7/15/2019 Assignment 4

Job Description of American

International Insurance Group

Student Name
[COMPANY NAME]
 1. Introduction:
This report explains the job description of an Insurance company namely American
International Group, Inc. It is also known as AIG. The report will also explain the roles of job in
detail. This task was given as an assignment for the class course. Out hundreds of company, this
company was selected because it is one of the oldest and largest company with presence in
around 80 countries.

2. What is an Insurance Company:

The business dictionary defines as that gives compensation in case of loss of life, property,
and injury treatment in exchange of premium payments. The company calculates the risk of
occurrence then determines the cost of replace the loss to determine the premium amount1. A
number of insurance companies exist all over the world to provide life insurance, property
insurance, retirement and future safety programs for you and your family. Some famous
companies are ; American International Group, Inc ,UnitedHealth Group Incorporated, USA,
China Life Insurance (Group) Company and CHUBB Arabia Cooperative Insurance
Company etc.

2.1.AIG’s Profile:
The Company was founded in 1919 and since has grown into among world largest companies
operating in some 80 countries2. The company was selected because of extensive reach and
experience. The company runs two major businesses:
1- General Insurance
2- Life & Retirement
Now these points will be explained.
2.2.General Insurance:
It includes commercial as well as personal insurance. And company provides these
services not only in America but internationally.

Personal insurance:
It includes Life Insurance in case he dies a certain amount money will
be provided to his family. The duration of such insurance and the premium may vary. For
Instance AIG has 10, 15, 30 to 35 years of plan depending on buyer’s choice. One of the
product in Life Insurance AIG offers is $ 250,000 at $14 per month3. Furthermore, people
can insure their assets.

Commercial Insurance:
In this service, businesses can be insured with the company. In case
of any loss due to natural calamity such as storm, earthquake the insurance company will
 compensate. Moreover, businesses also insure their employs in case of death on work or
injuries due to accidents. In this category also a number of packages are offered by the
company. Now almost all big companies are insured and their employees are also insured
for provident funds, healthcare, accidental injuries and deaths.

2.1.3 Life & Retirement:

The retirement service of AIG provides plan for healthcare, government, higher
education, K-12 schools and school districts, and other not-for-profit institutions4. AIG
begin retirement services in 1955 and currently around 2 million people are enrolled
within this category5.

3. JOB Roles in AIG:

AIG offers a number jobs in various capacities. These are:
1- Technologist
2- Administrators
3- Engineers
4- Healthcare Professional
5- Risk Manager
6- Finance Professional

Like in other companies here also various kinds of roles are available for people with different
educational backgrounds. Engineers are there to assess the status of buildings, machines and
plants at time of insurance to make a profitable deal. Administrators are the part and parcel of
every organization and insurance businesses are no exception. Healthcare professionals and
doctors are there to provide health report of the person being insured. Risk managers and finance
professionals are the backbone of this industry as this business is all about finance and risk.

4-Conclusion:
This assignment was very helpful in understanding the business concept of insurance
companies and the kind of services they offered to the people and businesses. Awareness came
through this report to us about various companies and their insurance plans they are offering.
\

References:
1-http://www.businessdictionary.com/definition/insurance-company.html
2-https://www.aig.com/individual
3-https://www.aigdirect.com/request-a-quote-term?dnis=9465&cmpid=aiglifetermlifecta1term
4-https://www.linkedin.com/company/aig-retirement-services
5-https://www.aig.com/individual/investments/financial-planning-services