Growing AIG Iberia’s Financial Lines business through innovation
As Head of AIG Iberia’s Financial Lines, Maria Victoria “Mavi” Valentin-Gamazo is leading efforts to refine AIG’s products and services supporting brokers and clients.
Maria Victoria “Mavi” Valentin-Gamazo was an insurance attorney in Spain when she decided that it was time for a career switch and joined AIG.
This came at an unexpected time for Mavi, who was on maternity leave with her first child when she re-evaluated her long-term career path. Mavi was drawn to AIG’s workplace culture, where she saw opportunities to expand her legal expertise while building a fulfilling career.
“AIG values what I can do professionally, while still supporting me as a working mother,” says Mavi, who has taken on various roles within AIG’s Financial Lines business during the past 13 years, including in product development and underwriting.
“Work-life balance is possible if you use your time in the best manner and can find a company that supports you.”
As Head of Financial Lines in Iberia, Mavi is leading initiatives to help grow the business. This includes developing innovative products tailored to help companies with management liability and other risks in an increasingly digital world.
“Innovation is part of AIG’s DNA,” Mavi says.
For instance, while working in new product development in 2012, Mavi helped launch cyber insurance in Spain and the United Kingdom. A decade later, cyber is an important part of AIG’s portfolio in that region, partially due to its long-standing presence in the market. More recently, the team has developed an insurance product tailored to support payment service providers in Spain.
Address the needs of clients by innovating AIG Iberia’s products and services
Today, innovation remains a priority to continue growth in Iberia.
“Companies are changing the way they do business,” Mavi explains. “Our clients need new insurance solutions and AIG is thinking ahead to address the needs of this evolving market.”
For example, clients may have only needed liability coverage in the past, but due to increased exposure from remote work and the digitization of business practices, they now look to expand their insurance program to include lines such as cyber. AIG is meeting this demand by developing solutions that bundle multiple types of coverages within a single insurance product.
Recently, Mavi’s team launched a product designed to support FinTech companies that need a variety of insurance coverages, such as cyber, director and officers’ liability (D&O) and professional indemnity (PI).
In addition to innovative products, AIG differentiates itself in the Iberian market through its expertise in managing risk. By looking at current trends and analyzing past claims data, AIG can help assess clients’ exposure and, in some cases, work with them to address known critical vulnerabilities and malware that give rise to losses. For instance, AIG Iberia provides a broad range of services to its cyber customers, including employee training and risk assessment of their companies’ networks. In addition, for larger Iberian clients, AIG’s cyber risk advisors help identify potential cyber vulnerabilities and provide tips on ways to improve security of data and information.
Mitigating risk up front, combined with proper core underwriting guidelines, allows AIG to provide clients with sustainable insurance programs.
Growing AIG Iberia’s client base
Another business priority for Mavi is to diversify AIG’s portfolio of clients. While AIG’s Iberia business has long supported large corporate and multinational clients, Mavi aims to continue growing the organization’s clientele of small and medium-sized enterprises (SMEs) in Iberia.
“My 2022 strategy includes maintaining sustainable growth in AIG’s current portfolio, while introducing new growth in the smaller market,” Mavi says.
Previously, programs designed for larger clients would have to be adapted for each SME request, which took time. To streamline the process, Mavi and the SME regional team developed products specifically designed for SMEs, in terms of both underwriting and pricing. This allows brokers to provide insurance programs more quickly and efficiently to small and medium-sized clients. In Spain, new cyber, D&O, and PI products are planned to launch on the SME platform by the end of 2022.
“Communication is key to these initiatives,” Mavi adds. To deepen AIG’s relationships with clients, colleagues work in tandem with brokers to elevate conversations, even difficult ones. Challenging issues due to today’s hard market – such as less capacity or increased rates – need to be explained thoroughly to clients. In addition, actuarial and technical data are shared with clients when discussing underwriting and claims capabilities, as well as complex renewal and pricing issues.
“We work with brokers to provide clients with comprehensive information to develop tailored insurance solutions for their needs,” Mavi explains.
“Innovation, diversification, and communication will continue to be the drivers for growth in Iberia.”
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