Willis & AIG launch mid-market automatically renewing policy
Broker Willis Group and US insurer American International Group (AIG) have launched Evergreen, an automatically renewing insurance policy for mid-market clients.
According to the companies, Evergreen is the UK’s first mid-market offering with no renewal date that covers major insurance classes under one contract.
The Evergreen contract, which continues indefinitely, has been developed by Willis in conjunction with and underwritten by AIG.
A six month cancellation clause is provided by the Evergreen policy and regular reviews ensure the correct level of protection is maintained at all times.
Nicolas Aubert, chief executive officer (CEO) of Willis GB, said: “Evergreen is an evolution of the insurance policy and it represents real innovation in the way we service our mid-market clients. It provides all the benefits of standard insurance but removes the requirement for an annual renewal.
“In turn, this frees up time – for the client and their risk partner – to focus exclusively on understanding the business critical risk issues
“Our clients are looking for solutions that add real value to their organisations. Evergreen does just that. It forms part of our commitment to offer our clients the best and most innovative solutions available that will build resilience so they can realise their ambitions.”
Jacqueline McNamee, UK managing director of AIG, said: "This is a great example of how AIG delivers innovative solutions in partnership with brokers; 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.”
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