Saluting Chattanooga's MVPs
Chattanooga's downtown skyline took on a new look in 2017 with the tallest new building erected in decades added in the central city and several signature structures taking on new owners and uses.But far more than just the built environment was altered during the past year as a growing and shifting economy and workforce continued to change the way business is done in Chattanooga.The individuals who helped lead such changes and did the most to reshape the regional economy are our Most Valuable Players in business in 2017. The top 10 list includes those leading everything from volunteer programs to Chattanooga's biggest business and reflects the diversity of our changing economy.
Under Rick McKenney, Chattanooga's biggest company is getting even bigger.
McKenney, the 48-year-old chief executive of the Unum Group, boosted profits of the world's biggest disability insurer during 2017 and expects the dental and vision businesses Unum acquired in 2016 to drive even more future growth for the insurance giant.
McKenney, who became CEO in 2015 of the 169-year-old company, said that business is up even after the company produced record profits in 2016.
Last year, the company posted record-high profit of $931.4 million on more than $11 billion in revenues, and is expected to end 2017 even better. McKenney called the results "strong, building up the positive business trends and favorable momentum we've been experiencing over the past several quarters."
Unum has been the world's biggest disability insurer for more than 30 years. But disability insurance is now only about one third of the company revenues. Over the past couple of years, Unum has acquired dental and vision companies to expand its work-based employee benefit offerings.
Unum CEO Rick McKenney talks Friday, Feb. 3 2017 above Unum's atrium.Dental and vision was a gap in coverage that Unum moved to fill by buying National Dental Plan in the United Kingdom in 2015 and Starmount Life in the United States last year.
"We see dental and vision as a great growth area for us and we see the potential for us to be a top player in the next five to 10 years," McKenney says.
Unum, which is also the nation's third biggest provider of voluntary insurance and the fifth biggest overall insurer of group life insurance plans, will continue to sell its products in the work environment where employees typically are most able and desirous of buying and getting insurance and other employee benefits, McKenney says.
In Chattanooga, where Unum recently spent millions of dollars to upgrade and revamp its corporate offices, McKenney is working to boost the profile of Unum. McKenney serves on the boards of the United Way of Greater Chattanooga, Siskin Hospital for Rehabilitation and the Chattanooga Chamber Foundation.
In 2017, McKenney also joined the board of U.S. Bancorp, the fifth biggest commercial bank in the United States and he also serves on the boards of the Financial Services Roundtable and the American Council of Life Insurers.