CNO Financial Group, Inc. Announces New Operating Model to Realign Three Operating Business Segments into Two Divisions-Consumer and Worksite; Announces Executive Changes
January 15, 2020 at 03:34 am IST
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CNO Financial Group, Inc. announced a new operating model that realigns the company from three operating business segments into two divisions-Consumer and Worksite. The new structure will create a leaner, more integrated, customer-centric organization that better positions CNO Financial for long-term success and shareholder value creation. Under the new structure, CNO will organize around two business divisions that reflect the customers served by the company. The Consumer Division will serve individual consumers, engaging with them on the phone, online, face-to-face with agents, or through a combination of sales channels. This structure unifies consumer capabilities into a single division and integrates the strength of CNO's agent sales forces and direct-to-consumer business with proven experience in advertising, web/digital and call center support. The Worksite Division will focus on worksite and group sales for businesses, associations, and other membership groups, interacting with customers at their place of employment. By creating a dedicated Worksite Division, CNO will bring a sharper focus to this high-growth business while further capitalizing on the strength of its recent Web Benefits Design acquisition. CNO will also centralize certain functional areas previously housed in the three business segments, including marketing, business unit finance, sales training and support, and agent recruiting, among others.
To support the new organizational structure, the company also announced the realignment of its senior leadership. Scott Goldberg has been named president of the consumer division. Mike Heard has been named president of the worksite division. Goldberg and Heard will report directly to Bhojwani and remain in the company's Executive Leadership Group. Both appointments are effective immediately. As a result of the consolidation from three operating business segments to two divisions, Joel Schwartz, president of Colonial Penn, will leave the company on April 10, 2020. He will remain in his current position until then to ensure a seamless transition.
CNO Financial Group, Inc. is a holding company for a group of insurance companies. The Company develops, markets and administers health insurance, annuity, individual life insurance and other insurance and financial services products. It is focused on serving middle-income pre-retiree and retired Americans. The Company primarily market its insurance products under its three primary brands: Bankers Life, Washington National and Colonial Penn. It markets its products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. The Worksite Division focuses on the sale of voluntary benefit life and health insurance products in the workplace for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually.
CNO Financial Group, Inc. Announces New Operating Model to Realign Three Operating Business Segments into Two Divisions-Consumer and Worksite; Announces Executive Changes
CNO FINANCIAL GROUP, INC. 
