Reference no: EM133263161

AIG Small Business Property Casualty Policy

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in many countries - more than 80. In US they are the largest underwriters of commercial and Industrial Insurance.

After Covid 19, this is their foray into Small Business (Less than $10 M in Revenue), property casualty domain. This is an attempt to automate / web enable the entire Underwriting side of the offerings with minimal intervention by in house underwriters and an attempt at consolidating the efforts of the outside Insurance agents to service / sell new policies and add endorsements to existing policies. As part of this project a mobile App will also be developed to enable the customer to track the policy through its tenure. The Agents will also receive a list of Small businesses in their neighborhood, periodically, who are potential buyers of the Small Business Property Casualty Policies. This list gets generated from the databases within AIG, of Small business owners who are already policy owners of other offerings like Life, auto etc who can now be targeted to sell the property casualty offering (cross selling). The project will also develop APIs (Application programming interface) for Insurance aggregators who will communicate with the AIG website with a standard XML. An interface to get the credit score automatically for the Insured will also be developed. This will access the credit score from credit agencies behind the scenes in real time and flag the score appropriately for the Policy. The system will have an interface that can be controlled by the in-house underwriters in case of some exceptions arise, The system will generate renewal notice 90 days prior to the termination date of the policy and will auto renew. The system will also have an interface with a standard package to accept credit card and other forms of payments. The system will generate reports at different levels. The underwriting side of the system will communicate with the Claims group to provide the details of the policy and the claims group will be able to update the system in real time. As part of this project fraud detection using predictive AI will be incorporated into the system. The predictive AI model will interface with National Meteorological data bases and give early warning signals of natural disasters like hurricane, tornadoes etc to the insured through the AIG App.

 5-7 slide PowerPoint presentation on the above data. PPT should include a flow chart and brief summary and descriptive plan.