A few thoughts in light of recent changes in the LTCI industry….
As a country, we are facing into an aging demographic with a strong likelihood of living longer and needing some level of care. The cost of this care can be significant and continues to increase. It is more evident than ever that private insurance is one of the more effective ways to help transfer some or all of the financial risk.
The long term care insurance industry — at just 35-plus years old — is still considered young when compared to other forms of insurance. Today, there are a number of companies with strong brands that offer products. Over that 35-year period, the long term care insurance market has evolved, including changes to product design, risk management and how and where consumers choose to receive long term care.
Genworth has been there from the beginning and we draw on this extensive experience to make informed business decisions. We remain committed to the Long Term Care insurance industry because the need is real. As a leader, we will continue to invest in our capabilities to help grow both consumer and producer adoption. Our focus is to:
- Offer long term care planning solutions that help families find the right options for their needs and goals.
- Maintain a comprehensive risk management strategy built on targeted underwriting principles, a deep understanding of morbidity and mortality trends and a disciplined approach to overall pricing.
- Build and maintain strong relationships with our distribution partners.
- Keep our commitments to policyholders by doing the right thing at the moment of truth.
Our Leadership and Commitment is what helped guide us through changes in the market and economic environment over three decades, and it is what will help position us to keep our commitments to our distribution partners, producers and our policyholders in the years to come.
Our experience and leadership means that you can recommend the Genworth companies to your clients with confidence. We remain committed to the long term care insurance industry and are dedicated to maintaining the integral strength of our long term care insurance products for the future.
President, Insurance Products