Unum Group, headquartered in Chattanooga, Tennessee, is a leading provider of financial protection benefits in the United States and the United Kingdom. The company was founded in 1848 and is listed on the New York Stock Exchange under the symbol "UNM". Unum's primary business is the provision of disability insurance products and services. Their insurance plans cover millions of workers and help protect their financial security by replacing a portion of income lost due to illness or injury.
Unum's business is structured into three segments: Unum US, Unum UK, and Colonial Life. Unum US is the largest division and provides group long-term and short-term disability insurance, group life and accidental death and dismemberment insurance, supplemental and voluntary lines of business, and long-term care insurance for groups. Unum UK is the United Kingdom-based arm of Unum and provides insurance including long-term disability, life, and critical illness, and supplemental lines of business. Lastly, Colonial Life offers insurance products such as accident, cancer, critical illness, hospital confinement indemnity, disability, life, and dental through its network of sales representatives and independent brokers.
Further, Unum also operates Closed Block division, which consists of individual disability, group and individual long-term care, and other insurance products no longer marketed actively. This strategic segmentation helps the company to maximize its market penetration and ensures it maintains a balanced portfolio, enabling a steady revenue stream.
Unum is known for its dedication to customer service, with numerous recognitions and awards testifying to this commitment. It has a reputation for swift and fair claims processing and has developed a strong brand around its core message of ensuring that "every individual matters". Moreover, it leverages advanced technologies to deliver its services, adopting digital initiatives to provide a faster, simpler and more efficient experience for the customer.
Despite the challenges faced due to COVID-19, Unum continues to maintain a strong capital position, with good liquidity, making it well equipped to withstand external shocks. The company is also committed to corporate responsibility and sustainability, with a focus on policies that support employee wellness, develop local communities, drive responsible business practices, and reduce environmental impact.
Operating for over 150 years, Unum's strong reputation, diversified product offerings, along with its robust customer service, and commitment to corporate responsibility make it a recognized insurer and a strong player in the insurance industry.