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.
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 Genworth, many major Long Term Care Insurance providers were either exiting the market or severely cutting the products they offer. McInerney initiated an in-depth review of the industry, after which the carrier decided to move forward with a renewed commitment to the industry.
The past year, according to McInerney, has been different than any he has ever experienced in insurance. The sheer amount of structural changes happening within the company has things looking quite different than they did a year ago. It’s a good thing, though, he insists: one that has brought on dramatic improvement of business and operating performance within all Genworth divisions. The carrier now has a “clear strategy” for both the life and mortgage divisions and is well positioned in the different markets.
Future of Long Term Care Insurance
McInerney is optimistic that the next 3-5 years will be great years for Genworth now that the company has taken steps to better manage policies, fix certain issues, and address some serious concerns. The products, including the Long Term Care Insurance policies, and benefits are now more conservatively priced, to help provide the best coverage to consumers.
He spoke of the great team and great past year of work at Genworth and expressed his happiness with his decision to join Genworth during such an exciting time. Read more about the company’s new strategy for the Long Term Care Insurance industry or learn more about the basics of this type of insurance here.
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