AIG Life has replaced Tower Australia as St George bank's new life insurance partner, St George has announced.
AIG Life are to provide services to St George Life and will be the insurance partner for Asgard, the bank's superannuation and platform business.
A member of global insurance giant American International Group, AIG Life was selected to support the bank's accelerated growth plans for its life insurance businesses and to address the significant level of underinsurance among Australians, St George wealth divisions group executive Geoff Lloyd said.
"AIG Life's depth of experience, industry leading technology, excellent claims management and solid commitment to customer service demonstrate the important benefits we see the alliance providing our customers," Lloyd said.
"Our long-term partnership will make it easier for our distribution channels to provide clients with life insurance and give them confidence that, when it comes to processes such as claims management, there is a strong, global partner behind them."
AIG Life was selected following a comprehensive process to find the most appropriate partner for St George and Asgard, Lloyd said.
