By Cyril Tuohy
Tiffany A. Albert, a former sales executive with Blue Cross Blue Shield of Michigan, has been appointed president and chief executive officer of LifeSecure, a specialty long-term care insurer.
LifeSecure, based in Brighton, Mich., underwrites long-term care, hospital coverage and personal accident policies.
“LifeSecure is a financially strong, fast-growing national insurance company,” Albert said in a news release. “I look forward to partnering with our leadership team and employees to lead the company into its next chapter and further position the company as an industry leader.
Albert also said the company would expand further into the long-term care market, and develop “new and innovative products.”
She brings more than 20 years of insurance experience with a record of execution and leadership.
Her past experience includes new business development, customer management and client retention, marketing, program implementation, operations, provider contracting, information technology and organizational development, the company said.
After a period of retrenchment during which many insurance companies quit the long-term care market because they couldn’t make enough money, remaining companies have found new opportunities in that market by raising prices.
The cost of private long-term care is going up and many Americans will not be able to afford such care without government-subsidized coverage or a private long-term care policy.
The national average annual rate for a private room at a nursing home was $95,706 in 2014, an increase of 20 percent from $79,935 in 2009, according to a survey conducted by Univita Health, a long-term care administrator, in partnership with New York Life.
The national average monthly cost of a room in an assisted living facility in 2014 was $4,139, an increase of 34 percent from $3,100 in 2009, the survey also found.
Aging baby boomers are expected to increase the demand for long-term care as they move into their 80s and 90s.
Albert is a graduate of the University of Michigan and a licensed accident and health agent. Although the company she leads is a small one, she belongs to a handful of women leading a life insurance company.
Eileen McDonnell is chairman, president and CEO of Penn Mutual; Deanna M. Mulligan is CEO of Guardian Life, and Beth E. Mooney is CEO of KeyCorp.
Women hold only 4.6 percent of Fortune 1,000 CEO positions, according to Catalyst, a nonprofit organization with the goal of expanding opportunities for women and business.
Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].
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