Insurance defense law firms that are current or prospective AIG panel counsel members will want to stay up-to-date on this leading P&C insurance company. Here are a few news items we are following.
Diversity, Equity & Inclusion Staffing Goals
In October 2021, AIG’s Chief Diversity Officer confirmed that the P&C insurance giant aims to build a team of diverse insurance professionals that reflects the profile of their clients and communities. The annual performance goals for every AIG senior executive includes a rating for DE&I factors.
This commitment applies to AIG’s legal team as well. An AIG Managing Attorney for Staff Counsel recently spoke about the need for mentors as well as influential internal “sponsors” to help advance the careers of diverse junior team members.
Alongside efforts to build a diverse employee team, AIG is also creating more diversity among its service providers. This applies to AIG panel counsel law firms as well as other suppliers. AIG defines minority groups as African-American, Latino/Hispanic, Asian, Native Pacific Islander / Eskimo, Native American, Women, LGBT, and Veteran.
For current or prospective AIG panel counsel members that qualify, the insurer recognizes minority certifications by the organizations listed below.
- National Minority Supplier Development Council
- Women’s Business Enterprise National Council
- National Gay and Lesbian Chamber of Commerce
- Association for Service Disabled Veterans (or form DD-214)
- State, Federal and Municipal governments
- WEConnect International
AIG Changes Executive Leadership
Starting at the top, Brian Duperreault, who currently serves as Executive Chairman, will retire from his Board of Directors position by December 31, 2021. Starting January 1, 2022, Peter Zaffino will take on the role of Chairman of the Board of Directors in addition to his current position as President & Chief Executive Officer.
AIG to Spin Off its Life & Retirement Business
The Life & Retirement business at AIG is being positioned for sale. In July, 2021 AIG announced a partnership with Blackstone the included the sale of a 9.9 percent equity stake in the Life & Retirement business.
The Future of AIG 200
AIG continues to pursue “transformational change” as reflected in a major initiative titled “AIG 200.” First announced in 2020, the goal includes efficiency increases designed to span multiple years for implementation, with a focus on underwriting excellence in AIG’s property and casualty business, the corporation’s operating infrastructure, and the AIG customer interface. Overall, the main goal is to reduce the expense ratio and general operating expenses. More than $1 billion is reportedly devoted to the project.
Implications for AIG Panel Counsel Members
Diversity is becoming an increasingly important consideration for the leading property and casualty insurers. We recently wrote on this topic in regard to Allstate as well.
Insurance defense law firms are advised to work through their Diversity Committee and / or Marketing Committee to review or create a Diversity Statement and hiring plan. (If you need assistance, contact Margaret Grisdela below.)
Another hot topic is “operational efficiency.” This often translates into staff reductions as well as the increased of technology. For AIG panel law firms, this may mean in part changes in claims personnel or procedures as the insurer pursues costs savings.
As always, stay close to your claims contacts if you are an AIG panel member. Help AIG to understand the benefit of your legal defense service in dollars and cents. Maintaining statistics on your average cost to handle a claim (by line of coverage, like auto or work comp) as well as your average time to close a case may give your law firm a competitive advantage.
If AIG represents a significant portion of your practice, client diversification may be in order with a business development campaign.
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This article is provided for educational purposes only. It is not to be interpreted as legal advice or an opinion in regard to any topic discussed. The article should not be used as a substitute for legal advice from a licensed attorney in your state. Every situation is different and circumstances vary widely depending on the governing state law, policy provisions, and related considerations.