Advances the ‘Small Business Consultant’ Role
February 17, 2020 — CHATTANOOGA, Tenn. – Employee benefits provider Unum (NYSE: UNM) today announced enhancements to its distribution model that will provide additional support to brokers and customers in the small business market. This multi-phased approach begins this quarter and will roll-out nationally throughout 2020.
A key change to Unum’s approach includes the creation of a Small Business Consultant role that will focus on customers with less than 50 employees. These benefits experts will be local market based, allowing them to tailor products and services to the needs of small business. New and existing customers with 50 or more employees will continue to be supported by their current sales representative.
“This dedicated team of Small Business Consultants will deliver consultative solutions while focusing on speed, accessibility and support for our small business customers,” said John Stibal, senior vice president of sales and client management at Unum. “Unum is passionate about small business and will continue to serve as a trusted advisor to brokers and clients while further growing this important segment.”Existing Unum brokers and customers can contact their sales representative for more details about these changes.
We spoke briefly with Unum’s John Stibal about the enhancements to its distribution model:
What is the estimated market-size of the 50 and under employee demographic?
The small business demographic is important to Unum’s growth strategy. We estimate the market size for the 50 and under category at around 30 million lives.
What is Unum’s value-proposition to this market segment, and how does it distinguish its position to the advisor and client?
Unum understands that running a small business is hard work. Our goal is to provide customized solutions for this important segment so clients can spend more time running their business and less time administering benefits. We want to be known for our speed, accuracy and ease of doing business for both brokers and clients.
What is the qualification for your ’Small Business Consultant’ role? Do these advisors have special training?
Small Business Consultants are college graduates who are extensively educated on our products, services, and the specific needs of small businesses through Unum University, our sales and client management training program. Sales-minded individuals interested in learning more about these new roles or other opportunities are encouraged to visit our recruiting site at Unum.com/careers to learn more.
Is there a technology component to Unum’s approach to the small business segmentation?
We have transformed our entire quoting, onboarding, and ongoing service capabilities to a more streamlined digital platform. MyUnum.com is our new employer portal which provides benefits professionals account access in an intuitive and modern way.
Does Unum have any growth targets for this initiative?
We’re passionate about the small business market and our goal is to grow Unum’s share in excess of two times market growth.
About Unum Group
Unum Group provides a broad portfolio of financial protection benefits and services through the workplace, and is the leading provider of disability income protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the company provides disability, life, accident, critical illness, dental and vision benefits that protect millions of working people and their families. Unum also provides leave and absence management services that streamline the leave experience for employers and employees, and stop-loss coverage to help self-insured employers protect against medical costs. Unum reported revenues of $11.6 billion in 2018 and paid $7.2 billion in benefits.