AIG Launches Distribution Group to Transform Career Agent Channel of Its American General Life Business
January 14, 2014 by Fran Lysiak
HOUSTON – American International Group Inc. has launched a new distribution group that it says will “transform” the career agent channel of its American General Life Insurance Co. business, and geared to experienced and new financial sales professionals and representatives.
Dubbed the AIG Financial Network, the network will use AIG’s resources to expand and better equip representatives to coach clients and serve their needs over their lifetime, AIG said in a statement. As part of the move, AIG is revamping its process for advisers, including systems for testing and training that would allow policies to be issued to clients quickly. It also is “onboarding” securities-licensed financial advisers.
AIG Life & Retirement Group was the fourth-largest U.S. life and health insurance writer in 2012 based on admitted assets that year of $247.1 billion, according to A.M. Best Co.
The network is “the premier place for both experienced financial advisers as well as new advisers and representatives who are looking to grow successful careers in the protection and retirement space,” said Dan Mulé, senior vice president who oversees AIG’s career distribution channel, in a statement. Advisers “will receive state-of-the-art training, and will be highly equipped to bring data-driven, needs-based financial planning and consultation to American families and small businesses nationwide.”
AIG Life & Retirement is the life insurance, annuity and accident business of American International Group, according to BestLink, A.M. Best’s online financial system. AGC Life Insurance Co. has been assigned as the AMB group lead for this consolidation. Other members of AIG Life & Retirement include American General Life Insurance, United States Life Insurance in the City of New York and Variable Annuity Life Insurance Co.
AIG’s financial network will include financial sales professionals who specialize in consultative relationship building; upgraded facilities and expanded products, including retirement and income products.
Attempts to get additional comment from AIG weren’t successful.
AIG Financial Network “will offer a variety of best-in-class products and services to secure the livelihoods of everyday Americans, allowing them not only to retire with dignity and send their kids to college, but also helping protect them against bad things when they happen,” said Robert H. Benmosche, president and chief executive officer of AIG (NYSE: AIG) in a statement.
After struggling for the past year to ink a deal to divest its aircraft-leasing business, AIG announced plans to sell all of International Lease Finance Corp. to Dutch company AerCap Holdings N.V. in a deal valued at $5.4 billion, according to the companies last month (Best’s News Service, Dec. 16, 2013). The transaction is expected to close in the second quarter but the companies noted that it is subject to various regulatory and shareholder approvals. Selling the business marks the final answer to how AIG will divest itself of ILFC.
AGC Life Insurance Co. curently has a Best’s Financial Strength Rating of A (Excellent).
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)
