Business News: AIG, Allianz, Aon

AIG Announces Changes to its Organizational Structure

American International Group, Inc. announced it’s plan to make changes to its organizational structure.

The company will no longer have Commercial and Consumer segments, and will transition to: General Insurance, led by Peter Zaffino, as CEO; Life & Retirement, led by Kevin Hogan, CEO; and a stand-alone, technology-enabled platform, led by Seraina Macia, CEO.

General Insurance and Life & Retirement will each have distinct business units that reflect how business is marketed and underwritten. General Insurance will include Commercial, Personal Insurance, and U.S. and international field operations. Life & Retirement will include Group Retirement, Individual Retirement, Life, and Institutional Markets.

The company expects that its year-end financial reporting will reflect the new structure. AIG also intends to align its incentive and performance management systems accordingly.

As a result of the structure changes, Rob Schimek, CEO of Commercial, will be leaving the company at the end of October to pursue other interests.

Allianz Partners With Cyence to Boost Cyber Risk Modeling and Analysis

Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has teamed up with Silicon Valley-based cyber risk analytics and modeling firm Cyence to boost its global cyber risk analysis capabilities. By combining Cyence’s cyber analytics platform with AGCS’ underwriting processes, the insurer will be able to analyze cyber exposures at company level for large businesses, creating a detailed understanding of their cyber risks and quickly allowing it to tailor coverage to fit specific customer profiles.

In a second initiative, AGCS plans to integrate Cyence’s cyber risk analytics into new digital distribution platforms that enable low-touch, automated underwriting of cyber policies for medium-size companies. Both companies are also joining forces to develop a new predictive modeling tool for cyber-driven business interruption risks.

AGCS has previously announced a similar partnership with liability modeling specialist Praedicat. While Praedicat focuses on analyzing big data to identify risk trends in liability, Cyence, based in San Mateo, California, is regarded as the leading cyber risk modeling firm. Cyence has developed a unique platform to assess both cyber exposures and a company’s cyber resilience by collecting and examining data at scale from a variety of public and proprietary sources. Cyence reaches beyond the technical analysis of the IT security of a company into analyzing the human behavioral indicators and an organization’s processes to calibrate cyber risk. The Cyence platform spans from risk selection and assessment of individual companies to risk accumulation and catastrophic cyber risk scenarios and their potential impact.

AGCS will use the Cyence predictive risk modeling platform to quickly produce individual cyber risk profiles to improve its underwriting of each customer, as well as modeling its cyber accounts worldwide in economic terms to identify trends or growing risks or understand how they would respond to cyber incident scenarios.

AGCS is integrating its underwriting expertise with Cyence’s modeling know-how and technologies and creating an automated underwriting process for a new digital self-service platform for preferred distribution partners in select countries.

In a further project, AGCS and Cyence aim to pool their respective specialist know-how on business interruption and cyber risks in order to develop a new modeling tool for the emerging risk of cyber business interruption.

Aon Partners With Uber to Bring Driver Injury Protection Insurance to California

California Uber drivers now have the option to obtain Driver Injury Protection, an insurance product, available through Aon. With the addition of California, hundreds of thousands of driver-partners across the country can obtain coverage for medical expenses, disability payments and a survivors benefit resulting from a covered accident.

Driver Injury Protection was a collaborative effort among Uber, Aon and OneBeacon Insurance Group, the underwriter for the program.

Drivers who elect to enroll are protected for injuries while online, en route and on-trip in connection with the Uber app, with a per mile premium of $0.0375 calculated and charged only while on-trip.

For complete coverage terms, conditions and exclusions, Uber drivers can visit the program’s website, or look for this new insurance option in their driver app.