NOVI, AIG’s product recall cost estimation tool, has been awarded the highly commended prize for Innovation in Financial and Professional Services at the 2014 New Zealand Innovators Awards.

NOVI is a free and confidential service that enables food and beverage manufacturers to better understand their product recall risk exposure by estimating the probable maximum loss from an accidental contamination.

NOVI employs a proprietary methodology that uses more than 80 data points and considers the value of contaminated products, recall expenses, destruction costs and lost profit associated with the contaminated products.

Senior Underwriter, Suzanne Brown, who accepted the award with Casualty Manager Ron Curin at the ceremony last night, hopes that the award will bring further awareness to the service, which aims to assist food and beverage manufacturers in reducing their risk of a product recall.

“One of the major issues faced by food and beverage manufacturers when trying to estimate their exposure has been the lack of reliable data. NOVI draws from AIG’s experience of working with food and beverage manufacturers worldwide for more than 25 years and includes data from thousands of recall incidents”, said Suzanne.

“NOVI is a true risk management tool – by providing an estimate of the financial exposure resulting from the product recall, NOVI can enable companies to find a solution to the issue before they face it”, added Ron.

Since its launch in April 2014, NOVI’s New Zealand website has received visits from more than 360 New Zealand companies looking to learn their financial exposure in the event of a product recall caused by an accidental product contamination. Worldwide, more than 244,000 companies have used NOVI to help manage their product recall risk.

For more information on NOVI, visit www.aig.com/NOVI