LONDON, November 23 /PRNewswire/ -- Specialist insurer Genworth Financial today announced the successful completion of a large scale data migration project which consolidates its legacy policy administration system across 21 countries to a single platform, in support of long-term business expansion objectives. The ambitious project involved the migration of 15 million client policies, billing and claims data amounting to 2 billion rows or 3TB of data from five separate systems to one, with the termination of the legacy systems without interruption to business.
Genworth's clients have seen the immediate benefits of the single platform. The now centralised system will allow consistency and ease of access to the full range of Genworth's products and services across the company's global businesses. The platform is still flexible for adaptation to each customer's and country's localised requirements.
A more streamlined, sophisticated IT infrastructure is pivotal to maintain our market-leading position and will support our Lifestyle Protection division as it continues on its growth trajectory. Consolidating our policy administration across Europe onto one platform was a key element of this process, and we are very pleased with the results, said Ronan Hanrahan, CIO of Genworth Financial's Lifestyle Protection division.
As well as enhancing the service to our customers in banks and other financial distribution networks and simplifying operations, a single platform has improved our ability to implement new products for our clients very rapidly and has helped us expand quickly into new countries at a fraction of the time it took using the old systems.
Migrations occurred on a country-by-country basis, and to avoid disruption to the business, they were implemented over weekends with timeframes ranging from two hours to a full weekend depending on data volumes.
Standard Poor's Ratings Services assigned its 'A-' long-term counterparty credit and insurer financial strength ratings to Genworth Financial in April 2009, noting Genworth's competitive advantage through their information technology systems, with one platform being used across all markets, which also results in reduced operational risk from back office systems. 
The next phase of technology investment at Genworth Financial has begun and will include the development of a range of web based sales, and claims services based on the new administration systems.
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. 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 enrol to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrolment information is found under the Investors section of Genworth.com.
Lifestyle Protection Insurance is a family of products that help borrowers and consumers maintain their lifestyle by allowing them to make regular repayments on loans, mortgages and other financial commitments in the event of unemployment, disability or an accident, and clear outstanding balances in the event of death.
 Standard and Poor's Research Update: U.K. Insurers Financial Assurance Co. Ltd., Financial Insurance Co.Ltd. Assigned 'A-' Ratings; Outlook Stable; April 2009.
SOURCE: Genworth Financial