Global specialty insurer
Brit announced Feb. 11 that it is launching a new product called “Pay or Explain”. The insurance product is the first of its kind, providing policyholders with a definitive timescale to respond to an insurance claim.
The product was unveiled during the Miami Boat Show on Feb, 11, marketed towards those purchasing Marine Yacht insurance cover.
Prior to the product, yacht owners had to wait for an indeterminable amount of time to be paid out by their insurers after they had made claims. With “Pay or Explain,” Brit guarantees that they would share with their clients a clear roadmap to managing the claim within the span of 30 days of being notified, for insurance coverage of up to $150 million.
In preparation of this new product, Brit improved its infrastructure to help improve its speed in managing claims, payments, and its personnel.
“Buying an insurance policy is fundamentally about security and reassurance in the event of a loss. Despite this, significant uncertainty around the time taken to manage a claim often exists. By offering to ‘Pay or Explain’ within 30 days, Brit is able to remove this uncertainty and offer peace of mind for the insured. Supported by the specialist expertise needed to manage claims quickly, ‘Pay or Explain’ is also a clear demonstration of Brit’s commitment to innovating new products that speak to a real customer need,” said Brit Group Head of Claims Steve Robson.
