Far be it for me to predict the outcome of Genworth’s strategy to remake itself as a mono-line long-term care insurance company. It does bring to mind how UNUM gobbled up many competitors in the 1990s, only to suffer major indigestion. At the time, many predicted the end of non-cancellable disability income insurance. Today, less than 20 years later, this marketplace is reasonably robust and UNUM seems to have ridden out the storm. My sincerest hope is that Genworth can do the same. Believe me; I’m not trying to put a happy face on what’s going on at Genworth. Those ...
February 18, 2016Barry Fisher
In our ongoing efforts to help agents and advisers raise consumer awareness in long-term care planning Broadtower Insurance Solutions and Genworth Financial are pleased to provide Producer Assist to its valued distribution partners on a national basis. This cutting-edge program is designed to assist insurance advisors and their clients in choosing the most suitable planning options for providing liquidity to pay for long-term care. Recently one of our member agencies got this email from an agent: "I met with Doug Hayden, CLTC, Genworth, this morning. Thank you for the opportunity to have Doug as a resource person for me. I ...
August 4, 2015Barry Fisher
On June 6th I got a call from my wife, Susan, who many of you know. Two days before, she had left for her annual “trek”, with her hiking buddy Gail, this year to Alaska. Nothing technical here, just trails in the glorious wilderness of our 49th State. Early on the 5th all was well after landing in Anchorage. However the “warm-up hike” in anticipation of more rigorous efforts later on, went badly and Susan was resting comfortably in Alaska’s primary trauma center. You see, my normally sure-footed spouse had a “lapse” of concentration, tripped, went airborne and landed on ...
July 29, 2015Barry Fisher
Vigilance is in order! Declines, NTOs and Withdrawn applications are 'killing the goose that laid the golden egg' - placement ratios are the life blood of our long-term care insurance business. Bonus dollars are critically important to all of us, and they are now in peril! We all know: There is nothing easy about the sale, underwriting or placement of LTCi. Successfully completing the process is mandatory. Wasting time and money on apps that cannot be placed is simply foolish. LTCi is acquired with the clients' good health. Commissions and bonus is the manna that keeps us in the game. A decline or false start with ...
July 22, 2015Barry Fisher
Traditional long-term care insurance placement rates have plummeted over the past 18 months due to more rigorous underwriting requirements. Declines on one spouse or the other and policies issued at rate classes greater than applied for have caused a spike in policies not taken or accepted by one or both of the insureds. The consequence of this is lost profitability to the producer and general agent. We spend untold hours running quotes on prospects without the faintest idea if they will qualify for coverage due to health reasons; additional time and resources processing the cases; and countless hours talking to ...
June 9, 2015Barry Fisher
Recognizing the pressing need to increase long-term care insurance sales, our focus has turned away from “the date” that brought many of us to the dance. Bright shiny objects such as linked, hybrid and combo products, while adding to the consumer’s long-term care planning choices, has also created a bit of a muddle. The desire to sell “less to more” may be a great concept and the right thing to do, but the prolonged economic non-recovery and the increasing dollars sucked up by the Affordable Care Act have shoved aside the notion that middle-class consumers can squeeze another $100 per ...
May 7, 2015Barry Fisher
What specific challenges do you see to influencing brokers successful with other product lines to commit to having the LTCI discussion with their clients, and how can the industry address them? Find out where our Broadtower team stands in February's Broker World article.
March 4, 2015Barry Fisher
Please take a look at my article published in November's Broker World - on the subject of LTCI Underwriting.
December 1, 2014Barry Fisher
Last week Genworth announced a series of claims reserve actions that caused its stock price to tumble and then rebound slightly. After reading the reports and attending a conference call with Genworth Senior Management on Friday, I can tell you not to panic. However, this change of course by the nation’s leading writer of traditional long-term care insurance should cause us to reflect on our assumptions about long-term care planning. It also makes sense to review our efforts as insurance advisors to help our clients create sufficient liquidity to pay for care. My first impression is that Genworth acted responsibly in ...
November 11, 2014Barry Fisher
Recently, I came upon a concept that can help anyone’s sales performance not to mention their lives in general. It’s a training idea that has become quite prominent in Great Britain ever since Team Sky became an international powerhouse in cycling, winning both the 2012 and 2013 Tour de France. The aggregation of marginal gains is elegant in its simplicity and powerful in delivering results. Sir David Brailsford (it seems that everyone becomes a “Sir” in Britain once they’ve achieved some degree of fame) became the coach of Team Sky, the national cycling team of England, in ...
November 5, 2014Barry Fisher