AIG's E-Business Risk Insurance Solutions
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Case Code: INS053 Case Length: 18 Pages Period: 1998 - 2004 Pub Date: 2005 Teaching Note: Available |
Price: Rs.500 Organization: AIG Insurance Industry: Insurance, Financial Services Countries: United States Themes: New Product Development, Market Segmentation |
Abstract Case Intro 1 Case Intro 2 Excerpts
Excerpts
The Need for E-Business Insurance
The Internet was originally introduced as a channel of communication. By the mid-1990s, corporates started using it to conduct business online. The Internet helped the companies to instantly bridge their internal networks with business partners and customers around the world at the mere click of a mouse. It soon became an integral part of the operations of most companies for communication (e-mail), marketing (web presence), professional services or full-fledged e-commerce. However, though the Internet and e-commerce offered new means to conduct business in a faster and simpler way, it also involved a wide range of risks for corporates...
AIG eBRS - Changing Risk Management
Insuring e-business risks required the attention of a specialist who understood both insurance and technology and was capable of offering integrated risk management solutions.
Therefore, AIG, as the leading global insurance organization, launched AIG eBRS, a specialist technical division, to deal exclusively with identifying, evaluating and managing network security related risks. Expressing the need for a separate division to insure such risks, Ty R. Sagalow (Sagalow), the Executive Vice-President and the Chief Operations Officer of AIG eBRS said, "If a hacker destroys your data, you don't want your claim to be looked at by a guy who spends his day handling fire-destruction claims." At the rate the cyber crimes were growing, it appeared that companies doing e-business might end up spending all their time fighting cyber attacks rather than concentrating on their business....
The Future
With the increasing awareness of e-business insurance, the future of this industry is considered promising. Corporates all over the world have accepted the need to protect their businesses against cyber risks; in other words, e-insurance is here to stay and flourish. High risk entities like financial, power and energy companies are proactively opting for e-insurance...
Exhibits
Exhibit I: A Note on e-Commerce
Exhibit II: Common Threats Faced by Internet Dependent Corporates
Exhibit III: Real Life Instances of e-Risks
Exhibit IV: Dollar Amount of Losses by Type
Exhibit V: Highlights of AIG EBRS Risk Assessment Questionnaire
Exhibit VI: AIG Netadvantage Suite
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