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Partnership is key to American International Group Inc.'s approach to cyber coverage, and the ongoing expansion of partnerships with outside vendors to enhance its CyberEdge suite of loss prevention and mitigation services helped win the New York-based insurer a 2016 Business Insurance Innovation Award.
AIG has been offering cyber coverage since the late 1990s and currently has 22,000 clients worldwide, said Tracie Grella, AIG's New York-based global head of cyber. The insurer began introducing cyber loss mitigation services in 2013 with two vendors, but launched a major expansion last year, creating “a more robust offering,” Ms. Grella said.
One key aspect of this expansion was AIG's decision to obtain a minority stake in cyber investigation firm K2 Intelligence, which was announced last April, with plans to co-develop products and services with the company.
K2, which is based in New York and has global operations in London, Madrid and Tel Aviv, Israel, acts as an adviser to governments, companies, corporate boards and individuals. Its expertise centers on cyber investigations and defense, anti-money laundering and regulatory compliance, complex investigations and disputes, data analytics and visualization, and integrity monitoring and compliance, AIG said at the time of the agreement.
The program currently has 14 vendors including K2, each of which targets a different area, said Ms. Grella. Broadly speaking, the areas include cyber breach coaches — legal counsel who specialize in data breach law, and experts in forensics and investigation — who assist in remediation, such as determining the facts around a data breach incident and understanding the extent of the event.
Clients of CyberEdge are able to access these vendors through AIG, said Ms. Grella. “Some services are complimentary to clients of CyberEdge products, others are offered at a discount,” she said.
And the expansion of the offering will not end with the additions made in 2015.
“We are adding more” vendors, said Ms. Grella. “We are going to continue to build out our service platform and consulting capabilities for our clients.”
Additionally, “We are offering services in areas” where clients can use some additional cyber security expertise, she said.
“There are so many vendors in this space, and a lot of these are small startup companies,” said Ms. Grella. “A lot of our clients don't have access to these vendors.”
Alastair Malcolm, founder and CEO of Faversham, England-based XS Reserve Ltd., is no stranger to innovation, having been at the forefront of the development of excess-of-loss credit insurance coverage some 30 years ago.