To form a single organization that will market insurance and benefits products for employees, employers and affinity groups, American International Group Inc. (AIG) units Chartis U.S. Accident and Health, and American General Life Companies will merge their group benefits organizations.
The new organization, AIG Benefit Solutions, combines Chartis Corporate Benefits’ portfolio—AD&D, business travel accident, critical illness, accident, limited health care, expatriate medical, stop loss, organ transplant, vision and travel insurance—and American General Benefit Solutions’ portfolio—plans and programs for life (term and universal), AD&D, accident, hospital indemnity, dental, vision, limited health care, group and personal disability (including FMLA administration), critical illness and cancer insurance and employee assistance.
“The combination of Chartis’ benefits units with Benefit Solutions will give brokers, employers and group managers access to a wide range of products and resources, with efficiencies that can help reduce costs,” said Curtis Olson, American General Benefit Solutions president and CEO, and on-tap leader of the new organization. “The benefits market is changing rapidly, and we’ll be able to draw on vast resources, including underwriting and product experts, to meet the needs of the market.”
AIG Benefit Solutions, to be based in Neptune, N.J., will offer underwriting, enrollment and plan administration resources and nearly two dozen insurance products and programs, many available on both employer-funded and voluntary, employee-paid platforms. AIG says the products and services will be offered through two segments: U.S. Employee Benefits, which will offer group and individual employee benefits, including many voluntary/worksite products; and U.S. Affinity Benefits, which will offer products and services to affinity groups.
AIG President and Chief Executive Officer Robert Benmosche commented on the new organization, “AIG Benefit Solutions is an excellent example of how we can innovate and take advantage of the expertise that spans our entire company, leverage the talent in these two units, leaders in the group benefits markets, and deploy this for the benefit of our customers.”
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