Chubb Expands Its Combined Insurance Workplace Benefits Business
NEW YORK, September 8, 2016
Chubb announced today that it has expanded the voluntary workplace benefits business of its Combined Insurance affiliate with a dedicated broker-focused channel. The new Chubb Workplace Benefits business unit combines the market leadership and experience of Combined Worksite Solutions, a division within Combined Insurance launched in 1996, with Chubb’s substantial relationships with leading national and regional insurance brokerage firms.
Built around the Chubb tenets of superior underwriting, service, and execution, Chubb Workplace Benefits will serve large and mid-market customers by partnering with benefit brokers, agents, and consultants, offering a line of supplemental insurance products, including accident, critical illness, hospital indemnity, life and disability income. These products will add to the comprehensive portfolio of products Chubb’s brokers and agents now offer to their customers.
“The voluntary benefits space is one of the fastest areas of growth in the benefit broker channel,” said Ed Clancy, Executive Vice President, Global Accident & Health and Life, Chubb Group. “Our continued investment in this space follows the successful growth we’ve had over the last three years. There is a broader platform for growth available to us now that we can leverage Chubb’s strong reputation in the brokerage community and our extensive national branch office infrastructure.”
Chubb Workplace Benefits is repositioning at an important time. More employers are offering voluntary benefits to their employees to help offset the rising cost of health insurance and rising medical expenses. According to research from Eastbridge Consulting, total sales of voluntary benefits reached $7.1 billion in 2015, a 36 percent increase since 2010. Eastbridge’s research also shows that benefit brokers generated 60 percent of total sales last year.
“Over the last three years, we have successfully grown our business through targeted investments that have built on our long experience in the supplemental insurance marketplace,” said Chris Martin, President of Combined Worksite Solutions and Chubb Workplace Benefits. “We will continue to invest and expand, in both the large and mid–market space, our sales force, product portfolio, enrollment support and service capabilities to meet the rising demand for supplemental benefits delivered through the workplace.”
Jon Wayland, Vice President of Sales at Chubb Workplace Benefits, explained that the organization is committed to growing its presence in the market through an expanded broker channel. “The Chubb brand is synonymous with high quality solutions and exceptional broker partnerships. Our offering aligns with the Chubb commitment to provide an outstanding combination of experience, expertise, and support in the voluntary benefits space,” said Wayland.