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Re: UNUM's response

Posted by Steve Eads, CLU on November 22, 2002 at 10:46:06:

In Reply to: Re: UNUM's response posted by Scott A. Olson, CLTC on November 20, 2002 at 01:52:24:

: Gary, you ask, 'if the charges are so unfounded, why then wouldn't a representative of UNUM be interviewed on 60 minutes to counteract the allegations'? UNUM executives met with the 60 minutes producers SEVERAL times.

: Is the media more concerned about 'truth in reporting' or ratings? 25 years ago, the big 3 networks had a near monopoly. Now, ABC, CBS, and NBC have to compete against scores of cable stations.

: What do you think draws more viewers: a story about the 2% of claims that are denied or the 98% of claims that UNUM pays every year? To put the story in proper perspective, since only 1 claim out of 50 is denied, I think that for every person they interviewed who had a claim denied, they should interview the 49 people whose claims were paid.

: The double-standard is amazing. As an insurance agent, it is against the law for me to 'misrepresent' a policies features and benefits. Yet an 'investigative reporter' can aggrandize and be rewarded with higher ratings. Whatever happened to the responsibility that goes along with the freedom of the press?

: If he was alive today, I'm sure that William Hearst would have been very proud!

: Scott A. Olson, CLTC

: P.S. FYI, I am an independent agent. I am licensed with UNUM. Yet I have recommended UNUM to less than 3% of my clients. I have not recommended UNUM very often, simply because I have found other policies to be a much better value for most of my clients. I am defending UNUM in this post because I believe the charges brought by 60 minutes to be unfounded, baseless, and self-serving. If UNUM is a 'bad insurer' becase they pay 98% of their claims, then EVERY INSURER is a bad insurer.

ScotT, we all know that the news media are a bunch of thugs for the most part. They play by their own rules and spin whatever yarn they like...so what's changed??? IT SELLS PAPERS AND ADVERTISING. Truth to the media is something that will come out in the end but rarely does a story begin that way. However, our industry is notorious for shooting itself in the foot as much or more than other industries. Why would any company set itself up to be so easily targeted and scruitinized by denying some rediculous claim that most likely should have been paid.

Didn't they learn anything from the recent GE lawsuit and didn't UNUM know nthat ALL carriers are gonna be watched like hawks as a result????
In fact, for the consumer, it's likely best that the media hammered UNUM so other carriers will be ON NOTICE that the THUGS are on the warpath against insureres once again.

I have represented numerous carriers in litigation support consulting in class action cases and class certification attempts. Trust me that there are few, if any, totally innocent parties in the long run.

We do need to protect our industry as a whole and we must support our carriers as much as possible. However, I will NEVER stake my personal or professional reputation on the coat-tails of any one insurance companies innocence until all the evidence has been made available and the final verdict is in.

As an "independent" producer and agency head, I must first protect my clients and my prospective clients best interest. As independents we sell DIVERSIFICATION and OBJECTIVITY...not our loyalty to any one company. I know you too well to think that you operate in any other manner.

Beware of perception!!!!

Steve Eads, CLU
www.LTCiPro.com

Follow Ups:

Re: UNUM's response : : Gary, you ask, 'if the charges are so unfounded, why then wouldn't a representative of UNUM be interviewed on 60 minutes to counteract the allegations'? UNUM executives met with the 60 minutes producers SEVERAL times. : : Is the media more concerned about 'truth in reporting' or ratings? 25 years ago, the big 3 networks had a near monopoly. Now, ABC, CBS, and NBC have to compete against scores of cable stations. : : What do you think draws more viewers: a story about the 2% of claims that are denied or the 98% of claims that UNUM pays every year? To put the story in proper perspective, since only 1 claim out of 50 is denied, I think that for every person they interviewed who had a claim denied, they should interview the 49 people whose claims were paid. : : The double-standard is amazing. As an insurance agent, it is against the law for me to 'misrepresent' a policies features and benefits. Yet an 'investigative reporter' can aggrandize and be rewarded with higher ratings. Whatever happened to the responsibility that goes along with the freedom of the press? : : If he was alive today, I'm sure that William Hearst would have been very proud! : : Scott A. Olson, CLTC : : P.S. FYI, I am an independent agent. I am licensed with UNUM. Yet I have recommended UNUM to less than 3% of my clients. I have not recommended UNUM very often, simply because I have found other policies to be a much better value for most of my clients. I am defending UNUM in this post because I believe the charges brought by 60 minutes to be unfounded, baseless, and self-serving. If UNUM is a 'bad insurer' becase they pay 98% of their claims, then EVERY INSURER is a bad insurer. : ScotT, we all know that the news media are a bunch of thugs for the most part. They play by their own rules and spin whatever yarn they like...so what's changed??? IT SELLS PAPERS AND ADVERTISING. Truth to the media is something that will come out in the end but rarely does a story begin that way. However, our industry is notorious for shooting itself in the foot as much or more than other industries. Why would any company set itself up to be so easily targeted and scruitinized by denying some rediculous claim that most likely should have been paid. : Didn't they learn anything from the recent GE lawsuit and didn't UNUM know nthat ALL carriers are gonna be watched like hawks as a result???? : In fact, for the consumer, it's likely best that the media hammered UNUM so other carriers will be ON NOTICE that the THUGS are on the warpath against insureres once again. : I have represented numerous carriers in litigation support consulting in class action cases and class certification attempts. Trust me that there are few, if any, totally innocent parties in the long run. : We do need to protect our industry as a whole and we must support our carriers as much as possible. However, I will NEVER stake my personal or professional reputation on the coat-tails of any one insurance companies innocence until all the evidence has been made available and the final verdict is in. : As an "independent" producer and agency head, I must first protect my clients and my prospective clients best interest. As independents we sell DIVERSIFICATION and OBJECTIVITY...not our loyalty to any one company. I know you too well to think that you operate in any other manner. : Beware of perception!!!! : Steve Eads, CLU : www.LTCiPro.com

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