Company profile

Future of Unum Group

#
Rank
525
| Quantumrun Global 1000

Unum Group is a Chattanooga, Tennessee-based insurance company previously known as UnumProvident. Unum Group was formed through the 1999 merger of The Provident Companies and Unum Corporation and composed of 3 distinct businesses – Unum UK, Colonial Life, and Unum US. Its underwriting insurers include The Provident Life and Accident Insurance Company and Paul Revere Life Insurance Company. Unum is the leading disability insurer in both the United Kingdom and the United States and also provides other insurance products including critical illness, life, and accident insurance.

Home Country:
Sector:
Industry:
Insurance - Life, Health (stock)
Website:
Founded:
1999
Global employee count:
9400
Domestic employee count:
Number of domestic locations:
37

Financial Health

Revenue:
$11046500000 USD
3y average revenue:
$10767433333 USD
Operating expenses:
$9698800000 USD
3y average expenses:
$9724766667 USD
Funds in reserve:
$100400000 USD

Asset Performance

  1. Product/Service/Dept. name
    Unum US
    Product/Service revenue
    5240900000
  2. Product/Service/Dept. name
    Unum UK
    Product/Service revenue
    529300000
  3. Product/Service/Dept. name
    Colonial life
    Product/Service revenue
    1417100000

Innovation assets and Pipeline

All company data collected from its 2016 annual report and other public sources. The accuracy of this data and the conclusions derived from them depend on this publicly accessible data. If a data point listed above is discovered to be inaccurate, Quantumrun will make the necessary corrections to this live page. 

DISRUPTION VULNERABILITY

Belonging to the financial sector means this company will be affected directly and indirectly by a number of disruptive opportunities and challenges over the coming decades. While described in detail within Quantumrun’s special reports, these disruptive trends can be summarized along the following broad points:

*First off, the shrinking cost and increasing computational capacity of artificial intelligence systems will lead to its greater use across a number of applications within the financial world—from AI trading, wealth management, accounting, financial forensics, and more. All regimented or codified tasks and professions will see greater automation, leading to dramatically reduced operating costs and sizeable layoffs of white-collar employees.

*Blockchain technology will be co-opted and integrated into the established banking system, significantly reducing transaction costs and automating complex contract agreements.

*Financial technology (FinTech) companies that operate entirely online and offer specialized and cost-effective services to consumer and business clients will continue to erode the client base of larger institutional banks.

*Physical currency will disappear in much of Asia and Africa first due to each region’s limited exposure to credit card systems and early adoption of internet and mobile payment technologies. Western countries will gradually follow suit. Select financial institutions will act as intermediaries for mobile transactions, but will see increasing competition from tech companies who operate mobile platforms—they will see an opportunity to offer payment and banking services to their mobile users, thereby cutting out traditional banks.

*Growing income inequality throughout the 2020s will lead to an increase in fringe political parties winning elections and encouraging stricter financial regulations.

COMPANY’S FUTURE PROSPECTS

Company Headlines