Areas of Expertise (12)
Since July 2013, Mike Simonds has served as president and CEO of Unum US, Unum Group’s largest business unit. Unum is one of the world’s leading providers of workplace financial protection benefits.
Since beginning his career with Unum in 1994, Simonds has worked in leadership roles throughout the company and in multiple divisions, including finance, marketing and sales. Prior to his appointment as president and CEO, he held the roles of chief operating officer and chief marketing officer for Unum US.He joined the company with bachelor’s degrees in economics and anthropology from Bowdoin College and later left Unum for a short time to earn his Master of Business Administration from Harvard Business school. He advised a range of financial institutions as a consultant for McKinsey & Company, a global management consulting firm, before returning to Unum in 2004.
Simonds lives in Falmouth, Maine, with his wife, Ruby, and their four boys. He is active in youth athletics and is on the board of the Maine Medical Center and the United Way of Greater Portland.
Harvard Business School: M.B.A., Business Administration
Bowdoin College: B.S., Economics & Anthropology
Civic Affiliations (2)
- Board of Directors Maine Medical Center
- Board of Directors United Way of Greater Portland
Selected Media (6)
What to watch out for during open enrollment
Nearly half of all employees spend 30 minutes or less reviewing their benefits before enrolling, according to recent research by employee benefits provider Unum.
The vast majority, or 93 percent, choose the same benefits year after year rather than making changes during the open enrollment period, according to a separate WorkForces report by Aflac.
“The decisions you make during open enrollment season can have a financial impact on you for the entire year,” said Julie Stich, an associate vice president at the International Foundation of Employee Benefit Plans.
Michael Simonds, the president and CEO of Unum, recommends considering short-term needs, such as braces for your child, and the long term, as in life insurance. “This is where being informed is important,” he said.
Unum investing $42 million to upgrade Portland campus
Portland Press Herald online
One of the biggest changes resulting from the workplace overhaul is that instead of assigned desks, the majority of Unum employees will utilize unassigned “flex” workspaces that will change depending on the project or team to which they are assigned, the executives said.
“The investment here is about creating a workspace that’s bright, vibrant (and) flexible,” Unum U.S. CEO Mike Simonds said. “Most employees are going to end up over time in free, unassigned desks, so literally who you’re sitting next to and who you’re going to be connected with, and who you’re going to cross paths with during the day is going to change day to day.”
Long-term disability insurance gets little attention but can pay off big time
Kaiser Health News online
Auto-enrollment can make a big difference. Employers that auto-enroll employees in voluntary long-term disability plans may get 75 percent of employees to participate, compared with 30 percent for employers that leave it completely up to workers, said Mike Simonds, CEO of disability insurer Unum US...
Unum to add stop loss coverage for self insured businesses
Times Free Press online
Unum will begin selling policies late summer with effective dates of Jan. 1, 2018. The product will be available nationwide once the rollout is complete.
"This is an important component of our growth strategy," said Unum US President and CEO Mike Simonds said in a statement today. "We're capitalizing on our strengths in distribution, scale, and risk management to enter this attractive market."
Unum's on a fast-growth trajectory
"The merger [with Starmount Life Insurance Co. of Baton Rouge, La.] was about our growth, and they had expertise and products," says Michael Simonds, president and CEO of Unum US, who worked his way up to head the company after starting as a temporary administrative assistant in 1994. "For employers, dental and vision coverage are in high demand."...
Health insurer Unum expands to offer dental and vision coverage
Dental and vision insurance have become more popular over the past several years, according to Mike Simonds, Unum U.S. president & CEO. Unum made the announcement Jan. 11. More studies link dental health to overall health and suggest that digital eye strain can have adverse health effects.
“Since the workplace is still the main way people can get quality, affordable benefits, more people are turning to dental and vision coverage as part of a comprehensive health package,” said Simonds, who projects that these new offerings will be a huge opportunity for the company. Unum currently covers 181,000 employers and 33 million people along with their families.