NEW YORK, Sept. 8, 2016 /PRNewswire/ -- 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.
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Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, 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 and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com
About Combined Insurance
Combined Insurance Company of America (Chicago, Ill.) is a leading provider of individual supplemental accident, disability, health, and life insurance products and is a Chubb company. With a tradition of more than 90 years of success, Combined Insurance is one of Ward's Top 50® Performing Life-Health Insurance Companies and was named the number one Military Friendly® Employer by G.I. Jobs magazine in 2015 and 2016. Combined Insurance is committed to making the world of supplemental insurance easy to understand. For more information about Combined Insurance products, career opportunities or to contact a local sales agent, call 1-800-490-1322 or visit www.combinedinsurance.com.
About Combined Worksite Solutions
Eastbridge Consulting recently recognized Combined Worksite Solutions as the fastest-growing company in the mid-size employee benefits category (sales between $50 million and $100 million) for the second consecutive year. Employee Benefits Advisor magazine and miEdge, a business intelligence data analytics firm, also named Combined Worksite Solutions as the third fastest-growing ancillary carrier in the large-group market.