This new proposition is said to offer employers more flexibility in tailoring employee benefits. Credit: Marcelo Leal on Unsplash

Chubb Workplace Benefits, a unit of Chubb, has introduced Hospital Cash, a new hospital indemnity offering with over 40 optional benefits.

This new proposition is said to offer employers more flexibility in tailoring employee benefits.

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It provides inpatient specialty care for psychiatric illness and substance abuse.

Besides, the product includes newborn nursery care and maternity follow-up visits. In case an employee  is at the hospital, the product includes pet care and family care for aging parents and children. 

In order to provide a compressed benefit period to lower financial exposure, the product has Chubb’s Deductible Buffer plan design.

Chubb Workplace Benefits Division president Alex Faynberg said: “As employers seek competitive value through investments in employee recruitment and retainment, it is important to ensure the availability of a robust benefits package that goes beyond the status quo.  

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“We’re pleased to introduce an innovative solution that can help organisations better address overall well-being and provide even greater financial security for their employees.”

Chubb’s service suite includes commercial and personal property and casualty insurance, reinsurance and life insurance

Chubb, with a workforce of 31,000, provides commercial and personal property and casualty insurance, reinsurance and life insurance, personal accident and supplemental health insurance.

The firm has a presence in 54 countries and territories, with executive offices in lactions worldwide including Zurich, New York, London, and Paris. 

Last month, Chubb completed the transfer of renewal rights of DUAL Asia’s Financial Lines portfolios in Hong Kong as well as Singapore.