| Unum Provident Corporation | 2211 Congress Street, Portland, ME 04122 |
| www.unum.com | (207) 770-2211 Fax: (423) 755-3962 |
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He came, he saw, he increased efficiency
Now the leading provider of individual and group disability insurance in the nation, UNUM is also a top provider of accident and dismemberment, life, specialty supplement, and health insurance. But after more than a century in business, UNUM is looking at a merger, and some pretty serious job cuts. In November 1998, UNUM announced a $5.5 billion merger with Provident, another insurance provider from Chanttanooga, TN. The deal to cemented a place for the new company - UNUMProvident - at the top of the disability insurance field.
During the deal, UNUM decided to sell off Duncanson & Holt, a subsidiary that deals in reinsurance (insurance companies buy reinsurance to spread risk among several companies). The selling of Duncanson & Holt resulted in dozens of layoffs. Meanwhile, the merger with Provident is expected to result in a 10 percent expense reduction - and many more job cuts.
Go East, old company
One of the top 10 insurers in the U.S., UNUM got its start in 1848, when Elisha Pratt, a founder of Connecticut Mutual, received a Maine charter to found Union Mutual Life Insurance. The company underwent demutualization in the 1980s, when it went public and took the name UNUM. The company presently possesses one of the most extensive databases of disability statistics in the industry. And it recently took steps to improve its information analysis and distribution even further by opening a 80,000 square-foot data processing, telecommunications, and printing facility in Columbia, SC. Recently, the company moved into the insurance market in Japan, which is in the process of being deregulated and is looking to move into Argentina, Canada and the United Kingdom.
While the merger may have made UNUMProvident the largest disability insurer in the country, it has not shielded it from a slew of lawsuits. At least 10 law firms have filed, or intend to file class action lawsuits against the company, claiming it mislead investors and violated securities.
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The hiring practices at UNUM and its subsidiaries are decentralized but follow a uniform set of procedures. UNUM does not accept resumes unless they are for a specific opening; and it asks that candidates not apply for more than one position per week. UNUM Life Insurance employs about 4,500 people, the majority of whom work in its corporate headquarters in Portland, ME. For more information, visit the jobs division of the company Web site at www.unum.com/employment. UNUM also follows a fairly extensive college recruiting schedule.
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More conservative policies
Because of UNUM's many mergers and acquisitions, employees at the company's headquarters are slightly apprehensive. "For the past few years, UNUM had relaxed its dress code to business casual with a 37.5-hour work week," says one. "But with the recent merger with Provident Companies, they have adopted Chattanooga's more conservative policies."
Easy to go unnoticed
UNUM employees nevertheless rave about a workplace in which people take "individual initiative." Opines one contact, "at UNUM, where they employ thousands of people, it's easy to go unnoticed. But very few people are unappreciated." Another underscores, "UNUM treats it employees very well. I work with people who have been here for almost 30 years and still want to work here part time after retirement." The company takes care of many employee needs, down to the last ergonomic detail. "The environment is a 'cubicle environment' and they are very gung-ho about making sure your work station is ergonomically correct. They have physical therapists on site who are very helpful at evaluating your office space," says one.
Safe and "artsy"
Workers uniformly praise the beauty of UNUM's Maine location: "Portland is a wonderful community, full of arts, nature, and recreation that you will not find anywhere else in the United States," said one insider. "It is a very safe and 'artsy' kind of place." But life in a big company inside a small town does have some drawbacks. "Because of its small size, Portland does not offer much in the way of employment," mentions another UNUMite. "Companies such as UNUM take advantage of the situation by offering lower-than-competitive raises. You can't just go across the street and find another job if you become unhappy." Company sources maintain that this is untrue and that UNUM pay scales are extremely competitive. They claim the scales are benchmarked according to national surveys by consulting firms such as Watson Wyatt and Towers Perrin.
Another informant notes the company's slow pace of life: "If you are looking for fast-paced career advancement, this is probably not the place to gravitate to. But if you are looking for a safe place to live on some of the most beautiful coastline in this country, then come on over."
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Eileen Farrar
Human Resources
(800) 974-2532
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Life insurance;Disability insurance;Long term care insurance;Specialty insurance
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Capital American;Equitable Companies;Mutual Life of New York
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