Unum launches stop loss coverage for self-insured companies
CHATTANOOGA, Tenn. -- Leading benefits provider Unum (NYSE:UNM) is entering a new market with the launch of Unum Stop Loss.
“Entry into this market broadens the scope of financial protection Unum provides and increases the value we bring to employers,” said Rich Williams, senior vice president and general manager of Unum’s new Stop Loss business.
Stop loss covers self-insured employers if their employees’ medical claims exceed expectations. The coverage also gives employers more flexibility in designing and managing their health plans.
Unum will begin selling policies late summer with effective dates of Jan. 1, 2018. The product will be available nationwide once the rollout is complete.
“This is an important component of our growth strategy,” said Unum US President and CEO Mike Simonds. “We’re capitalizing on our strengths in distribution, scale, and risk management to enter this attractive market.”
Unum launched Unum Dental and Vision earlier this year through the acquisition of Starmount Life in Baton Rouge, La.
Contact:
Unum Group
Kelly Spencer, 423-294-4508
Kspencer2@unum.com
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About Unum Group
Unum Group (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2022, Unum reported revenues of about $12 billion and paid $8 billion in benefits. The Fortune 500 company is one of the 2023 World’s Most Ethical Companies, recognized by Ethisphere®.
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