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American International Group Inc.’s Client Risk Solutions was established by AIG to meet customers’ changing needs for risk management services and products that go beyond traditional insurance options.
CRS was recognized by Business Insurance’s inaugural U.S. Insurance Awards program as Insurance Consulting Team of the Year.
The team consists of risk consulting and risk engineering experts, AIG said, as well as specialists in areas including client analytics, catastrophe modeling, cyber risk and emerging technologies like wearables and immersive virtual reality training.
“We’re doing a lot in the innovation area,” said Bob Klepper, head of AIG’s client risk solutions business in Charlotte, North Carolina. “We realized the opportunity for CRS and have invested quite a bit in the past three or four years. We’ve gone from a couple of hundred consultants to over 700 now. So it’s been a big commitment. We’re very fortunate.”
CRS works with predictive and preventive methods of risk assessment and professional skills to reduce a client’s total cost of risk including SMARTBlastSM, a loss modeling tool that brings advanced blast modeling techniques to evaluate the impact of explosions and fires on clients’ property and casualty exposures; and CyberMaticsSM, a patent-pending security approach that works with cyber security firms to verify security inputs from a client’s cyber security tools.
“We really try to listen to our clients and then we get the feedback,” Mr. Klepper said. “AIG is pretty uniquely positioned. We cover a lot of geography, a lot of product lines, so we’re just trying to make sure that we maintain the relationships and the insights.”
Mr. Klepper said AIG will continue to do the traditional things it has always done for clients, “but CRS is also providing expertise that allows us to do much more in-depth assessments of other risk.”
“Once you understand the risks,” he said, “you can incubate products. And you can incubate risk transfer capacity based on a deeper knowledge of some of the more complex risks our industry faces.”
• Aon P.L.C.
• KCIC L.L.C.
• Marsh Berry & Co. Inc.
• Tailored Solutions & Consulting Inc., which does business as TSC Advantage
Business Insurance recognized achievements by outstanding executives and teams of professionals working in the field of risk management and commercial insurance at its inaugural U.S. Insurance Awards presentation in New York on March 8.