American International Group (AIG), the global insurance organization that traces its roots back to the establishment of a small insurance agency in China nearly a century ago, has launched a sweeping initiative to expand access to life insurance for Chinese-American consumers in the US.
As part of AIG’s blueprint for building further on the transformative growth strategy announced in 2014 for its product distribution network, the carrier has begun recruiting several hundred additional life insurance agents to address the needs of Chinese-Americans and is implementing an array of other measures to augment its service to them.
"The expansion of our presence in the Chinese-American market in the U.S. encompasses a broad range of initiatives," said John Deremo, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors.
AIG’s research indicates Chinese consumers value permanent life insurance. The carrier believes its Quality of Life … Insuranceproduct suite – known as "life insurance you don’t have to die to use" and centered on flexible solutions designed to address multiple consumer needs – resonates strongly in the Chinese-American market.
"The Chinese-American market has proven to be an exciting area of growth for AIG Financial Network and AIG Partners Group, two of our key distribution channels," Deremo said. "In this market, agents and consumers alike have a long and favorable association with AIG based on our roots in China, which began with the opening of a two-room agency in Shanghai in 1919."
The Chinese-American market already accounts for a significant percentage of AIG’s U.S. life business. With the opportunity to build on this success, AIG is making tactical investments to serve this community better than ever before.
"Later this summer, we will announce the opening of our prototype AIG Financial Network office that is specifically designed in consideration of the Chinese-American consumer," Deremo said. "This office, which will be in Pasadena, California, will feature a tea room with round tables for conversation, Asian photography, and Chinese signage."
The leadership team focused on meeting the life insurance needs of the Chinese-American community includes AIG Financial Network’s Elaine Liu, Vice President and Chief Marketing Officer, Asian Markets, and Joe Kuo, Vice President and National Sales Director, Asian Markets.
AIG Financial Network includes the employee agents of American General Life Insurance Company (AGL), a member of American International Group, Inc. (AIG). Policies and annuities are issued by AGL, which is responsible for financial obligations of insurance products.