An Interesting Article in Chattanooga Times Free Press on UNUM
An interesting article in Chattanooga Times Free Press, UNUM Chief Executive Office Tom Watjen, sat down with a Chattanooga Times Free Press reporter to discuss “UNUM’s success despite the economic downturn.” We know where UNUM’s successes come from. Did you know that UNUM’s operating income has jumped more that 42% since 2006 and their earnings per share has increased 39% during the same time. Unfortunately, the Chattanooga Times Free Press reported Brain Lezendy didn’t ask Mr. Watjen the right questions. Those questions that should have been asked:
1. The number of claims that they have received during this time period?
2. How many claims they have denied?
3. How many times they have used internal review people to deny claims?
4. How many times they have used companies that they have financial relationships with to perform surveillance or paper reviews in claims and denying benefits?
5. How much money have they saved by these denials?
6. What sort of incentives have they paid to their employees for denying claims?
UNUM is currently undergoing a beautification and remodeling at the Chattanooga campus that include a $1.5 million renovation of the atrium and a $2 million project that includes a parking garage. Based on the number of the claims denials that I see involving UNUM I only wonder where that money is really coming from.
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