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:
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.
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.