AIG Insurance Background
AIG Insurance is a group of companies known as the American International Group, and is one of the leading service operators in more than 130 countries. AIG was founded in 1967. As per the ratings of 2006, Global Forbes 2000 List, considered AIG as the fourth largest company in the world. AIG is the world’s leading international insurance and financial services company. In the U.S., AIG is the largest underwriter of commercial and industrial insurance. AIG concentrates its focus on four distinct markets: life insurance and retirement services, financial services, general insurance and asset management. AIG continues to enhance its financial growth through development of new products, markets and distribution channels. The customer base ranges from commercial, individual and institutional customers. AIG stock is listed in the New York Stock Exchange, and in other stock exchanges such as London, Paris, Switzerland and Tokyo.
AIG insurance offers many types of policies to meet the needs of its customers with a workforce of 97,000 employees and 714,000 agents and brokers. The main goal of AIG insurance has always been customer satisfaction, and the company keeps a close contact with its customer base. AIG insurance has also launched many web-based systems to meet customer needs. AIG insurance company offers a mix of products from financial services, aircraft and equipment leasing, capital markets as well as consumer finance and insurance finance business. In addition, AIG insurance offers asset management and institutional management services that includes broker services and private banking and many other services.
AIG Insurance History
AIG Insurance has its services in more than 130 countries, and is the leading international insurance and financial service organization of the world. The member companies of AIG serve many individual, corporate and institutional customers through the casualty and life insurance networks. There are many AIG companies located in different parts of the United States , who are the underwriters of individual, commercial and industrial insurance. It owns ILFC, the largest aircraft leasing company leasing many aircrafts that range from Airbus A-319s to Boeing 747-400s.
Edwin Cornelius Vander Starr in Shanghai , China founded AIG in 1919. In the later years when the business became successful, the business expanded to other areas that included Asia, Latin America, Europe as well as many parts of the Middle East . In 1962, the focus of the company shifted from U.S. from personal insurance to a corporate coverage. Then Hank Greenberg carried it forward when Starr offered him the U.S. holdings. The focus of Greenberg was the selling of the different insurance through independent brokers, rather than agents. Greenberg believed that it was essential for any insurance company to make a profit that known as an underwriting profit.
Another milestone took place when Starr named Greenberg as his successor. In 1969, AIG went public. In 2004, AIG settled its dispute with the Securities and Exchange Commission for $126 million. In February 2005, Greenberg resigned as the CEO of the company amid different concerns relating to regularity inquiries. The company encountered many scandals in 2004, including several accounting irregularities investigated by SEC another governmental agencies. Also in 2004, the company restated its financial statements. On April 6, 2006, the company began to sponsor English football (soccer) and the team of Manchester United. On February 9, 2006, the company reached a settlement with New York State Attorney General’s office, in which AIG agreed to pay a fine.
No one to talk to
When I called AIG's toll free number to talk to someone about my bill, I was on the phone forever. My bill was fifty dollars higher than I anticipated and I wanted to find out why. The call is automated and all I wanted to do was to talk to a real person, not a machine. I didn't need a machine to tell me that the bill was such and such, or when it was due. What I needed was a person to tell me why the bill was higher than it should be! I wasn't willing to pay a bill that was higher than expected without some kind of explanation. I hate getting the run around. I ended up having to call my insurance agent, and wait three days to find out that I drive what is considered a "high risk vehicle" by AIG Insurance for theft. While there's nothing I can do about the higher cost, I would really like it if automated telephone responses were eliminated completely!
Difficult to Get a Hold Of
We chose AIG insurance because of the great rates. We had AIG for 4 years and never had to use it. Unfortunately, we were in an accident. AIG was awful to get ahold of and then we had to take care of the whole deal. I thought when you paid full coverage insurance you were paying the company to take care of these things. According to AIG they have no interest in my vehicle until they write us a check. They told me today my car was totaled! Until they pay me they will do nothing! I will def. be changing insurance after this. I agree they are more interested in telling you why they cant do stuff. I believe this is because there is not much they will do for the customer.
My brand new truck was totalled due to another person t-boning and flipping me over. It has been almost 2 months and AIG has yet to pay off the totalled truck. I travel for work and now have no vehicle to get there, so I have no income at this time. I am stuck in the city where the accident took place with all of my belongings. AIG obviously doesn't care. I have called them HUNDREDS of times and still no resolution. The claims adjuster I am dealing with has been very rude and extremely difficult to get a hold of.
Waste of Money
Me and my fiance were hit by a truck the day after Christmas and the car was totaled. The owner of the truck was insured with AIG insurance. We got a rental car while we waited for the adjuster and the company only to find out that they would not even pay for that. We ended up having to actually take the other driver to court in order to get any kind of monetary compensation for all the damages we had.
AIG Insurance is one of the best insurance companies I've ever dealt with. When I was in a collision with another driver who had AIG insurance I called AIG up immediately after the incident and reported the accident to the company. The claims process is fairly quick; they told me to take my car to a specified repair shop where they fixed all the damages. My costs for a rental car were covered and I haven't had any issues with the vehicle since.
Perfect For My Needs
AIG Insurance gave me the most reasonable insurance quotes out of all the insurance companies that I requested quotes from on the Internet. Cost was not the only determining factor of why I chose AIG. I decided to go with the company because they seem very professional, and they provide customers with 24-hour assistance, which I think is very important in the insurance business.
AIG was good overall. We were in a tornado. AIG fixed the house and cars and we got everything taken care of. I would use them and refer them. They are good price and have a low deductible. We were lucky and fortunate to have AIG for our insurance. Try them I'm glad I did 🙂
won't Pay their Claims
AIG wont pay their claims. My insurance broker suggested them based on cost, but when I filed a claim, they only paid 50% and said the rest was up to me. I hired an external insurance consultant and he wrote up a report that stated that the claim should be paid. AIG ignored the report.
I recently have been looking for a new insurance company because I felt my rates were pretty high with my current company. I got a quote for $2,400 for a six month on 2 cars/2 drivers. We have squeaky clean records, not even a warning. That is $1,100 higher than my current policy. I called customer service to see why the rates were so outrageous and the customer service rep was rude.
Bad Customer Service
Billing statements via mail are received 1-2 days before due date. You cannot print pertinent financial responsibility information online. AIG insurance customer service is incapable of handling elementary problems. In particular, Tom Hill was so rude I was in tears for an hour. He refused to acknowledge there was a problem, refused to put me in connection with a manager when he thought I would file complaint about his behavior and was so belligerent that I had to hang up and call back later.