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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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.

Insurance Case Studies | Case Study in Management, Operations, Strategies, Insurance Case Studies, Case Studies

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.

Insurance Case Studies | Case Study in Management, Operations, Strategies, Insurance Case Studies, Case Studies

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 - Next Page>>


1] Ty R. Sagalow & Robert W. Hammesfahr, "@Risk – The definitive guide to legal issues, insurance and reinsurance in internet and e-commerce," Reactions Publishing Group Limited, 2002.

2] Ty R. Sagalow & Robert W. Hammesfahr, "@Risk – The definitive guide to legal issues, insurance and reinsurance in internet and e-commerce," Reactions Publishing Group Limited, 2002.

3] E-Commerce refers to the process of doing business electronically. It involves at least two parties and is usually either a business-to-consumer (B2C) transaction or a business-to-business transaction (B2B).

4] A method of defamation expressed by print, writing, pictures or signs. In its most general sense, any publication that is injurious to the reputation of another.

5] False and defamatory spoken words tending to harm another's reputation, business, or means of livelihood. Slander is spoken defamation; libel is published.

6] Web hosting refers to the placement of the website on a certain server and providing the necessary infrastructure for its operation.

 

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