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November 13, 2023 at 12:07 PM
Genworth Financial has launched CareScout, a business that helps consumers find discounted long-term care services, and it’s still hoping to return to the long-term care insurance market.
Tom McInerney, Genworth’s CEO, talked about LTC reboot efforts last week, during a conference call the company held with securities analysts.
CareScout is testing its services on the 43,000 Genworth LTC insureds in Texas. “Policyholders have begun to make their first matches with their network providers,” McInerney said.
Genworth is also talking to state regulators and “working with a few highly rated reinsurers” on bringing new long-term care products to market, McInerney said.
What it means: Genworth’s return to the long-term care insurance market could be part of a revival of private-sector efforts to help people like your clients plan for long-term needs.
The history: Genworth helped create the modern U.S. long-term care insurance industry.
It ran into trouble when problems with the assumptions used to design LTCI products clashed with state LTCI rate stability rules that took effect in the early 2000s.
Genworth stopped writing new LTCI policies in 2019. It still manages large blocks of in-force LTCI policies, life insurance policies and annuities, and it owns an 81.6% stake in Enact, a mortgage insurance issuer.
