(Image source: Ayay.co.uk.)
American International Group (AIG) and Willis Group Holdings (London), a global risk advisory insurance broking and HR and benefits firm, have launched Evergreen, a product that obviates the need for clients to renew annually. A Willis statement characterizes Evergreen as the first UK mid-market offering with no renewal date that covers major insurance classes under one contract.
Developed by Willis in conjunction with and underwritten by AIG, the Evergreen contract continues indefinitely, reduces frictional costs and cuts out time consuming administration at renewal, the Willis statement says. Regular reviews ensure the correct level of protection is maintained at all times, complemented by risk management support.
The Evergreen policy also provides a six month cancellation clause, which Willis says gives clients greater flexibility and freedom compared to a traditional annual insurance policy that cannot be cancelled after inception.
“This is a great example of how AIG delivers innovative solutions in partnership with brokers,” comments Nicolas Aubert, CEO of Willis GB. “Adding a risk management proposition whilst simultaneously reducing the administrative costs associated with the annual renewal process is a fantastic, customer-centric idea. Not only does it deliver more value to the customer but it further strengthens their relationships with their broker and insurer by embedding the discipline of reviewing their insurance and risk management needs when change occurs not just for an annual renewal.”