the year of $8.55 billion, down slightly on the $8.73 billion recorded by the Company in 2014. The vast majority of the Company’s revenue was generated by its US Life Insurance segment, which alone recorded 6.55 billion in revenue for the year. No other operating segment generated annual revenue in excess of $1 billion.
info: Thomas McInerney (“McInerney”) has served as President and Chief Executive Officer at Genworth since 2013. He oversees the Company’s overall strategic direction, and serves as a member of the Company’s Board of Directors. McInerney is an experienced insurance industry professional, having begun his career in the sector in 1978. He worked initially at Aetna, where he held roles of increasing responsibility before moving to ING Groep NV, where he went on to be a long-serving employee. McInerney held a number of senior roles at ING Groep NV, including a spell as Chief Operating Officer of ING’s insurance and investment management business worldwide. McInerney joined Boston Consulting Group in 2011, serving as a senior advisor until his appointment at Genworth in 2013.
info: Kelly Groh (“Groh”) has served as Executive Vice President and Chief Financial Officer at Genworth since 2015. She is responsible for leading the Company’s global financial functions, overseeing its tax, internal audit, investor relations and accounting units. Groh is a long-serving employee of Genworth and its predecessor companies, having served various finance capacities at the Company and at GE Financial Assurance Holdings. She has served in numerous senior leadership positions at the Company, including spells as Principal Accounting Officer, Vice President and Controller, and Acting Chief Financial Officer of the Company’s US Life Insurance segment. Prior to joining Genworth, Groh was employed for a number of years by Price Waterhouse LLP, where she served in various positions related to accounting.
info: Kevin Schneider (“Schneider”) has served as Executive Vice President and Chief Operating Officer at Genworth since 2016. He is responsible for overseeing the daily operations and operating performance of the Company’s various businesses. Schneider has been employed by Genworth and its predecessor companies since the 1990s. He has held a number of senior executive positions at the Company including spells as Executive Vice President of Global Mortgage Insurance, Senior Vice President with responsibility for the Company’s US mortgage insurance business, and President and Chief Executive Officer of the Company’s US mortgage insurance business. Prior to joining Genworth, Schneider held positions with GATX Corp. including Vice President of Sales and Regional Manager, prior to which he was employed by Ryder System.
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