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.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
