“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.
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, Starmount and Unum UK. Unum’s portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. The company reported revenues of $11 billion in 2016, and provided $6.9 billion in benefits. For more information, connect with us on Facebook, Twitter and LinkedIn.