Why AIG’s been home to pioneers for the last 100 years

The start of each New Year is an opportunity to look back and look ahead, but 2019 is especially so for AIG. This year we mark our centennial anniversary, making this an occasion to reflect on what has made AIG an industry leader over the past 100 years, as well as how we will position the company as a growing, profitable leader for the next century. 

I’m extremely proud of the pioneering role AIG has played in this industry. Delivering deep specialist expertise for our clients, an entrepreneurial spirit in how we address evolving risks, and a commitment to communities in which we operate have been core to who we are since AIG’s roots were planted in Shanghai in December 1919.

That was when Cornelius Vander Starr launched American Asiatic Underwriters (AAU), the first of the companies that would become AIG, in a two-room office. Starr was at that time 27 years old and looking to make his mark on the world following a series of different entrepreneurial jobs in San Francisco and Japan after his service in WWI. 

He envisioned AAU as a new type of insurance company and reflected this in how it did business. He hired local talent to sell to local clients long before this became a common practice, and the early expat colleagues he hired focused on the risks that mattered to the Chinese business community. His team included early leaders in fire and marine insurance. He also structured access to international capital for property & casualty and life insurance in Asia, which had previously been largely unavailable there.

The focus on developing talent and innovative approaches to managing risks that Starr established made AAU successful a century ago and continues to define AIG today. Starr’s team expanded quickly from Shanghai around the world while pioneering new, innovative ways to serve clients.

The list of “firsts” since Starr opened his first office is long. It includes becoming the first foreign company licensed in Japan after World War II, the first foreign insurer to open a representative office in Beijing since the Communist Revolution, the first foreign insurer to gain licenses from former USSR countries after the fall of the Soviet Union, and pioneering roles in launching numerous insurance coverages, such as D&O, environmental impairment liability, cyber risk coverage, and others.

Like Starr, I also started my career in insurance just out of the Army. It was the pioneering spirit of the people at AIG that got me hooked on this industry. There was a real sense of energy and camaraderie as we worked together to tackle how to address a huge range of risks our clients faced. These qualities also brought me back to AIG as its CEO in 2017, and I believe will continue to set us apart for our next 100 years.

We’ve collected the best examples of how AIG has delivered for our clients, served our communities to make our world a better place, and how we’re preparing for the future. I encourage you to visit 100.aig to read these accounts. We will continue to publish new content online throughout the year.

The insurance industry will no doubt look vastly different in the future than it does today, driven by technology, automation, as well as new and emerging risks. That being said, our people will remain the key driver of our success. For example, there are areas where automation can speed the underwriting and claims processes, but our clients—whether they’re the world’s largest corporations looking to manage complex risks or individuals seeking a secure financial future for themselves and their families—will still look to us for our deep expertise and financial strength to help solve their most difficult challenges.

I believe our most important history lies ahead of us. There will be many more chapters for AIG, and many more pioneering individuals needed to write them.