On July 4th, the Monash touring party arrived at the next stop on its whirlwind tour of China, AIG (American International Group).
The American International Group Inc. (AIG) is a world leader in insurance and financial services. With operations in 130 countries, this organisation is at the forefront of financial services and from closer inspection of its operations and activities it is not hard to see why they enjoy the reputation that precedes them.
AIG, the parent company of AIA has beneath its wings companies that serve commercial, institutional and individual customers through the most extensive worldwide property casualty and life insurance networks of any insurer. They are the leading providers of retirement services, life insurance, financial services and asset management.
AIA is a wholly owned enterprise and is listed on the New York, Tokyo and Irish stock exchanges.
Our visit to the AIA offices began with a tour of the museum which described the history of their formation and the work of their pioneer and founding father Mr Starr. From here, we were invited into the boardroom where we were greeted by our presenter Ivy. The discussion that followed was an interesting and highly educational account of the challenges that are faced in the current insurance climate and the aspirations and goals of AIA as it moves forwards.
In discussing the challenges faced by insurance agencies in the modern Chinese environment, the presenter focused on three key areas - Increasing competition, lack of experienced professionals and the regulatory environment.
We looked at the importance of training, communication, care and education in forming and maintaining a workforce that was equipped to manage the complex and profound institutional and social dimensions of this country.
Ivy then moved to highlight the position of AIA in the insurance market and we discussed and elaborated on some of the techniques that AIA can and is using to drive growth. Some of the statistics that were revealed were quite astounding and it is here that AIA realises that this is a market with tremendous growth potential as long as it is approached carefully through diligent planning and business frameworks.
In recognition of the relationship that Monash has established with AIA, a small gift was presented to the company as gratitude for their time and hospitality. Upon conclusion of our visit we moved to the roof of the building where the view of Shanghai greeted us and it was here that we realised what an amazing hub of activity that Shanghai was and of this bustling and vibrant city that is fast becoming the financial Mecca of Asia.
