Airmic product aims for finalized insurance policies before renewal dates
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The U.K. risk management association, Airmic Ltd., Tuesday issued an interactive toolkit intended to help insurance buyers to obtain written, finalized policies in advance of their renewal date.
The tool, Airmic Countdown, which is available to members of London-based Airmic, identifies eight key steps in arranging insurance renewals and recommends that buyers begin the renewals process at about 150 to 180 days prior to inception — about 60 days earlier than current market practice, according to Airmic.
“The efficacy timeline guides buyers through the renewal process to help them achieve an effective insurance policy, finalized and in writing, before the actual renewal date,” said Paul Hopkin, technical director of Airmic, in a statement.
“We hope it will give confidence to risk professionals to go to the market and say this is the process and timescale we expect from you, our insurers,” he added.
“From our discussions with the market, we have actually found brokers and insurers to be receptive to the notion of bringing forward the renewal process: indeed, no one has said that it can’t be done,” said John Hurrell, CEO of Airmic, in the statement.
“This is encouraging, and it is now up to insurance buyers to take control of the timeline to make sure that day-one policy issuance becomes the market norm,” he added.
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