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Unum Group Week 3

In: Business and Management

Submitted By Freddye
Words 1129
Pages 5
Unum Corporation

Nylor P. Coleman

STR/581

April 20, 2015
Mary MacDonald
External and Internal Analysis for the Unum Group The purpose of this paper is to complete the external environmental scan of Unum, perform an internal environmental scan, and assess the company’s competitive position and possibilities. According to "Unum Group To Present At The JP Morgan Insurance Conference" (2015), “Unum Group (www.unum.com) is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life and Unum UK. Unum’s portfolio includes disability, life, accident and critical illness coverage” (About the Unum Group). The Unum group has three campuses: Portland, Maine, Chattanooga Tennessee, and Columbia South Carolina.

External Environmental SWOT Analysis

|Strengths |Weaknesses |
| | |
|Nationwide Business |- Nationwide Brand Recognition |
|Product Line | |
| | |
| | |
| | |
|Opportunities |Threats |
|Expansion |Competitors |
| |ACA |
| | |
| | |
| | |
| | |

Strengths The primary strength of the Unum group is its nationwide presence. Although the company operates from its three main campuses with the headquarters in Chattanooga and Portland, Maine, the organization employs Unum agents and brokers (Colonial Life also) several of which are independent agents. According to "Broker Field Office Support" (2015), “Local sales reps in 35 offices around the country stand ready to help you connect with your clients” (Nationwide Sales Offices).

The Unum has a diverse product portfolio. The voluntary product line includes offerings for life insurance, disability, and hospital confinement with outpatient surgery, critical illness, accident, and cancer policies. Dental and vision products were added in April 2015.
Weaknesses
Although the organization has local sales reps in 35 offices around the country, the Unum brand does not have the nationwide name recognition as other voluntary benefits companies, i.e., AFLAC.
Opportunities
There are several states without a local representative. Therefore, one of the organization’s opportunities is the need for expanding the company into other areas throughout the United States. Unum’s main offices are located in the eastern areas. Several customers would prefer the in person relationships; therefore, expanding to the west would provide additional access to the western customer base.
SWOT Internal Analysis Using the SWOT analysis for internal analysis, these are the findings for the company’s strengths, weaknesses, opportunities, and threats. The Unum Group has several strengths; however, the weaknesses offset the strengths.

|Strengths |Weaknesses |
| | |
|Organizational Structure |Processing procedures |
|Employee Input |Performance based scheduling |
|Local incentive/Recognition | |
|Performance based scheduling | |
| | |
| | |
|Opportunities |Threats |
|Expand Workforce |Competing for Employees |
|Non-Exempt Salaries |Employee Morale |

Strengths

Employee Input

Unum frequently requests employee input. The company promotes several forums for employee input. One of the tools for employees is a forum to submit ideas. After an idea is submitted, the employee can promote the idea by requesting input from their co-workers. Another tool for employee is the yearly anonymous employee surveys. The purpose of the surveys is to receive input on the opportunities and strengths.

Performance Based Scheduling Unum uses performance based scheduling for quarterly assigning employees work schedules. This scheduling includes the performance matrixes and seniority to determine how the employee ranking. For several employees this is proving to be a motivator for having the earliest assigned hours.

Local Incentive Recognition Unum’s employees’ recognition program is named the Spotlight. Employees are awarded points that range from 500 to 1500 points per month. The recognition program recognizes and award points monthly per manager teams for the highest performance in each category. These categories include i.e., quality ratings, performance statistics, submitting great ideas, and adoption of the submitted idea.

Weaknesses
Processing Timeframes The average processing time for claims, i.e., disability, life, hospital and wellness, averages ten business days. The customers’ feedback to our organization is that our processing time is longer than our competitors. Several customers’ expectations for claims processing is the next business say. At this time claims can be filed either by fax or mail. The ability to receive the claim electronically would reduce receipt time of paper claims.

Performance Based Scheduling Although performance based scheduling is strength for the organization because of the motivational incentive for several employees, this scheduling process is also a weaknesses for the several seniors. The expressed dissatisfaction for several senior customer service representatives for the process is that their seniority status is not being rewarded.
Opportunities
Expanded Workforce Although the organization is constantly expanding its workforce, additional employees would reduce the average hold time for the customer to speak with a customer service representative.

Threats
Employee Morale Hersch (2015), “Twenty-eight percent of employees surveyed by Unum say that morale at their companies has declined in last year. The report also finds that just 55% of workers would choose to stay with their employer if they were offered the same pay and benefits elsewhere, a 7-point drop since 2008” (para. 3).

Unum’s Competitive Position One of Unum’s closest competitors is AFLAC. At the close of business on April 20, 2015, AFLAC’s stock closed at $64.45 per share and Unum’s share closed at $33.53. The table below outlines the organization’s closest competitors in the industry based on the size of the company.
| |UNM |AFL |LNC |Industry |
|Market Cap |8.43B |28.29B |14.75B |2.89B |
|Employees |9,500 |9,525 |9,627 |1.80K |
|Revenue |10.51B |22.61B |13.55B |852.33M |
|Net Income |413.40M |2.95B |1.51B |N/A |
|EPS |1.61 |6.50 |5.67 |1.61 |

*Table Reference: Unum Group. (2015). Retrieved from http://finance.yahoo.com/q/co?s=UNM+Competitors

*UNM = Unum AFL = AFLAC LNC = Lincoln National Corporation In assessing the competitors’ financial data, the primary number that stands out is the revenue of $22.61B for AFLAC compared to the $10.51B for the Unum organization. Among its competitors the company has the lowest financial in each category. According to "Unum Group To Present At The JP Morgan Insurance Conference" (2015), “Turning to its 2015 outlook, the Company anticipates growth in operating earnings per share to be within a range of 2 percent to 5 percent, with anticipated share repurchases within a range of $400 million to $600 million” (About the Unum Group).
Conclusion
The intent of the internal and external analysis is to provide senior leadership a picture on the trends and needed changes in the organization. The organization has several strengths to build up and opportunities to grow internally and externally.

References
Broker Field Office Support. (2015). Retrieved from

http://www.unum.com/Brokers/PartneringWithUnum/FieldOfficeSupport.aspx

Unum Group to present at the JP Morgan Insurance Conference. (2015). Retrieved from

http://finance.yahoo.com/news/unum-group-present-jp-morgan-164500936.html

Unum Group. (2015). Retrieved from http://finance.yahoo.com/q/co?s=UNM+Competitors

Hersch, W. s. (2015). LifeHealthPro. Retrieved from

http://www.lifehealthpro.com/2012/08/10/unum-study-flags-high-correlation-between-

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