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.
Poor Customer Service
This company must have a policy "not" to return phone calls.
I got liability coverage for less then a month and they charged me $113 total. When I canceled my policy they said I had to pay $50.00 for a cancellation fee.
I have a claim with AIG that I have been trying to have paid for over two weeks now. The agent that I am dealing with is rude, with poor customer service, and a lack of information. Whenever I call for information he never answers the phone, and does not return calls. I have a handicapped child with Cerebral Palsy and am not able to take her to the doctor because there is a different story ever time I call about when will my car be fixed. No one can give me a straight answer on when I can have my car fixed. While they are playing games my handicapped daughter is missing her doctor's appointments because I can not drive my car. All I ask is to have my car repaired so that I can go on my way.
Never received ID card. When I called AIG they said it will take 7-10 days in the mail.
AIG raised my rates by 40 percent. Nothing had changed: no accidents, claims, nothing.
AIG Cancelled Without Warning
I found out that I didn't have insurance when I went to rent a car for a trip home to visit my family. When I called to see why I had been dropped and what I could do to fix it, the rep was very rude to me and had no interest in helping me out. She said I was dropped because I moved and even though I had given them my new address when I moved, I had not officially changed my address on my policy. I still don't see how that made sense, but when I argued that they had my new address for the past 6 months and asked to speak with a manager, she said that I could not speak with a manager and they would not cover me anymore and hung up on me.
Poor Customer Service
Where is the customer service team at? They are missing.
I have been accident free and have had no speeding tickets, etc. I am currently being cancelled! They are trying to say I had a DUI two years ago. I did not! I have repeatedly try to contact customer service and every time I get some different idiot who does not know how to retrieve my policy or even take a look at my driving record which would show them I have never had any such incident!
What can I say other than this company has fantastic rates. I have had other insurance companies like X...., but nothing compares to the lower rates given to me by AIG. The company's website gave me information about car insurance through a resource center and answered most of my questions about car insurance. I haven't encountered a more professional team of workers either. When I speak to a rep from AIG they give me the right answers and if they don't know the answer they are always willing to take the extra time to find out what the answer is. If I need advice about types of coverage or whether or not it is beneficial to me to add a particular coverage to my policy, they don't try to swindle me or talk me into coverage I don't need or want. This company is totally trustworthy... I was so happy with AIG that I got a life insurance policy from them too.
12 months after my father purchased a AIG policy (mortgage insurance) he passed away. Trusting in the agent to do his job, my parents, never looked at the policy initially. He was a smoker, not hiding the fact, the agent knew and was advised of that. Upon the death of my father, we found out the policies for him and my mother were non-smoking policies. The agent wouldn't even respond to our calls. He passed away in the contestable period. Insurance would not pay or even think of it. They scrutinized his medical records and blamed their reasons on that. The good news was my mom could keep her insurance with a reduced payout.