As I shared in our Q2 webcast, PCG’s priorities have shifted from capturing broad market share to ensuring that our business is sufficiently profitable to sustain future growth and investment. We’ve spent the last few months defining the specifics and beginning to implement this profitability plan. At the same time, we’ve applied our learnings from natural catastrophes into our underwriting guidelines and exposure strategies.
As I visit our underwriting centers and regional offices, I’ve been both impressed and inspired by the ways in which you have risen to the challenges that inevitably accompany this shift. Be sure to read the Business in Brief section for just a few examples of how we are collaborating and thinking creatively to adapt processes, improve efficiencies and manage expenses—all while cultivating new business opportunities, implementing PCG 2.0 efforts and serving our clients with exceptional care. When you couple those accomplishments with finally having the ability to augment rates in line with the market, it’s easy to predict that our collective hard work will pay off.
Speaking of hard work, it is equally important that we stabilize CIP. As mentioned, we are aiming to accomplish that before the end of the year. Thank you to everyone who has been tirelessly addressing critical enhancements and fixes.
As we close out the summer—in the heart of hurricane and wildfire seasons, no less—remember that we’ve put the tools in place to meet and eventually exceed our business goals. Along the way, we will be buoyed by the strong and longstanding partnerships with our brokers. I know that change can raise concerns and difficulties among our agent partners, but here’s just one example of the comments I’ve received. This is from the CEO of a top California-based producer:
“No worries from us. We get it and will do whatever is necessary to help AIG get to where they want to be. You have supported us for many years and I don’t take loyalty for granted.”
Thank you once again for maintaining focus on all the right details so that we can continue on this journey.