"CNO is transforming its organizational structure to build a leaner, more agile company," said
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 industry-leading 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.
To support the new organizational structure, the company also announced the realignment of its senior leadership.
Scott Goldberghas been named president of the Consumer Division. Mike Heardhas been named president of the Worksite Division.
Goldberg and Heard will report directly to Bhojwani and remain in the company's
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.
CNO will continue to market its products under its three primary brands: Bankers Life, Washington National and Colonial Penn. All policy, contract, and certificate terms, conditions, and benefits also remain unchanged.
As a result of the consolidation from three operating business segments to two divisions,
"Joel is a highly respected and valuable business leader who has significantly contributed to the growth and success of CNO. He was a driving force in developing our direct-to-consumer business and building our web and digital platform. We thank him for his many contributions and wish him continued success in his future endeavors," added Bhojwani.
The initiatives are expected to reduce gross annual run-rate spending by approximately
CNO plans to invest approximately
CNO will begin reporting under a different segment structure beginning in 1Q20. Details will be provided at the Investor Day on
For more information, visit CNO online at CNOinc.com.
Cautionary Statement Regarding Forward-Looking Statements. This news release may contain or refer to forward-looking statements. Forward-looking statements give expectations of the future using terms such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will," and other terms tied to future periods. Results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are based on assumptions and expectations. They involve risks and uncertainties, including the "Risk Factors"
View original content to download multimedia:http://www.prnewswire.com/news-releases/cno-financial-group-announces-new-operating-model-to-create-a-more-customer-centric-structure-and-improve-financial-performance-300986977.html