AIG restructuring yields formalized tech subsidiary
American International Group has announced a shakeup of its organizational structure, including the establishment of its technology unit as a stand-alone business.
The move follows CEO Brian Duperreault’s earlier assertions that AIG would focus on developing its data science and analytics capabilities for underwriting. AIG has recently partnered with IBM and Standard Chartered Bank on a blockchain pilot for policy creation. Its joint venture with Hamilton USA, Attune, also leverages advanced analytics to underwrite small commercial insurance.
Seraina Macia will lead the tech subsidiary as executive vice president and CEO. She was previously CEO of Hamilton USA before returning to the insurer this summer. In her previous stint at the company, Macia held multiple executive roles including EVP of regional management & operations. She will now play a pivotal role in the advancement of Attune and accelerate the carrier's adoption of analytics.
“These changes are designed to best position AIG for the future, as a growing, profitable leader in the insurance industry that is famous for its underwriting excellence,” said Duperreault, in a statement.
As part of the reshuffle, AIG will no longer have commercial and consumer segments. The businesses are now classified as general insurance and life & retirement. According to the carrier, general insurance will include commercial, personal insurance, and U.S. and international field operations while life & retirement encompasses group retirement, individual retirement, life, and institutional markets. Due to the structure changes, Rob Schimek, CEO of commercial, will also leave AIG at the end of October.