American International Group Inc. (AIG) is a multi-line insurance group. The group provides life insurance, property and casualty insurance, retirement products, and other financial services to individuals and businesses. It offers insurance products for general liability, directors’ and officers’ liability, property, workers’ compensation, marine, aerospace, environmental, commercial automobile liability, term life, universal life, fidelity, fiduciary liability, cyber risk, and errors and omissions. AIG operates in the Americas, Europe, Africa, the Middle East, and Asia Pacific.
Launched in January 2020, Axell is an innovation hub headquartered in Tel Aviv, Israel. AIG became a strategic partner in the program to leverage the technological expertise of startups in Israel and provide mentorship and business development support to collaboratively develop innovative solutions.
AIG created a Center of Excellence team comprising 500 risk engineers based in Bangalore, India. The team leverages the company’s database for mining risk factors for its clients’ distribution networks based on historic data.
In September 2016, AIG organized a competition to support innovation among Canadian startups that use emerging technologies to enhance customer satisfaction, develop new digital insurance products, and create new business opportunities.
This report provides insights into AIG’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.
- AIG is continuously investing in emerging technologies to enhance operational efficiencies and simplify operating processes for its distribution partners and customers. To meet this, AIG Retirement Services is investing in a client-focused technology platform to support improved compliance and self-service functionality.
- In October 2017, AIG introduced Blackboard Insurance (previously Hamilton USA), a digital subsidiary aiming to transform commercial insurance solutions through automation, data analytics, and other digital technologies. It provides faster solutions for processes including underwriting, claims financing, and document analysis.
- AIG leverages cybersecurity-focused insurance solutions to evaluate insurance premiums for clients and minimize costs related to cybersecurity claims settlement. In December 2017, the company launched a cyber benchmarking model to quantify the cyber risk of its clients.
- AIG is continuously evaluating and enhancing systems and creating new systems and processes, including maintaining and upgrading business continuity plans - for instance, the use of cloud services - for interacting with customers, brokers, and employees. AIG’s cloud strategy has helped it establish a scalable IT infrastructure to build an automated enterprise management strategy through integrated servers and data storage.
Reasons To Buy
- Gain insights into AIG’s fintech operations.
- Gain insights into its fintech strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various product launches, partnerships, investments, and acquisition strategies.