Magazine article American Banker

GE Insurance Unit Working to Put Everything on Web

Magazine article American Banker

GE Insurance Unit Working to Put Everything on Web

Article excerpt

Acting on a mandate from General Electric Co. chairman Jack Welch, GE Capital Mortgage Insurance Corp. has focused intensely in the last year on developing Web-based sales and service processes for its customers.

Mr. Welch's theory goes that as an old-economy company well established in all its business lines, General Electric is poised to compete more effectively on the Internet than dot-com start-ups that have Web sites but no infrastructure in those industries.

To take advantage of that position, each GE business is now required to designate an "e-business leader" who is responsible for rallying everyone around technology and developing products, systems, and services.

"Their job is to get all the operating components, operations and sales, to develop Web strategies of their own on how they're going to use the Web to improve their operations and their interactions with customers," said Rich Nastasi, senior vice president and e-business leader for the Raleigh, N.C.-based mortgage insurance unit.

"We have over 150 people in (mortgage insurance) involved in designing, delivering, and dreaming Web-based solutions for both internal use and improving interactions with our customers."

Last month the unit rolled out its new Web site. The automated system enables GE's lender customers to apply for mortgage insurance over the Internet and receive an approval in 50 seconds, vastly improving a process once dependent on fax machines and a lot of people. …

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