|By O'Malley, Chris|
Davison needs to make sure the footprint of people peddling its policies and retirement plans grows. He needs to see that computer systems are updated to make it easier for agents and customers.
And the company's 1,500 employees need to keep up with OneAmerica's increasing scale.
"We've got to develop the people we've got because we're much larger now. We need to rise to the challenge of working in a more complex, bigger environment," said Davison, 49, president of OneAmerica.
In fact, OneAmerica's digestion challenges are only likely to grow.
"By 2016, we want to be a
Yet, "we've got to stay true to what made us great. That's staying true to our values. We're a mutual insurance company so we're owned by our policyholders so we're mission first, not money first."
Rough translation: This isn't some publicly traded company with a belly for big risk. Recall the former Conseco Inc., the
OneAmerica, the parent of
By the end of 2012, retirement services generated 71 percent of premiums, followed by individual at 25 percent and employee benefits a smaller 4 percent.
"McCready & Keen has just put booster rockets on our growth in our retirement plan business," Davison said.
He becomes CEO on
Another key acquisition he points to was the purchase of
But OneAmerica's smallest division, employee benefits, appears to be the problem child. It sells traditional and voluntary group life and disability insurance, mostly to small and medium-size employer groups. It reported an operating loss in 2012 "due to higher mortality and morbidity, and its top-line revenue growth had contracted,"
Best said OneAmerica has been making changes in this line to become more competitive in the way it distributes theproducts, although uncertainty involving health care reforms and health exchanges keeps things unsettled.
Davison said the unit made money in 2013. "We got that turned around. That's our smallest business by a pretty insignificant amount."
Still, at least as far as the company ranks among the 15 largest U.S. mutual companies, "during Dayton's tenure we've been the fastest growing."