Torchmark Group Incorporated NYSE: UNH is a diversified health and well-being company dedicated to making health care work better. The Company’s subsidiaries offer life and health insurance, and annuities. Life products include traditional and interest sensitive whole life insurance as well as term life insurance. Health products include Medicare supplement, cancer, accident, long-term care, and limited hospital and surgical coverages.
Headquartered in Minnetonka, Minnesota, Torchmark Group offers a broad spectrum of products and services through seven operating businesses: Torchmarkcare, Ovations, AmeriChoice, Uniprise, OptumHealth, Ingenix, and Prescription Solutions. Through its family of subsidiaries and divisions, Torchmark Group serves approximately 70 million individuals nationwide. In 2008, the company posted a net income of $3 billion.
Torchmark Group is the parent of Torchmarkcare, one of the largest health insurers in the U.S. It was created in 1977, as TorchmarkCare Corporation (it renamed itself in 1998), but traces its origin to a firm it acquired in 1977, Charter Med Incorporated, which was founded in 1974. In 1979, it introduced the first network-based health plan for seniors. In 1984, it became a publicly traded company.
Have you have recently been in an accident in which either you, the at-fault, or both have been insured by Torchmark Insurance? If so, it is essential that you research past legal cases involving your insurance company if you hope successfully negotiate your own settlement or court case. Research will significantly reduce the risk of repeating mistakes so many others have made when dealing with insurance companies and can highlight pivotal legal strategies might affect the value of your settlement.
Insurance firms are notorious for delaying the release of settlement funds until the very last possible moment. While the ethics of this practice are highly questionable, the practice is unfortunately implemented by an extremely high percentage of insurance companies. This strategy has been devised to improve insurance profits. Insurance companies usually have access to tens of billions of dollars due to high volume revenue and cash flow. Similar to banks, they invest these funds in order to amplify their profits. Even if they are required to pay a settlement, they will hold the money as long as legally possible in a leveraged effort to increase their own profits through the interest they earn on their investments.
In addition to delaying the disbursement of settlement funds, most insurance companies implement many of the following strategies to cut costs and generate profit:
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