Genworth Monetary has launched CareScout, a enterprise that helps customers discover discounted long-term care providers, and it’s nonetheless hoping to return to the long-term care insurance coverage market.
Tom McInerney, Genworth’s CEO, talked about LTC reboot efforts final week, throughout a convention name the corporate held with securities analysts.
CareScout is testing its providers on the 43,000 Genworth LTC insureds in Texas. “Policyholders have begun to make their first matches with their community suppliers,” McInerney mentioned.
Genworth can also be speaking to state regulators and “working with just a few extremely rated reinsurers” on bringing new long-term care merchandise to market, McInerney mentioned.
What it means: Genworth’s return to the long-term care insurance coverage market may very well be a part of a revival of private-sector efforts to assist individuals like your shoppers plan for long-term wants.
The historical past: Genworth helped create the fashionable U.S. long-term care insurance coverage trade.
It bumped into hassle when issues with the assumptions used to design LTCI merchandise clashed with state LTCI fee stability guidelines that took impact within the early 2000s.
Genworth stopped writing new LTCI insurance policies in 2019. It nonetheless manages massive blocks of in-force LTCI insurance policies, life insurance coverage insurance policies and annuities, and it owns an 81.6% stake in Enact, a mortgage insurance coverage issuer.