AIG's e-business Risk Insurance Solutions
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Case Details:
Case Code : INS053
Case Length : 18 Pages
Period : 1998 - 2004
Pub Date : 2005
Teaching Note : Available
Organization : AIG Insurance
Industry : Insurance , Financial Services
Countries : United States
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INS053) click on the button below, and select the case from the list of available cases:
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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"Technological improvements alone cannot safeguard a company's digital
risks. Whether managing the risk of a computer virus, electronic theft of
confidential information or the loss of business interruption due to a
computer attack, a Total Risk Management Approach is required which combines
best in class technology, risk information and insurance."1
- Ty R. Sagalow, Chief Operations Officer, AIG e-business Risk
Solutions.
"Insurance is key to a secure cyberspace and to continued deployment of
information technology. The Internet must not only be built, operated and
defended but insured."2
- Robert W. Hammesfahr, Leading Insurance and Reinsurance Lawyer, US.
Launch of e-business Risk Solutions
In January 2000, the American International Group, Inc. (AIG), global
market leader in insurance and financial services, launched the AIG
e-business Risk Solutions (AIG eBRS) exclusively to address the risks
associated with online businesses, popularly known as e-business or
e-commerce3 (Refer Exhibit I for a note on e-commerce).
The company's insurance business has traditionally offered a wide range
of general and life insurance products to its customers spread across
the world.
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Responding to the extensive and ever increasing use of the Internet by
corporates to conduct online business, AIG has broadened the portfolio of
its insurance product offerings by introducing a series of comprehensive
liability coverages for companies conducting business on the Internet.
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AIG eBRS offered a comprehensive suite of products and services
combining insurance, information services and technology that would
support e-business at its most sensitive touch points, namely, network
security, trade credit, identity and credit card fraud. AIG covered
claims arising from the errors or deficiency in service provided by the
insured company due to security problems and fraud, which might cause
any harm, loss or dissatisfaction to service recipients. Insurance cover
was also provided against unknown viruses, unauthorized use or access of
systems, allegations of infringement of copy rights and trademarks,
libel4 or slander5 resulting from media services such as website design or
hosting6 |
AIG's e-Business Risk Insurance Solutions
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