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American International Group Inc.
AIG MULTINATIONAL SUITE OF RISK MANAGEMENT TOOLS
American International Group Inc. is using technology to help multinational policyholders track and meet their insurance needs.
“When you look at the world around us, economic boundaries are shrinking, and so more and more clients are being compelled to go multinational,” said Carol Barton, president of multinational insurance at AIG in New York.
As a result, the face of the multinational policyholder is changing, and the client base is growing.
“Multinational clients operate in more than one country — historically, these have been your large companies. However, the number of small companies that are expanding beyond their borders has grown exponentially,” Ms. Barton said, adding that they can be “any type of business you could imagine.”
Such widespread operations can pose heightened and unique insurance challenges.
“When you are dealing with business in multiple countries, there are different types of regulatory requirements which must be met in order to issue compliant policies and manage a client’s risk,” Ms. Barton said. “How do you keep track of all of those when you are in 25 countries, for example?”
AIG turned to technology for help, creating a multinational suite of risk management tools that is a 2018 Business Insurance Innovation Awards winner.
“We developed a way to simplify that by putting it into one report for a client that shows their specific requirements,” Ms. Barton said.
Regulatory needs are categorized by requirement and territory, Ms. Barton said, noting that most countries have requirements around “know your customer” and/or anti-money laundering that can be arduous.
AIG also provides clients with a “heat map” showing specific requirements in countries of operation, Ms. Barton said.
The myAIG Client Portal provides online access for clients to track policies as they progress through issuance to invoice, as well as claims information by country and line of business, Ms. Barton said.
The system was designed and built by AIG’s information technology department and the company’s business operations organization, Ms. Barton said.
Next steps could include expanding into new countries or territories, Ms. Barton said, as well as looking for ways to make it simpler for clients.
Extensive product and country information anchors the service.
“A key area of focus is maintaining market-leading product and country/territory knowledge,” Ms. Barton said. “Our MN Technology suite starts with a comprehensive repository of all product and regulatory information for the 215 countries/ territories in which AIG writes business.”
“Regulatory changes are happening frequently, and we are committed to keeping our knowledge database current. We have a governance process to help us accomplish this,” Ms. Barton said.
AIG is using web scraping technology to provide alerts for changes in regulatory websites in what Ms. Barton called an “interesting use of technology.”
The insurance and risk management sector is embracing developments in technology to produce innovative products and services that are transforming everything from risk assessment to staff training.