AIG's e-business Risk Insurance Solutions
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Case Details:
Case Code : INS053
Case Length : 18 Pages
Period : 1998 - 2004
Pub Date : 2005
Teaching Note : Available
Organization : AIG Insurance
Industry : Insurance , Financial Services
Countries : United States
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INS053) click on the button below, and select the case from the list of available cases:
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Launch of Business Risk Solutions Contd...
Commenting on the need to create a separate agency to cover e-business
risks, Gretchen Hayes (Hayes), President of AIG eBRS said, "We
recognized that the internet would have a dramatic impact on the lives
of our customers and the risks they faced. We needed to respond...The
new division was necessary because we recognized that these risks were
fundamentally different, and they wouldn't fit easily into our current
product groups. The analysis of these risks requires specific
expertise."7
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Background Note
AIG traces its origins back to 1919 when Cornelius Vander Starr (Starr), an
American entrepreneur, opened a small insurance agency called American
Asiatic Underwriters (AAU) in Shanghai, China. In its early years, AAU
underwrote business for many American insurance companies in China and also
offered fire and marine insurance.
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In 1921, AAU started selling life insurance policies to the Chinese when
it incorporated the Asia Life Insurance Company (Asia Life). By the late
1920s, Asia Life had opened offices and agencies in China, Hong Kong,
Indochina, Jakarta, Kuala Lumpur and Philippines.
In 1926, AAU entered the US with the formation of American International
Underwriters (AIU) in New York. AIU functioned as a general agent for US
insurers and specialized in foreign risks incurred by American
companies. In the 1930s, AIU entered the Latin American insurance
market, which was then dominated by European insurers. |
As a result of the war in Europe in 1940, European insurers
were forced to stop operating in Latin America, and AIU soon became a major
player in the market. The company's premium income from Latin American
businesses soon surpassed the income from its Asian operations. To look after
its growing activities in Latin America, AIU established a regional headquarters
in Havana, Cuba.
Along with general insurance, Starr also expanded AAU's life insurance
operations. In 1931, Asia Life entered Southeast Asia with the incorporation of
the American International Assurance Company Limited (AIA) in Hong Kong. The
company expanded to Malaysia, Singapore and Thailand...
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