A new offering from Chubb’s Workplace Benefits division looks to integrate and streamline absence management and workplace benefits for mid-size to large employers.
The Chubb WorkInsight product enables employers to track and manage workers’ compensation; Family Medical Leave Act; company specific leaves; short-term disability; and accident, critical illness and hospital indemnity programs. Chubb WorkInsight offers employers data and reports that can be used in making decisions for both employees and employer.
The company said the new product comes as concerns around employee safety, absence and productivity are impacting business and human resource leaders. Productivity has been shown to decrease almost 30 percent due to employee absence, with more than 15 percent of payroll costs tied directly to absence. In addition, in 2019 employers paid $510 million to workers as a result of a number of ERISA complaints. According to the Integrated Benefit Institute, more efficient absence oversight and management has been shown to improve outcomes and compliance and deliver a return on investment by up to 15 percent.
Key benefits include:
- Tracking and managing employee absence across the organization
- A tailored approach to an employer’s specific needs to drive efficiency and consistency in managing leaves
- Reporting process that allows employers and employees to report all claims and requests for leave in one place
- Experts to help employers expand programs to incorporate voluntary benefits
- Improved compliance with leave laws
- One source to share eligibility with incumbent life and disability carrier to streamline claims experience
- Expected cost savings through coordination of leaves and return to work.
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