Genworth CEO Looks Back on First Year with Company
Genworth President and CEO Tom McInerney reflected on his first year with Genworth in a recent short video. He entered the Long Term Care Insurance industry at Genworth during a very turbulent time within the market. Fortunately, he placed Long Term Care Insurance as a top priority and is now looking to make vast improvements throughout how it is managed.
Big Changes
McInerney has been in the insurance industry for 35 years, so is by 
no means a newcomer to this type of business. When he joined[…]
New Long Term Care Insurance Products from Genworth
Genworth Financial has released information about their updated approach to the Long Term Care Insurance market and how they plan to design new products in the future.
Approaching New Products
President and CEO Tom McInerney addressed a question about how the company will handle new Long Term Care Insurance products and whether anything will change from previous releases. He explained that the company will always use their best estimate assumptions for the top four risks associated with long term care. Those risks include morbidity, mortality, interest rates, and lapse rates. When a product is launched, Genworth usually feels confident in their assumptions[…]
Genworth Addresses Long Term Care Insurance Distribution Partners
Genworth recently released a series of short videos addressing various topics related to the Long Term Care Insurance industry, including an address to their distribution partners.
Genworth and Distribution Partners
Tom McInerney, President and CEO of Genworth Financial, reaffirmed the company’s commitment to the Long Term Care Insurance industry and their distribution partners involved in the process. He expressed hope that those partners are excited about the future of the industry as a core business of Genworth and recognizes the company’s long standing commitment to helping consumers get covered for long term care.
He highlighted Genworth’s viability, innovativeness, and expertise[…]
Industry Trade Groups Come Out Against NAIC’s Recent Long Term Care Insurance Proposal
A new proposal would require Long Term Care Insurance companies to have a loss ratio of 100% before they are permitted to raise rates.
NAIC Proposal
The Senior Issues Task Force, which is part of the National Association of Insurance Commissioners (NAIC), released the original proposal of regulatory changes in November. According to their website, their mission is to develop regulatory standards and revise NAIC models on insurance issues that affect older Americans.
After the original proposal was released, however, the change in question was made. Some members of the Health Actuarial Task Force, another part of the NAIC whose mission is to[…]
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