AIG Life Australia will continue to provide financial advisers with new and improved insurance products and is hiring more staff.
The hirings come amid a new structure for the business and its parent AIG’s third rescue from the US government.
The firm’s Priority Protection product, which offers term disability and income protection in a comprehensive package, is continually being refined and will be upgraded this year, AIG Life Australia’s general manager of strategy and marketing Ken Morgan said.
“Our thirst for growth is unrelenting,” he said. “We’re hiring people to meet demand in response to our increased growth.”
“On the financial adviser side our conversations with dealer groups continue, in an effort to enhance their understanding of why Priority Protection should remain on their approved product list.”
AIG Life Australia boosted its Priority Protection product in February by adding a new accidental death benefit and a partial and permanent disablement benefit.
AIG Life also launched the industry-first Optimum Premium, which offers a more affordable premium option designed to encourage longer periods of cover.
The firm’s program of spending $10 million to upgrade technology systems over three years is underway and will be piloted in the marketplace over the next four to eight weeks.
AIG’s Asian life insurance operations American International Assurance (AIA), which includes AIG Life Australia, will be separated from the AIG parent.
“It means in effect AIA is operating as a separate organisation and that provides the organisation with more certainty and provides the Australian operations with more comfort,” Morgan said.
AIG reported a $96.31 billion loss this week but received a $46.82 billion US government lifeline.
