Any ideas what is going to happen with life and retirement underwriting? As far as I know the life underwriting had no notification if moving to Accenture, going to corebridge or layoff. Anyone have any additional information?
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I heard RIFs in GI underwriting on October 10th, anyone hear anything on this?
Any updates with GI underwriting still with AIG and no movement
They just want to sell everything, piece by piece
This is a good point and I feel the biggest weakness for this management team. I am not familiar with L/R but speaking for GI. No offense to our underwriting brothers and sisters, but PZ and crew believe that underwriting is all they need to run an insurance company and everyone else is expendable.
While underwriting is the soul of the company, you cannot forgo everything else and expect success. Relying on underwriting algorithms for guidelines and outsourcing support functions doesn't make an insurance company.
In a weird way, AIG has become third party administrator to their own policies in the futile effort to cut expenses. AIG uses a third party company to score risks and create underwriting guidelines, they buy reinsurance to reinsure the risk, they outsource IT and Ops to other countries, they outsource claims and other client facing functions to third party administrators. So eventually you will just have underwriters pushing paper with no control of how the business is managed beyond issuing a policy. That's not an insurance company. It's an underwriting processing department.
Then they wonder why AIG can't make money. Because AIG is nothing more than a shell of a company. Why a broker would sell their clients on AIG is beyond me. It is borderline bad faith to not steer your customers in another direction.
If the alarming mortality statistics continue, they will need all of the expertise that they can get.