This shows the power of moving to a digital platform, automating processes and applying AI to data.
AIG has had its own problems over the last few years but has now shown that it has grasped what is needed to make the transition to the next generation of insurance company and is reaping the benefits.
Who will be following this example and becoming an innovative survivor versus an insurer with no future?
American International Group Inc., the 98-year-old insurer and retirement planner, is finding being tech-savvy pays off. Consumers are pumping cash into a unit that oversees US$244 billion in client assets after it invested in digital platforms to make the process easier, according to the head of the division, Kevin Hogan. “We believe our assets are up billions of dollars as a result,” Hogan said in an interview last week at AIG’s New York headquarters, referring to digital services created for clients such as teachers and hospitals. The unit, called Valic, has set up a record number of investment plans this year, he said. Valic has expanded to more than US$99.2 billion in client assets, up from about US$95.2 billion at the end of last year, while the individual retirement unit had almost US$144.8 billion as of June 30.