AIG announced that it has formed AIG eBusiness Risk Solutions, a new division within the company, “that will analyze new eCommerce risks and design and deliver insurance solutions for the business-to-business (B2B) market.”
The new division is part of AIG’s expanding coverage of Internet-related exposures. It “will offer insurance products that address risks including network security, credit, payment, and transit that are inherent in doing business on the Internet.” AIG already offers a variety of E-commerce products.
Ty Sagalow, who has been named as the executive vice president of the new division, said in a recent interview, “Insurance is a solution, but we’re not talking about fire insurance anymore. Once you start doing business online, even if it’s only e-mail, you’re into a whole new ballgame. Old policies and coverage are inadequate, and attempts to adapt or modify them to fit the Internet aren’t in the interests of the client, or the company.”
As part of AIG’s eBusiness Group, eBusiness Risk Solutions will draw on a broad support network. “AIG’s extensive resources and superior financial strength, together with our disciplined approach to risk evaluation and management, provides us, working with the brokerage community, with a unique opportunity to create solutions to address the risks inherent in eCommerce,” said Gretchen Hayes, who will head the new division.
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