Can help deliver up to 10% medical cost
reduction for employers, empowers employees with informed health
benefits decisions
WHITEHOUSE STATION, N.J., June 21,
2022 /PRNewswire/ -- Chubb Workplace
Benefits (CWB), a Chubb business that partners with benefits
brokers and consultants to offer voluntary benefits to the
employees of middle-market and large companies in the U.S., has
announced it is the first voluntary benefits carrier to offer the
Benefit Resource Genie™* service, alongside its voluntary benefits
portfolio, to employer clients. The service provides a
personalized, hands-on approach in helping employees understand and
select health benefit options that best fit their needs. It also
reduces employer medical costs, which often are eclipsed only by
payroll as an organization's second-largest expense.
The Benefit Resource Genie™ service can help save employers up
to 10% of their employee health care spend.** The service does so
by helping employees identify optimal health plan coverage to
minimize out-of-pocket costs. Coverage options may include those
that are not employer-sponsored — such as ACA plans, Medicare,
Medicaid, and Veteran Affairs (VA) benefits — and may better suit
the employee's unique needs.
"At this critical economic juncture for employers, we're pleased
to make available this leading-edge, personalized service alongside
our portfolio of voluntary benefit solutions and support," said
Alex Faynberg, Chubb Workplace
Benefits' Division President. "Businesses are doing their best to
meet the diverse benefits needs of employees while also trying to
slow medical costs. The opportunity to support team members in
making important choices about their coverage is a win-win for both
the employer and the employee."
Benefit Resource Genie™ is delivered via a three-phased
approach:
- Resource Impact Analysis: Provides the employer with an
overview of the service's potential financial impact for the
business using employee census data.
- Household Study: Specialists speak with employees to
better understand their individual and/or family health and
financial circumstances.
- Member Support and Alignment: With the information
compiled during the Household Study, specialists educate employees
on the best options for healthcare coverage. That may include plans
outside those offered by the employer.
Benefit Resource Genie™ was developed, and is provided, by risk
management firm Benefits All In, LLC (BAI). In a recent case
study of a 1,200-employee residential care organization, more than
one-third of the staff was alerted to alternative health care
coverage options to best fit their individual needs. The results
saved the employer nearly $500,000 in
a six-month period.
Chubb Workplace Benefits is one of the nation's fastest-growing
voluntary benefits worksite carriers over the last several years,
according to Eastbridge Consulting.
* Benefit Resource Genie™ and Benefits All In
are Trademarks of Benefits All In, LLC
**Past performance
is not a guarantee of future results.
About Chubb
Chubb is the world's largest publicly
traded property and casualty insurance company. With operations in
54 countries and territories, Chubb provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. As an underwriting company, we assess,
assume and manage risk with insight and discipline. We service and
pay our claims fairly and promptly. The company is also defined by
its extensive product and service offerings, broad distribution
capabilities, exceptional financial strength and local operations
globally. Parent company Chubb Limited is listed on the New York
Stock Exchange (NYSE: CB) and is a component of the S&P 500
index. Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs
approximately 31,000 people worldwide. Additional information can
be found at: www.chubb.com.
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SOURCE Chubb