AIG Unveils New Benefits Unit

January 24, 2012 at 08:14 AM
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AIG announced today the formation of AIG Benefit Solutions (Benefit Solutions). The new unit is the product of merging Chartis U.S. Accident and Health (Chartis A&H) and American General Life Companies (American General) into one organization that will market an array of insurance and benefits products for employees, employers and affinity groups.

AIG Inc., (AIG), the international insurance organization feels that the nimbler, unified group is in a unique position to offer a comprehensive portfolio of close to two dozen insurance products and programs available on employer-funded, voluntary and employee-paid platforms as well as a myriad of underwriting, enrollment and plan administration services.

The products and services offered by Benefit Solutions will be divided into two segments: U.S. Employee Benefits, which will offer group and individual employee benefits which include voluntary and worksite products and U.S. Affinity Benefits, that will offer products and to affinity groups.

Benefit Solutions' combined portfolio will include plans and programs for life (both term and universal), AD&D accident, hospital indemnity, dental, vision, limited healthcare, group and personal disability, critical illness and cancer insurance. They will also offer an employee assistance program.

AIG Benefit Solutions will be led by Curtis W. Olsen. Olsen has a long history in the industry; he joined American General Benefit Solutions in 2011 as President and CEO after returning from Asia where he was President and CEO of ING Life Insurance Korea. Before that he spent 7 years as President of ING Employee Benefits U.S.

"Through this joint venture, we will not only create a new and stronger benefits division, we are positioned to become a major player in the benefits market. Our vision is to create an organization that is built for the group benefits marketplace of today and the future, with an emphasis on innovation, efficiency and a customer-centric focus, said Olsen.

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