Insurers grapple with health care, economy
0 Comments | Chattanooga Times Free Press, Jun 27, 2010
Staff Report
As most of the nation continues to debate the merits of recently passed health care legislation, insurance companies are rushing to stay ahead of the curve by making consumer-friendly changes and emphasizing healthy lifestyles to contain long-term health care costs.
Chattanooga-based insurers or those with major presences are no different as they grapple with the new legislation as well as the vagaries in the economy:
UNUM GROUP
* Chattanooga-based Unum announced in May that it planned to comply with health care legislation early, extending medical coverage eligibility to certain adult children of employees
* In 2010, Unum was named one of the Top 10 places to work in Tennessee for the fourth time since 2006 by Business Tennessee and was named to Newsweek’s list of Greenest Companies in America.
* The company continues to push ahead on its campus expansion, as its LEED-certified parking garage moves toward a December completion date. The company expects to have transitioned away from surface lots by the beginning of 2011.
* Unum outpaced the industry in 20 of 24 customer satisfaction categories for its long-term disability division.
* Executives unveiled a new ad campaign, featuring Unum’s “Days Fly By” commercial, which is targeted at human resources professionals in Chattanooga and across the country.
* Unum’s credit rating was upgraded twice this year by Moody’s and Fitch due to “sustained improvements in the company’s profitability and financial flexibility,” according to Moody’s. Fitch cited “operating performance which has remained strong despite a weak global economy.”
Source: Unum
CIGNA HEALTHCARE
* Cigna HealthCare, which has a major presence in Chattanooga, has launched a mobile learning lab in Tennessee to educate people on how to improve health, due to Tennessee being ranked between 45 and 47 out of 50 states in obesity, diabetes, hypertension, and other measures of overall health.
* 620,000 Tennesseans are now members of Cigna, a number that has doubled over the last five years.
* The company moved customer support employees to work-at-home arrangements to enable 24-hour customer service.
* Cigna changed its customer service paradigm from specialized support, with different employees servicing different issues, to an all-in-one approach, where each customer support representative can answer questions and take action on any issues.
* Cigna refocused attention on the 20 percent of members who drive 80 percent of costs in an attempt to encourage healthier lifestyles
long term care insurance