Senior services entrepreneur Tim Peck has started up an unnamed venture under the umbrella of the insurance company and long-term care operator Genworth (NYSE: GNW).
Peck brought the venture out of stealth earlier today in a LinkedIn post. The business, wholly owned by Genworth, will build on its existing assessments and caregiver support capabilities, as well as care navigation services. It will operate under the parent company’s Global Care Solutions segment.
The fledgling company will at first pilot the services to Genworth long term care policyholders but in time plans to expand outside that company’s network.
“We’re creating a platform really for our own policyholders, but also other users,” Peck told Hospice News’ sister site Home Health Care News. “It’s for those aging and their family members, to find everything that they might need for their long-term care journey. We will leverage the scope, scale, expertise, and experience of Genworth to be able to match these users to long-term care providers, who will join a network that can assure quality to our users.”
The venture’s financial details are scarce, including the specific markets in which the company will initially roll out. Eventually, the platform is expected to expand nationwide.
The two stakeholders were in the proverbial right place at the right time to form a partnership. At the time Peck developed the concept, Genworth was also looking to work on a platform to help seniors navigate the complex tributaries of U.S. health care.
“I don’t have the leverage to build a business from the ground up and ask for quality from anybody,” Peck said. “But Genworth very much has that ability.”
The company plans to acknowledge all long-term care providers on its network, but a select group will be providers that have partnered with the venture and can guarantee a certain level of quality.
In addition to consumers, the new Genworth subsidiary will also be working with provider partners across the care continuum.
“We are looking for partners in every category of the long-term care space,” Peck said. “And not just providers, but also those dealing with transportation, with food delivery and nutrition, with loneliness and isolation, with grief counseling, etc. Everything you might need will be there through partnerships.”
A new long-term care venture
Peck is a veteran in the long-term care space.
His most recent venture was Call9, an emergency care startup specifically designed for skilled nursing residents. The company raised $34 million before eventually shutting down in 2019 and leading to Curve Health. Peck continues to serve on the Curve Health board.
Peck also served as the executive portfolio director of health at IDEO, a design firm focused on health care innovation.
Access to the Genworth network brings the new venture more than a client base. They will have access to a trove of data from the parent company to identify the most significant pain points for seniors.
“[The system] really leaves the user out of the center,” Peck said. “It’s unfair, which is a word that I’ve started to circle around. It’s fragmented. It’s dizzying and overwhelming. But this unfairness is something that has driven me to think about how can we make solutions to put more power back in the hands of the caregivers and the aging, and make something less fragmented. Something that empowers these people to be able to find the quality that they need.”
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