Willis Group Holdings, the global risk advisory, re/insurance broking and human capital and benefits firm, and American International Group, Inc., have today announced the launch of Evergreen, an innovative, new approach to insurance that removes the need for annual policy renewal.Evergreen is 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. Regular reviews ensure the correct level of protection is maintained at all time, complemented by risk management support.
The Evergreen policy also provides a six month cancellation clause, which gives clients greater flexibility and freedom compared to a traditional annual insurance policy that cannot be cancelled after inception.
Nicolas Aubert, 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."
*Mid-market is defined in this context as companies that spend between £200k and £1.5m on insurance.