Dubbed Evergreen, the policy will be first offered in the U.K. As designed, it has no renewal date to cover major insurance classes under one contract. Instead, the contract continues indefinitely, and regular reviews – in conjunction with risk management support – ensure the right level of protection is maintained. Clients also get a six-month cancellation clause, intended to give more flexibility and freedom versus a traditional annual insurance policy that can’t be canceled after its initial inception.
Willis developed the policy in conjunction with American International Group, which is underwriting the product.
A Willis spokesperson told Carrier Management that market expansion has not yet been determined for Evergreen, but “we believe it has a wide application.”
At least initially, he said the product is “applicable to existing and prospective clients looking for a different approach to risk management purchases.”
Willis/AIG tout Evergreen as the first U.K. mid-market offering that has no renewal date and covers major insurance classes under one contract.