The Cicada Companies announced an agreement between a subsidiary, Cicada Risk Inc., and American International Group “for the integration, cleansing and feeding of multi-sourced financial data to AIG’s global reference databases used to support its risk management models and applications.”
Cicada is a leading provider of financial information distribution systems and business solutions. Its announcement said it would “deliver a comprehensive solution tailored to AIG’s data requirements for their risk applications, utilizing the company’s flagship Composer(TM) data management and distribution technology, combined with operations and data management services, as well as Cicada’s proprietary data cleansing technology and processes.”
The company indicated that the multi-year agreement “covers comprehensive outsourcing services to incorporate data management and distribution technology; operations management services; support; data source management; and data quality control, validation, cleansing and integration. ,
Hubert Holmes, president of Cicada Risk, stressed the necessity of obtaining accurate data concerning risk management and settlement, and the need to intervene and maintain the integrity of data processing systems. “Cicada is pleased to be chosen by AIG to provide a comprehensive solution, which leverages our proven Composer technology with ongoing services from our team of data analysis, customer care and operations professionals’s,” Holmes stated.
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