LISLE, Ill., Sept. 21, 2016 /PRNewswire/ -- American Association of Insurance Services (AAIS), the only national not-for-profit insurance advisory organization governed by its member companies, announced today the filing and approval of the first entirely new standardized Personal Auto Program available to the P/C insurance industry since 1977. Alabama leads the states in approvals, with filings pending in Alaska, Arkansas, and Arizona. Filings in California, Colorado, Connecticut and District of Columbia to follow as the countrywide rollout continues.
The new Personal Auto Form, with both base forms and a complete suite of mandatory and optional coverage endorsements, will renew competition in an insurance line undergoing transformative changes in driver behavior and automative technology. It contains the most up-to-date language available in the P/C insurance marketplace today. Key benefits of the new AAIS program include quality, flexibility, and ease of integration.
"I have reviewed the AAIS PAP form and am really impressed. AAIS did a phenomenal job on this," said Robin Olson, CPCU, CRIS, ARM, and Sr. Research Analyst at Insurance Risk Management Institute (IRMI).
Key features include a countrywide standard base form, state amendatory endorsements, and all mandatory coverage endorsements. Also included are more than 60 optional coverage endorsements, some of which are unique to program, for use by the P/C industry. The new policy also has broader supplemental benefits such as: higher sublimits for certain expenses, including temporary transportation expenses, and a new benefit for car seat replacement.
"P/C insurers have waited decades for a new Personal Auto Form like this to fill an industry void," said John Kadous, Vice President of Personal Lines for AAIS, adding "this product allows insurers to tailor the program as they see fit for particular markets. It is also a complimentary program allowing insurers to offer a full suite of personal lines products based on AAIS forms."
AAIS will soon release a series of online, guided video tutorials demonstrating the key benefits of the program and tailored to the specific needs of different users.
John Kadous will be in attendance at the NAMIC Annual Convention in Vancouver, at booth #410, September 26-28, and available for consultation and interviews.
Established in 1931, AAIS continues to serve the Property & Casualty insurance industry as the only national not-for-profit advisory organization governed by its member companies. AAIS offers innovative products including standardized policy forms, program rules, and loss costs for rate making for 34 lines of business, industry leadership in research and data development, and unrivaled customer service, value, and efficiency. Over 700 insurance carriers, including most of the largest national carriers, rely on AAIS.
For more information or interviews, contact Melanie Howard at Email.
Contact: Melanie Howard
Email; (630) 457-3217
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SOURCE American Association of Insurance Services (AAIS)