Unum SWOT Analysis, USP & Competitors

Unum

Parent Company

Unum Group

Category

Insurance

Sector

HealthCare

Tagline/ Slogan

Better Benefits at Work

USP

Top disability insurer in both the US and UK

STP

Segment

Individuals and enterprises

Target Group

Enterprises and rich individual investors

Positioning

A company that believes in building relationships with customers

SWOT Analysis

Strengths

1. The company has a strong financial position in the current market

2. Amongst its competitors it holds a stronger position in the industry

3. It has high returns on investment and has an attractive business portfolio
4. A broad portfolio of products including accident, critical illness and life insurance along with underwriting business

5. A very strong domestic presence in the US & UK market with it being top disability insurer in both the countries

6. It has approx. 10,000 employees across 38 cities of US

Weaknesses

1. After lowering the costs of its services, the efficiency level has also decreased
2. Although it has a dominant position in UK market, it has a very weak international presence overall

3. Previous litigations have lent a negative image to the company

Opportunities

1. It needs to tap the international markets to gain more revenues and market share

2. With market for aged people increasing, the company can increase its revenue stream from these new customers
3. Total number of uninsured stand at 42 million, thus potential exists for penetration in the existing markets itself

4. More investment in research and development will help in creating newer products which can serve new customers

Threats

1. There is a strong competition in the insurance market

2. Rise in the number of insurance frauds, means the number of losses it would have to bear will increase 
3. Entry of newer players in the market has a negative impact on the financials of the company

Competition

Competitors

1. UnitedHealth Group, Inc. 
2. Prudential Financial, Inc. 
3. Blue Cross and Blue Shield Association