Innovative technology can help make insurance simpler. Working with Standard Chartered and IBM, we successfully piloted the first multinational “smart contract” based insurance policy using blockchain.
We chose to execute this initiative in one of the most complicated areas of Commercial Insurance – multinational risk transfer – to better understand blockchain’s potential to reduce friction and increase trust in other areas of the insurance value chain.
Our pilot proved that blockchain technology allows visibility into coverage and premium payment at the local and master level as well as automated notifications to network participants following payment events. The pilot also demonstrates the ability to include third parties in the network, such as brokers, auditors and other stakeholders, giving them a customized view of policy and payment data and documentation.
Internet of Things
Big Data and Client Centric Analytics
Turning big data into actionable intelligence requires the ability to find information that matters to your business. AIG’s Client Centric Analytics does this by using advanced analytics to pinpoint loss drivers, improve safety, and ultimately reduce the total cost of risk. Together with our clients, we help develop customized solutions and safety programs by looking for patterns in their claims data and that of their peers to predict areas of risk.
Already we’re producing results for businesses across multiple industries. CCA quantified “frustration” in the claims process which led to the implementation of an advocacy program for a temporary staffing firm, helped a construction company calculate the return on investment for advanced safety gloves after understanding the true cost of hand injuries, and helped a hotel chain identify a leading cause of housekeeping injuries which is now impacting future room designs.
Businesses, cities and people continue to become more vulnerable to cyber threats as our world becomes even more connected. Cyber-attacks can mean more than lost data, identity recovery, and multistate notification. They can mean reputational damage, bodily injury, and property damage as well.
Constantly monitoring the cyber landscape, AIG keeps clients at the forefront of the industry as cyber risk continues to evolve. The preventative tools, technology, and expertise of our expert partners such as K2 Intelligence, Risk Analytics, IBM, and more provide our clients with the knowledge, training, security, and consultative solutions to help them stay ahead of the curve.
AIG is using drones to help manage risks and help assess claims faster, safer and more accurately. In fact, AIG was one of the first insurers approved by the FAA to operate drones for risk assessment and management. In response to the growing number of remotely piloted, semi-autonomous, and fully autonomous aircraft, AIG was the first insurer to offer unmanned aircraft hull and liability coverages. In fact, AIG won the 2015 innovation award from Business Insurance for designing and offering specifically tailored commercial drone coverage.
New ways of experiencing risk, including Virtual Reality, will bring exposures to the fore in stunning detail. Clarity brings precision, which could help prevent loss in more effective and strategic ways. AIG partnered with Clemson University, a renowned research and engineering institution, to enhance loss prevention training through the use of Virtual Reality.
As a result of their training at Clemson, AIG’s engineers and analysts will be able to use virtual reality to simulate an array of hazardous scenarios – from a manufacturing plant with flammable liquids to the faulty roof of a building – and mitigate real-world exposures from a safe, controlled environment.