A measurable “impact on an insurance organization and in some cases, the industry.” This is what the 10 innovations featured in the January 2013 Best’s Review have in common. AIG and American General Life were among the companies recognized in the Innovation Showcase for their forward-thinking initiatives.
AIG was chosen by a panel of insurance experts for its environmental insurance training. “A key reason for the lack of understanding of environmental insurance among insurance professionals,” says Best’s Review, “has been that much of the available information was very technical and somewhat esoteric….This series of five training modules is designed to quickly acquaint brokers with key discussion points so they can have meaningful conversations with businesses about environmental exposures and possible solutions.” Approximately 1,800 insurance professionals have entered the program since it was launched in 2011.
American General Life – which is being showcased for the second year in a row – was recognized for DecisionXchange, a software package that performs automated, expert underwriting. “Several automated underwriting systems on the market target simplified underwriting business,” says Best’s Review. “While American General Life Cos. also has this capability, DecisionXchange was built to handle fully underwritten life insurance business.”