AIG launches 'evergreen' product
Big insurance group American International Group Australia (AIG) has launched what it is promoting as the world's first "Evergreen" management insurance policy, titled Gold Complete.
According to the company, the product's "Evergreen" feature allows an insurance policy to automatically continue year after year without the requirement of a traditional annual renewal process.
It claims this feature not only removes the time-consuming and often complicated process faced by businesses every year, but also provides security for the client that their policy is locked in.
Commenting on the product, AIG Australasia regional manager of financial lines, Michael Pryce, said the company had listened to what brokers and clients wanted and introduced a concept that would change the landscape of the Australian insurance industry.
"We can now offer a lifelong policy that will assist clients with preparing long-term business plans and budgets as well as removing the burden for executives who have had to complete unnecessary and cumbersome paperwork," he said.
The company said Gold Complete had been designed for ASX-listed and large private corporations with revenue over $200 million.
It said clients could select up to 12 different product modules to create one single management insurance policy that would address their unique requirements.
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