I received this email today from my Genworth Long Term Care rep. I thought it was a good idea to share this with you all as the turmoil in the LTC world continues to confuse and confound us all.
Last week I attended a Genworth Strategic Exchange in Richmond, Virginia. In his address, Tom McInerney–the new CEO, assured us Genworth is optimistic and sees the opportunity to lead the market in helping core America prepare itself for retirement.
He expressed that he is convinced that the future of LTCI is dependent upon creating new viable models of LTCI that will require NAIC model changes. Since taking the helm in January he has personally met with 20 regulators (state insurance commissioners) to create the relationships necessary to effect these changes.
We echo Genworth’s confidence that even though the LTCI industry has struggled the last few years with necessary rate increases, it is still the biggest under-served market with the least competitive situation. 180 billion dollars are spent annually on LTC services and only 12% of that is covered by insurance. We all have the opportunity to lead in an industry where some have given up. Thank you for not giving up!
As any agent sending business to Genworth in the last few months knows, they have struggled with a perfect storm of fire sales of older product, staff reductions and the implementation of a new processing system. We are seeing improvement as they work hard to overcome this.
Genworth appreciates your patience and understanding as we to get your business processed. We know how this affects your relationship with your client and how much work you have to do to keep the business and get it placed when processing is delayed.