Mutual of Omaha's Strategic Shift: Promoting Corri Campbell to VP of Long-Term Care

In a significant move reflecting its commitment to the long-term care (LTC) insurance market, Mutual of Omaha has promoted Corri Campbell to the position of vice president of brokerage distribution for long-term care and supplemental health. This strategic appointment comes at a time when the LTC industry is undergoing substantial changes, with the number of active carriers dwindling and the need for experienced leadership more critical than ever. Campbell, who has been with Mutual of Omaha since 2019, will now spearhead sales for a product portfolio that includes not just long-term care insurance, but also critical illness and accidental death coverage.

Campbell's ascent to this vice presidential role is not just a recognition of her capabilities, but also a response to the pressing challenges within the LTC sector. The individual long-term care insurance market has seen a dramatic contraction over the past two decades, with the number of companies offering individual policies plummeting from over 100 in the 1990s to fewer than 15 today. As a result, the remaining players in this space are increasingly influential, and their strategic decisions have more pronounced effects on the entire market.

Corri Campbell's Background and Industry Experience

With nearly 30 years of experience in the long-term care distribution landscape, Campbell's qualifications are impressive. She joined Mutual of Omaha as the sales director for long-term care in 2019 and quickly climbed the ranks to national sales director by 2021. Prior to her tenure at Mutual of Omaha, Campbell spent over two decades at Genworth, a company that has been a significant player in the LTC insurance market.

Insights from Campbell’s Previous Role

At Genworth, Campbell was involved in various capacities, including sales, training, and regional leadership roles. However, her history with Genworth also underscores the challenges faced in the LTC market. In March 2019, Genworth suspended new individual LTC brokerage sales due to severe reserve shortfalls and pricing volatility. This decision marked a significant turning point for the company and the industry at large. Genworth eventually returned to the market in October 2025 with a new subsidiary, CareScout Insurance Company, illustrating the difficulties faced by carriers attempting to navigate the complexities of the LTC insurance landscape.

The Current Landscape of Long-Term Care Insurance

Understanding the significance of Campbell's promotion requires a closer look at the current state of the long-term care insurance market. The National Association of Insurance Commissioners (NAIC) reported in its 2024 Long-Term Care Insurance Experience Report that Mutual of Omaha ranks among the top 10 companies by earned premiums. This is a notable achievement, especially considering the decreasing number of active carriers in the market.

Challenges Facing the LTC Market

The long-term care insurance sector is grappling with several challenges, including:

• Market Contraction: The number of carriers has decreased significantly, with fewer than 15 active players remaining.
• Financial Viability: Many companies have faced financial difficulties, leading to suspensions of new sales and increased scrutiny on pricing strategies.
• Regulatory Hurdles: The industry is subject to rigorous state and federal regulations, which can complicate product offerings and market entry.
• Consumer Awareness: There is a general lack of understanding among consumers about the importance of long-term care insurance, which affects sales potential.

Given these challenges, Campbell's promotion is a strategic move intended to strengthen Mutual of Omaha's position in a competitive and evolving market.

Implications for Brokers and Financial Planners

The promotion of a seasoned leader like Campbell at Mutual of Omaha signals a reinforcement of the company's commitment to the brokerage channel. For LTC brokers and financial planners, this is a crucial development. The remaining active players in the LTC insurance market have a profound impact on distribution relationships, making it vital for brokers to align themselves with companies that are not only surviving but thriving.

What This Means for Distribution

As the LTC market contracts, brokers can expect that maintaining relationships with carriers like Mutual of Omaha will be increasingly important. The company’s decision to bolster its brokerage distribution leadership is an indication that it is looking to expand its market share, which could translate into more opportunities for brokers to offer LTC products. Moreover, with Campbell's extensive background in the industry, brokers can anticipate a more nuanced understanding of their needs and concerns, enhancing the overall distribution process.

Strategic Investments in Long-Term Care

Mutual of Omaha’s investment in the long-term care and annuity markets is part of a broader strategy to enhance its product development, distribution support, and customer service capabilities. This investment is essential in an industry where consumer trust and awareness are critical for success. By promoting Campbell to a VP position, the company is signaling its intent to not only stay in the market but also actively shape its future.

Expectations Moving Forward

As Mutual of Omaha continues to navigate the complexities of the LTC insurance landscape, stakeholders will be watching closely to see how Campbell’s leadership impacts the company’s performance and the broader market. The decision to invest in long-term care solutions is not just a business move; it is a commitment to addressing the growing need for long-term care among an aging population. With the right leadership in place, Mutual of Omaha is poised to make significant strides in this critical area.

Key Takeaways

• Corri Campbell's promotion to VP at Mutual of Omaha highlights the company's commitment to the long-term care market.
• The LTC insurance industry has contracted significantly, with fewer than 15 active carriers remaining.
• Campbell's extensive experience positions her well to lead in an evolving marketplace.
• Strengthened distribution relationships are essential for brokers as the market continues to change.
• Mutual of Omaha’s strategic investments aim to improve product offerings and customer service in LTC insurance.

Frequently Asked Questions

What is long-term care insurance, and why is it important?

Long-term care insurance is a type of insurance designed to cover the costs associated with long-term care services, including assistance with daily activities such as bathing, dressing, and eating. This insurance is crucial because it helps protect individuals from the high costs of care that can arise due to chronic illnesses or disabilities, which may not be covered by traditional health insurance or Medicare. With the rising costs of long-term care, having this coverage can provide peace of mind and financial security for individuals and their families.

How are long-term care insurance premiums determined?

Long-term care insurance premiums are determined based on several factors, including the applicant's age, health status, and the level of coverage selected. Additionally, underwriting practices, which assess the risk associated with insuring an individual, play a significant role in premium pricing. For example, a 55-year-old in good health may pay an annual premium of around $2,000 for a policy, while a 70-year-old with health issues might see premiums rise to $4,000 or more. Insurers also consider regional factors and the specific benefits offered in the policy when setting premiums.

What are the benefits of working with a long-term care insurance broker?

Working with a long-term care insurance broker can be highly beneficial for consumers navigating the complexities of LTC products. Brokers can offer personalized advice, help clients understand their options, and assist in comparing different policies from various carriers. This guidance is particularly valuable given the shrinking number of active providers in the market. A knowledgeable broker can help clients find a policy that fits their specific needs and budget, ensuring they are adequately covered for potential long-term care expenses.