Dive Brief:
- Financial services company Genworth Financial appointed Morris Taylor as its SVP and CIO, effective Monday. Taylor will report directly to CEO and President Tom McInerney.
- Taylor most recently served as CIO for specialty insurance firm Markel. Prior to that, he spent nearly 25 years at Capital One, where he served in multiple IT leadership roles including as divisional CIO of card partnerships.
- The executive will play a "highly visible role in accelerating digital innovation within the organization," according to the announcement. He will be tasked with creating and executing a comprehensive tech strategy for the company.
Dive Insight:
Financial services companies often struggle to deliver streamlined digital capabilities across disparate business units with varying needs. The proliferation of data systems and aging IT infrastructure tends to complicate matters further.
To uphold tech infrastructure, the finance industry frequently turns to the vendor landscape, opting to plug in products from an ever-growing catalog of offerings. More than three-quarters of financial services firms said they planned to up software spending this year, according to Capterra data.
At Genworth, Taylor will be tasked with partnering across the leadership team, including leaders from its U.S. Life Insurance, CareScout Services and CareScout Insurance businesses, according to the announcement.
"I'm honored to join a purpose driven organization, and look forward to driving technology as an enabler for the organization and positively impacting the customers we serve," Taylor said in a LinkedIn post Monday.
Last year, the company launched the CareScout Quality Network, a platform to find and hire long-term care (LTC) providers.
"The network is now available in all 50 states," McInerney said during a Q4 2024 earnings call in February. "We have seen a rapid increase in providers joining the network, from 93 at the end of 2023 to now nearly 500 providers. I am confident that CareScout Services will be a significant source of LTC claim savings and revenue for Genworth over time."
