AIG Warranty Programs Overview
Warranty Programs Overview Presented by: James Mostofi President U.S. Warranty Division February 28, 2013
RIMS Silicon Valley Overview – General Warranty Marketplace •
Strong Demand/Changing Market • Convergence/Mobile • Maximize Lifetime Value of Customer • Pressure for Long Term Profitable Growth
• Changing Economics • • • •
Falling Retail Prices of Products Service Model Changes Product Change (Convenience, Other Coverage, Deductibles) Enhanced Value on Data/Service
• Drifting Away From Single Point of Purchase • Imbedded Benefits as Product Differentiator • Monthly Programs • Loyalty Programs 2
RIMS Silicon Valley Overview – New Market Demands •
New Coverage • • • •
Traditional Extended Warranty Theft/Loss/Accidental Damage High Deductible Service - Convenience/Catastrophic Coverage Other Coverage - Data Back-up, Tech Support, Refresh, Upgrade
• Channels (Old and New) • Traditional - Point-of-Sale (“POS”), Aftermarket, Registration/Activation • New Channels and Affinity offerings – See Channel Discussion
• New Products • Battery Coverage • Alternative Energy Products • Bundled Products (i.e. other dependent products) 3
RIMS Silicon Valley Overview – New Market Demands (cont.) • Global Unity • One Program in 50 Countries not 50 Programs in 50 Countries • Unified Reporting, Currency, Performance Measurements • Unified (albeit Localized) Best Practices EUROPE (Example)
POS
Local Currency
All amounts are per contract
Countries Austria Belgium France Germany Ireland Italy Netherlands Spain Sweden Switzerland UK US
Fixed Claim Cost Price to (exclusive of Consumer incl Commission at Expected AIG Expenses VAT and Tax 35% Losses and Risk Fee Deductible) € 60.18 € 18.98 € 31.79 € 9.41 € 143.25 € 59.92 € 19.20 € 32.16 € 8.56 € 143.25 € 58.82 € 18.89 € 31.64 € 8.29 € 143.25 € 63.76 € 18.75 € 31.42 € 13.59 € 143.25 € 56.49 € 19.20 € 32.16 € 5.14 € 143.25 € 66.28 € 18.98 € 31.79 € 15.51 € 143.25 € 58.78 € 18.75 € 31.42 € 8.61 € 143.25 € 56.21 € 18.53 € 31.05 € 6.63 € 143.25 523.87 kr 183.35 kr 307.18 kr 33.34 kr 1,307.95 kr CHF 58.11 CHF 19.37 CHF 32.45 CHF 6.29 CHF 170.79 £46.75 £15.44 £25.86 £5.45 £124.15 n/a n/a $ 50.00 $ 8.00 $ 230.00
EUROPE
POS
Fixed Claim Cost (inclusive of VAT and Deductible)* Customer Ded € 122.90 € 49.00 € 124.33 € 49.00 € 122.33 € 49.00 € 121.47 € 49.00 € 124.33 € 49.00 € 122.90 € 49.00 € 121.47 € 49.00 € 120.04 € 49.00 1,187.54 kr 447.40 kr CHF 125.46 CHF 59.00 £99.98 £49.00 $ 200.00 $ -
IPT Rate 11.0% 9.3% 9.0% 19.0% 3.0% 22.3% 9.7% 6.2% 0.0% 5.0% 6.0% 0.0%
Fixed Claim Cost (inclusive of VAT and Deductible)* $ 163.87 $ 165.78 $ 163.10 $ 161.96 $ 165.78 $ 163.87 $ 161.96 $ 160.05 $ 173.42 $ 140.30 $ 153.82 $ 200.00
IPT Rate 11.0% 9.3% 9.0% 19.0% 3.0% 22.3% 9.7% 6.2% 0.0% 5.0% 6.0% 0.0%
US $
All amounts are per contract Price to Consumer incl Tax Austria Belgium France Germany Ireland Italy Netherlands Spain Sweden Switzerland UK US
Price to Consumer incl Tax $ 80.24 $ 79.89 $ 78.43 $ 85.02 $ 75.32 $ 88.37 $ 78.38 $ 74.94 $ 76.50 $ 64.99 $ 71.92 n/a
Commission at 35% $ 25.30 $ 25.60 $ 25.18 $ 25.01 $ 25.60 $ 25.30 $ 25.01 $ 24.71 $ 26.78 $ 21.66 $ 23.75 n/a
$ $ $ $ $ $ $ $ $ $ $ $
Expected Losses 42.39 42.88 42.19 41.89 42.88 42.39 41.89 41.40 44.86 36.29 39.79 50.00
AIG Expenses and Risk Fee $ 12.55 $ 11.42 $ 11.05 $ 18.12 $ 6.85 $ 20.68 $ 11.48 $ 8.83 $ 4.87 $ 7.03 $ 8.39 $ 8.00
Fixed Claim Cost (exclusive of VAT and Deductible) $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 230.00
Customer Ded $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.98 $ 75.38 $ -
4
RIMS Silicon Valley Applicability to the Technology Sector • Existing and Emerging Products • Traditional Tech • Consumer (Computers, CE, Tablets and Mobile) • Commercial/Educational (Computers, Servers, Monitors, Printers, Tablets, Communication Equipment, Mobile) • Geographically Independent •
Emerging Tech • • • • • • • • •
Traditional Tech Cloud Service Data Service Personal Data Integrity Content Security Identity Security Refresh Loyalty Globally Unified 5
RIMS Silicon Valley Existing and Emerging Products (cont.) • Successful Programs - Two Components • Warrantable - Three components; • • • •
High Need; High Complexity; and/or High Cost Not all three are necessary
• Available Channels • Retail - POS (Brick and Mortar, Commercial, On-line) • Aftermarket, Direct to Consumer (Targeted) • Direct Mail • e-mail • Online – Registration and Activation •Other Touch Points • Balance Between Attachment Potential and Solicitation Costs • Brand Affinity Drives Attachment (Lowers Solicitation Costs) • Review all “Touch Point” • Maximize All Touch Points 6
RIMS Silicon Valley Successful Programs Components – Available Channels (cont.) • Affinity • Monthly Bill • Other Touch Points (Anywhere that a client interacts with a potential customer) • • • •
Financial Services (Lease) Utilities(Water, Electric, Cable) Bundling Programs and Services Employee Benefits
7
RIMS Silicon Valley Products likely to fail • Missing all or a portion of the Big 3 (Need, Complexity, High Cost) • No Channel • No Trust • High Solicitation Costs
8
RIMS Silicon Valley Warranty Channels • Retail is still the Best • • • •
POS/Commercial Affinity Partners (VARs) Dealers/Wholesalers On-Line (Direct or Indirect)
• Drive Attachment • Confidence/Training •Spiffs • Value Proposition (Pricing) • Prompting (POS and On-Line and Telesales)
9
RIMS Silicon Valley Warranty Channels • Aftermarket Solicitation • • • • • •
Direct Mail e-mail Online/New Media (Facebook, Twitter, Etc.) Registration (In-The-Box Solicitation) Activation Advertising • Other Touch Points • • • •
Balance Between Attachment Potential and Solicitation Costs Brand Affinity Drives Attachment (Lowers Solicitation Costs) Review all “Touch Point” Maximize All Touch Points
• Direct to Consumer – Pull Strategy • Will Consumers seek out Protection Plans? • Initial Evidence is No. 10
RIMS Silicon Valley • • •
• • •
• • •
• •
Technical Issues - Structure of Program (US) Self Administered Programs – Client sells service contracts to its customers and administers claims. Requires Compliance with Financial Security Requirements of Various States and Certain Licenses Increased Service Costs if not a Self Servicing Dealer Un-Favorable Revenue Recognition and Tax Treatment
Full Underwriting Protection – A traditional approach to extended service contract programs where Client would pay AIG a fixed price for administration and secure underwriting. All Financial Risk Underwritten by Insurance Carrier Reduced Regulatory Requirements than Self Administration Favorable Revenue Recognition and Tax Treatment
Loss Share Arrangement – A more flexible approach to extended service contract programs where Client would pay AIG a reduced wholesale price for administration and underwriting to a maximum loss ratio. Financial Risk Shared or with Insurance Carrier Lower Costs than Full Underwriting Unfavorable Revenue Recognition and Tax Treatment
Reinsurance Arrangement – Lowest wholesale cost approach to extended service contract programs where Client would Reinsure claims and AIG would provide an insurance fronting arrangement. Lowest Cost Alternative to Full Underwriting, and Loss Share Arrangement Risk is with Client 11
RIMS Silicon Valley Technical Issues - Structure of Programs (US) Illustrated Example – Full Underwriting $100 Wholesale to AIG
Premium to Underwriter
ESA sold to customer $200 Retail
Client retains $100
Illustrated Example – Loss Share $75 Wholesale to AIG
Claims paid from premium
Premium to Underwriter
ESP sold to customer $200 Retail
Client Retains $125
Claims paid from Underwriter’s premium up to 90% Loss Ratio. Client is responsible for claims in excess of 90% Loss Ratio (May require collateral).
12
RIMS Silicon Valley Technical Issues - Structure of Programs (US) Illustrated Example – Captive Fee to Underwriter $45 Wholesale to AIG ESP sold to customer $200 Retail
Beneficiary
Reinsurance Premium paid to Client Captive $155 Client funds Trust Account Cash/LOC
Detailed Example Explanation:
LC or Trust account for collateral
•Underwriter sets premium based on selected target loss ratio: (i.e. $90 for $100 loss) •Fee is added for taxes, expenses, analytical services (% of premium): part of Wholesale •Premium is ceded to Captive. Collateral is likely required to be provided to primary insurer •Primary insurer pays claims and is reimbursed by Captive. •Interest Income and collateral remainder is released back to Captive as contracts expire.
13
RIMS Silicon Valley Technical Issues - Structure of Programs • EMEA Issues • Generally Insurance Model (Particularly AD) • Connected Sale Exemption • Be aware of Statutory Rights and Related Issues
• APAC • Mix of Service Contract and Insurance
• Legal and Compliance Summary - US • Service Contract are Insurance, but excluded from regulation pursuant to State Insurance Laws. • About half the States then regulate Service Contracts • Generally concerned about Financial security
14
RIMS Silicon Valley Revenue Recognition and Tax Concerns Warranty Revenue Recognition Examples FASB Technical Bulliten 90-1 REVENUE RECOGNITION Revenue from the sale of service contract are recognized of the term of the contract Exception for earnings patterns that more closely relate to the claims emergence The Identity of the Obligor is Essential Obligor can be "Direct" or "Indirect" Retail Price: $200 Claims: $100 Term: 4 years Example #1 - Dealer Obligor (GAAP) 1 2 3 4 Total Retail Price $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 200.00 Claims $ $ (33.00) $ (33.00) $ (34.00) $ (100.00) Net Income $ 50.00 $ 17.00 $ 17.00 $ 16.00 $ 100.00
Example #2 - Third Party Obligor (GAAP) 1 Retail Price $ 200.00 $ Wholesale Price $ (100.00) $ Net Income $ 100.00 $
2
3 -
$ $ $
4 -
$ $ $
-
Total $ 200.00 $ (100.00) $ 100.00
Example #3 - Dealer Obligor (Tax) Retail Price Wholesale Price Net Income Tax Rate Tax Expense
1 2 $ 200.00 $ $ $ (33.00) $ 200.00 $ (33.00) 40% 40% $ 80.00 $ (13.20)
Example #4 - Third Party Obligor (Tax) 1 Retail Price $ 200.00 $ Wholesale Price $ (100.00) $ Tax Rate 40% Tax Expense $ (40.00) $
3 4 Total $ $ $ 200.00 $ (33.00) $ (34.00) $ (100.00) $ (33.00) $ (34.00) $ 100.00 40% 40% 40% $ (13.20) $ (13.60) $ 40.00
2
3 $ $ 40% $
4 $ $ 40% $
Total $ 200.00 $ (100.00) 40% 40% $ (40.00)
15
Warranty Programs Overview Presented by: James Mostofi President U.S. Warranty Division [email protected] 212-458-8472
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language.
RIMS Silicon Valley Overview – General Warranty Marketplace •
Strong Demand/Changing Market • Convergence/Mobile • Maximize Lifetime Value of Customer • Pressure for Long Term Profitable Growth
• Changing Economics • • • •
Falling Retail Prices of Products Service Model Changes Product Change (Convenience, Other Coverage, Deductibles) Enhanced Value on Data/Service
• Drifting Away From Single Point of Purchase • Imbedded Benefits as Product Differentiator • Monthly Programs • Loyalty Programs 2
RIMS Silicon Valley Overview – New Market Demands •
New Coverage • • • •
Traditional Extended Warranty Theft/Loss/Accidental Damage High Deductible Service - Convenience/Catastrophic Coverage Other Coverage - Data Back-up, Tech Support, Refresh, Upgrade
• Channels (Old and New) • Traditional - Point-of-Sale (“POS”), Aftermarket, Registration/Activation • New Channels and Affinity offerings – See Channel Discussion
• New Products • Battery Coverage • Alternative Energy Products • Bundled Products (i.e. other dependent products) 3
RIMS Silicon Valley Overview – New Market Demands (cont.) • Global Unity • One Program in 50 Countries not 50 Programs in 50 Countries • Unified Reporting, Currency, Performance Measurements • Unified (albeit Localized) Best Practices EUROPE (Example)
POS
Local Currency
All amounts are per contract
Countries Austria Belgium France Germany Ireland Italy Netherlands Spain Sweden Switzerland UK US
Fixed Claim Cost Price to (exclusive of Consumer incl Commission at Expected AIG Expenses VAT and Tax 35% Losses and Risk Fee Deductible) € 60.18 € 18.98 € 31.79 € 9.41 € 143.25 € 59.92 € 19.20 € 32.16 € 8.56 € 143.25 € 58.82 € 18.89 € 31.64 € 8.29 € 143.25 € 63.76 € 18.75 € 31.42 € 13.59 € 143.25 € 56.49 € 19.20 € 32.16 € 5.14 € 143.25 € 66.28 € 18.98 € 31.79 € 15.51 € 143.25 € 58.78 € 18.75 € 31.42 € 8.61 € 143.25 € 56.21 € 18.53 € 31.05 € 6.63 € 143.25 523.87 kr 183.35 kr 307.18 kr 33.34 kr 1,307.95 kr CHF 58.11 CHF 19.37 CHF 32.45 CHF 6.29 CHF 170.79 £46.75 £15.44 £25.86 £5.45 £124.15 n/a n/a $ 50.00 $ 8.00 $ 230.00
EUROPE
POS
Fixed Claim Cost (inclusive of VAT and Deductible)* Customer Ded € 122.90 € 49.00 € 124.33 € 49.00 € 122.33 € 49.00 € 121.47 € 49.00 € 124.33 € 49.00 € 122.90 € 49.00 € 121.47 € 49.00 € 120.04 € 49.00 1,187.54 kr 447.40 kr CHF 125.46 CHF 59.00 £99.98 £49.00 $ 200.00 $ -
IPT Rate 11.0% 9.3% 9.0% 19.0% 3.0% 22.3% 9.7% 6.2% 0.0% 5.0% 6.0% 0.0%
Fixed Claim Cost (inclusive of VAT and Deductible)* $ 163.87 $ 165.78 $ 163.10 $ 161.96 $ 165.78 $ 163.87 $ 161.96 $ 160.05 $ 173.42 $ 140.30 $ 153.82 $ 200.00
IPT Rate 11.0% 9.3% 9.0% 19.0% 3.0% 22.3% 9.7% 6.2% 0.0% 5.0% 6.0% 0.0%
US $
All amounts are per contract Price to Consumer incl Tax Austria Belgium France Germany Ireland Italy Netherlands Spain Sweden Switzerland UK US
Price to Consumer incl Tax $ 80.24 $ 79.89 $ 78.43 $ 85.02 $ 75.32 $ 88.37 $ 78.38 $ 74.94 $ 76.50 $ 64.99 $ 71.92 n/a
Commission at 35% $ 25.30 $ 25.60 $ 25.18 $ 25.01 $ 25.60 $ 25.30 $ 25.01 $ 24.71 $ 26.78 $ 21.66 $ 23.75 n/a
$ $ $ $ $ $ $ $ $ $ $ $
Expected Losses 42.39 42.88 42.19 41.89 42.88 42.39 41.89 41.40 44.86 36.29 39.79 50.00
AIG Expenses and Risk Fee $ 12.55 $ 11.42 $ 11.05 $ 18.12 $ 6.85 $ 20.68 $ 11.48 $ 8.83 $ 4.87 $ 7.03 $ 8.39 $ 8.00
Fixed Claim Cost (exclusive of VAT and Deductible) $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 191.00 $ 230.00
Customer Ded $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.33 $ 65.98 $ 75.38 $ -
4
RIMS Silicon Valley Applicability to the Technology Sector • Existing and Emerging Products • Traditional Tech • Consumer (Computers, CE, Tablets and Mobile) • Commercial/Educational (Computers, Servers, Monitors, Printers, Tablets, Communication Equipment, Mobile) • Geographically Independent •
Emerging Tech • • • • • • • • •
Traditional Tech Cloud Service Data Service Personal Data Integrity Content Security Identity Security Refresh Loyalty Globally Unified 5
RIMS Silicon Valley Existing and Emerging Products (cont.) • Successful Programs - Two Components • Warrantable - Three components; • • • •
High Need; High Complexity; and/or High Cost Not all three are necessary
• Available Channels • Retail - POS (Brick and Mortar, Commercial, On-line) • Aftermarket, Direct to Consumer (Targeted) • Direct Mail • e-mail • Online – Registration and Activation •Other Touch Points • Balance Between Attachment Potential and Solicitation Costs • Brand Affinity Drives Attachment (Lowers Solicitation Costs) • Review all “Touch Point” • Maximize All Touch Points 6
RIMS Silicon Valley Successful Programs Components – Available Channels (cont.) • Affinity • Monthly Bill • Other Touch Points (Anywhere that a client interacts with a potential customer) • • • •
Financial Services (Lease) Utilities(Water, Electric, Cable) Bundling Programs and Services Employee Benefits
7
RIMS Silicon Valley Products likely to fail • Missing all or a portion of the Big 3 (Need, Complexity, High Cost) • No Channel • No Trust • High Solicitation Costs
8
RIMS Silicon Valley Warranty Channels • Retail is still the Best • • • •
POS/Commercial Affinity Partners (VARs) Dealers/Wholesalers On-Line (Direct or Indirect)
• Drive Attachment • Confidence/Training •Spiffs • Value Proposition (Pricing) • Prompting (POS and On-Line and Telesales)
9
RIMS Silicon Valley Warranty Channels • Aftermarket Solicitation • • • • • •
Direct Mail e-mail Online/New Media (Facebook, Twitter, Etc.) Registration (In-The-Box Solicitation) Activation Advertising • Other Touch Points • • • •
Balance Between Attachment Potential and Solicitation Costs Brand Affinity Drives Attachment (Lowers Solicitation Costs) Review all “Touch Point” Maximize All Touch Points
• Direct to Consumer – Pull Strategy • Will Consumers seek out Protection Plans? • Initial Evidence is No. 10
RIMS Silicon Valley • • •
• • •
• • •
• •
Technical Issues - Structure of Program (US) Self Administered Programs – Client sells service contracts to its customers and administers claims. Requires Compliance with Financial Security Requirements of Various States and Certain Licenses Increased Service Costs if not a Self Servicing Dealer Un-Favorable Revenue Recognition and Tax Treatment
Full Underwriting Protection – A traditional approach to extended service contract programs where Client would pay AIG a fixed price for administration and secure underwriting. All Financial Risk Underwritten by Insurance Carrier Reduced Regulatory Requirements than Self Administration Favorable Revenue Recognition and Tax Treatment
Loss Share Arrangement – A more flexible approach to extended service contract programs where Client would pay AIG a reduced wholesale price for administration and underwriting to a maximum loss ratio. Financial Risk Shared or with Insurance Carrier Lower Costs than Full Underwriting Unfavorable Revenue Recognition and Tax Treatment
Reinsurance Arrangement – Lowest wholesale cost approach to extended service contract programs where Client would Reinsure claims and AIG would provide an insurance fronting arrangement. Lowest Cost Alternative to Full Underwriting, and Loss Share Arrangement Risk is with Client 11
RIMS Silicon Valley Technical Issues - Structure of Programs (US) Illustrated Example – Full Underwriting $100 Wholesale to AIG
Premium to Underwriter
ESA sold to customer $200 Retail
Client retains $100
Illustrated Example – Loss Share $75 Wholesale to AIG
Claims paid from premium
Premium to Underwriter
ESP sold to customer $200 Retail
Client Retains $125
Claims paid from Underwriter’s premium up to 90% Loss Ratio. Client is responsible for claims in excess of 90% Loss Ratio (May require collateral).
12
RIMS Silicon Valley Technical Issues - Structure of Programs (US) Illustrated Example – Captive Fee to Underwriter $45 Wholesale to AIG ESP sold to customer $200 Retail
Beneficiary
Reinsurance Premium paid to Client Captive $155 Client funds Trust Account Cash/LOC
Detailed Example Explanation:
LC or Trust account for collateral
•Underwriter sets premium based on selected target loss ratio: (i.e. $90 for $100 loss) •Fee is added for taxes, expenses, analytical services (% of premium): part of Wholesale •Premium is ceded to Captive. Collateral is likely required to be provided to primary insurer •Primary insurer pays claims and is reimbursed by Captive. •Interest Income and collateral remainder is released back to Captive as contracts expire.
13
RIMS Silicon Valley Technical Issues - Structure of Programs • EMEA Issues • Generally Insurance Model (Particularly AD) • Connected Sale Exemption • Be aware of Statutory Rights and Related Issues
• APAC • Mix of Service Contract and Insurance
• Legal and Compliance Summary - US • Service Contract are Insurance, but excluded from regulation pursuant to State Insurance Laws. • About half the States then regulate Service Contracts • Generally concerned about Financial security
14
RIMS Silicon Valley Revenue Recognition and Tax Concerns Warranty Revenue Recognition Examples FASB Technical Bulliten 90-1 REVENUE RECOGNITION Revenue from the sale of service contract are recognized of the term of the contract Exception for earnings patterns that more closely relate to the claims emergence The Identity of the Obligor is Essential Obligor can be "Direct" or "Indirect" Retail Price: $200 Claims: $100 Term: 4 years Example #1 - Dealer Obligor (GAAP) 1 2 3 4 Total Retail Price $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 200.00 Claims $ $ (33.00) $ (33.00) $ (34.00) $ (100.00) Net Income $ 50.00 $ 17.00 $ 17.00 $ 16.00 $ 100.00
Example #2 - Third Party Obligor (GAAP) 1 Retail Price $ 200.00 $ Wholesale Price $ (100.00) $ Net Income $ 100.00 $
2
3 -
$ $ $
4 -
$ $ $
-
Total $ 200.00 $ (100.00) $ 100.00
Example #3 - Dealer Obligor (Tax) Retail Price Wholesale Price Net Income Tax Rate Tax Expense
1 2 $ 200.00 $ $ $ (33.00) $ 200.00 $ (33.00) 40% 40% $ 80.00 $ (13.20)
Example #4 - Third Party Obligor (Tax) 1 Retail Price $ 200.00 $ Wholesale Price $ (100.00) $ Tax Rate 40% Tax Expense $ (40.00) $
3 4 Total $ $ $ 200.00 $ (33.00) $ (34.00) $ (100.00) $ (33.00) $ (34.00) $ 100.00 40% 40% 40% $ (13.20) $ (13.60) $ 40.00
2
3 $ $ 40% $
4 $ $ 40% $
Total $ 200.00 $ (100.00) 40% 40% $ (40.00)
15
Warranty Programs Overview Presented by: James Mostofi President U.S. Warranty Division [email protected] 212-458-8472
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language.
