Willis, AIG offer middle market auto-renewal policy
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Willis Group Holdings P.L.C. and American International Group Inc. on Tuesday launched an automatically renewing insurance policy for middle-market buyers in the United Kingdom.
The policy, called Evergreen, covers major insurance classes under a single contract and has no renewal date. It continues indefinitely and has a six-month cancellation clause, the two companies said in a joint statement, and regular reviews will be undertaken “to ensure the correct level of protection is maintained at all times, complemented by risk management support.”
Evergreen “provides all the benefits of standard insurance but removes the requirement for an annual renewal,” said Nicolas Aubert, CEO of Willis GB, in the statement.
“In turn, this frees up time — for the clients and their risk partners — to focus exclusively on understanding the business-critical risk issues,” he added.
“Not only does (Evergreen) deliver more value to the customer, but it further strengthens the relationship with their broker and insurer by embedding the discipline of reviewing their insurance and risk management needs when change occurs and not just for an annual renewal,” said Jacqueline McNamee, U.K. managing director of AIG, in the statement.
Middle-market buyers are defined as clients that spend between £200,000 and £1.5 million ($307,820 and $2.3 million) on insurance, Willis and AIG said.
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