Unum’s History and Reputation in the Industry
Unum is a leading provider of disability and life insurance products in the United States. The company was founded in 1848 in Chattanooga, Tennessee, and has evolved through various mergers and acquisitions over the years. Today, Unum is headquartered in Chattanooga and has operations in several countries around the world.
- Unum’s primary focus is on providing disability insurance to individuals and employers. The company also offers other insurance products, such as life and long-term care insurance.
- Unum has a reputation as a reliable and stable insurance provider. The company has received high ratings from major rating agencies, such as A.M. Best and Standard & Poor’s, for its financial strength and stability.
- However, Unum has also faced controversy and criticism over its claims handling practices in the past. In the 1990s, the company was accused of denying legitimate claims and engaging in bad faith practices. Unum eventually settled with regulators and agreed to change its claims handling procedures.
Today, Unum is committed to providing high-quality insurance products and services to its customers. The company works closely with policyholders to ensure that they receive the benefits they are entitled to under their policies. Unum also invests in community initiatives and corporate social responsibility programs to give back to the communities it serves.
| Year | Event |
|---|---|
| 1848 | Unum is founded in Chattanooga, Tennessee |
| 1890 | Unum enters the group insurance market |
| 1995 | Unum acquires Provident Companies Inc. |
| 2004 | Unum changes its name from UnumProvident to Unum Group |
| 2013 | Unum celebrates its 165th anniversary |
Overall, Unum has a long history of providing insurance products and services to individuals and employers. While the company has faced some controversy and criticism in the past, it remains a reliable and stable insurance provider today. Unum is committed to meeting the evolving needs of its customers and communities, and continues to invest in innovation and technology to improve its products and services.