" class="no-js "lang="en-US"> Chubb Announces New Service to Address Rising Employer Medical Costs
Saturday, June 03, 2023
Inclusive Fintech Forum Leaderboard

Chubb Workplace Benefits Announces New Service to Address Rising Employer Medical Costs

Chubb Workplace Benefits, 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. 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.

People In This Post

Companies In This Post

  1. Eltropy to Host Webinar on How CFIs Can Set Themselves Up for Success with ChatGPT Read more
  2. Profile Software Offers Digital and Core Banking as SaaS on AWS Read more
  3. Truist to Present at the Morgan Stanley US Financials, Payments & CRE Conference Read more
  4. RIBBIT Acquires ValidiFI, Bolstering Data, Products and Market Presence Read more
  5. BridgeFT Named a Finalist in Three Categories in the 2023 WealthManagement.com Industry Awards Read more
Banking Transformed 2023