Review of Strategies Undertaken by AIG Essay Example | Topics and Well Written Essays - 1000 words

Review of Strategies Undertaken by AIG - Essay ExampleAmerican International conference which is a fiscal services beau monde constitutes of diametrical business units. These are AIG Bank, AIG Direct, SunAmerica financial group, Chartis insurance, United guaranty Corporation and International Lease Finance Corporation. The main revenue of the community is from the Chartis insurance which is major wee in the global insurance sector. SunAmerica financial group is the other which generates maximum revenue for the AIG group. From this statistics, it can be said that the company is mainly focusing on the conduct insurance, general insurance, wealth wariness, asset management programs. It can also be said statistics that the major theatrical role of revenue comes from the casualty and specialty canal of business. In any type of industry, the companies should design and offer the product or services according to the node needs. Financial services industry is a volatile industry. During the economic downturn, the companies generally dont make headway much from the financial services. The reputation of the companies plays a big role in that situation. If the financial services companies bequeath the products according to the needs of the guests and build customer faithfulty then they will have a warlike edge than their competitors. For having a good percentage of market shares as well as retaining the customers in the meter of financial downturn a devoted customer base is necessary for the financial services company (The Economist, 2008, p.5-7).... During the economic downturn the companies generally dont profit much from the financial services. The reputation of the companies plays a big role in that situation. If the financial services companies provide the products according to the needs of the customers and build customer loyalty then they will have a competitive edge than their competitors. For having a good percentage of market shares as well as retaining the customers in conviction of financial downturn a loyal customer base is necessary for the financial services company (The Economist, 2008, p.5-7). The services those are providing by the company should be customized. American General Life and Accident Insurance Company (AGLA), the middle market life insurance and accidental insurance division of SunAmerican financial group provides personal customer service to the diminutive business owners and middle market segment by an effective field force consisting of the full time employees. Chartis is gaining revenue from the personal lines casualty and speciality sector of insurance which means the company is also focus on the personalized services to the customers (American International Group, 2011, p.8). So it can be said that the company is applying the amend strategy i.e. they are providing customized and customer oriented services to their customers which in turn make a loyal base of customers for the company. It woul d be helpful for the company to retain the market share in time of financial downturn. Segmentation strategy is one of the important strategies that should be addressed by the company management properly. American International Group is a large group constitute of many companies. Every company is providing different type of services and their target market is