Unum 2014 Annual Report Download - page 14

12 UNUM • 2014 ANNUAL REPORT
Q
A
A Q&A with Michael Simonds, President
and Chief Executive Officer, Unum US;
Peter O’Donnell, President and Chief
Executive Officer, Unum UK; and Tim
Arnold, President and Chief Executive
Officer, Colonial Life; about executing
Unum’s growth agenda.
What are the growth opportunities for
our business in today’s environment?
Peter: The greatest opportunity is extending
the financial safety net to the huge number
of workers without protection. For example,
in the U.K., only 10 percent of employees are
covered by income protection benefits and
whilst there is greater coverage in the U.S.,
there are still 70 percent of workers who lack
this important coverage. We’re keen to provide
solutions because everyone needs a backup
plan. Increasing the number of employers
who offer a broad range of benefits and
turning up the dial on participation for those
who already have a package can make a
big difference.
Tim: Employers of all sizes are struggling
these days with providing competitive yet
affordable benefits, as well as dealing with
the complexity brought on by health care
reform. So from that perspective, we can
add value in all markets. For Colonial Life in
particular, small business offers a tremendous
growth opportunity. When you consider
there are nearly six million employers in the
U.S. with fewer than 100 workers, and that
only 18 percent of them are offering voluntary
benefits, too many people lack important
financial protection benefits. Small business
is America’s economic growth engine and
employs the majority of America’s workers,
and that market has barely been tapped.
Mike: One of the biggest opportunities we
have in Unum US is to grow through stronger
relationships with existing clients. Our company
saw terrific sales growth in 2014, but the
even better news is our people delivered it
the right way: profitable, disciplined growth.
For Unum US, more than 60 percent of 2014
sales were to existing clients. That’s a smart
way to expand our reach. That approach to
profitable growth serves both our business
and the people who rely on our benefits and
our strength.
What are our unique strengths? Where
do we stand apart from competitors?
Tim: The depth and breadth of our combined
experience across our company in the
employee benefits market is a huge strength.
The voluntary benefits market in particular
has seen a big influx of providers in recent
years who see the opportunity, but may
underestimate the complexities involved
and the expertise it takes to be successful.
I think the ability to understand and meet
the needs of customers and employees
from a mom-and-pop shop to a Fortune 500
corporation makes us unique.
Peter: Our expertise, focus and service offering
are what sets us apart from our competitors,
and our people are at the heart of this. They’re
extremely knowledgeable and experienced
in what they do and are proud to support
people at a time when they need us most. This
is more than just delivering great service —
our people take their work and its results
personally. By consistently going the extra
mile for our customers, we want every
interaction with Unum to be the defining
feature that makes us the provider of choice.
What’s important in leading
a growing company?
Mike: In a growing company, leaders focus
on the external: They strive to understand
how the client and the consumer experience
the company. They focus on how the market
is changing, how technology is altering the
Executing Our
Growth Agenda