American International Group, Inc. AIG recently launched “Family CyberEdge” to offer cyber protection to the high net worth individuals and families covered under AIG Private Client Group. Family CyberEdge offers protection from cyber extortion and cyber bullying. The insurance product also provides coverage for all the expenses related to data restoration as well as crisis and reputation management. Along with the product launch, the company announced that it is collaborating with the Private Client Services team of its strategic partner, K2 Intelligence, in order to provide information related to proactive cyber risk management to AIG Private Client Group policyholders.The product will not only provide cyber risk management services to high net worth clients employed by large companies but also provide high quality, world-class insurance coverage. Family CyberEdge offers a wide range of supplemental risk mitigation services, including a holistic assessment of devices, home networks, wireless access points and secure online accounts. This apart, it provides training services for family members, online monitoring to assess and track the availability of personal information. Furthermore, Family CyberEdge comes with a set of cyber assistance tools and resources that include assistance from experienced fraud experts, provided by identity and data defense specialist, CyberScout. Notably, the increasing use of smart applications and other technology has heightened risks that often too complicated to be managed without professional help. With cyber threats gradually becoming more sophisticated and intrusive, access to proper protection is gaining importance. Such offerings not only enhance cyber security but also provide service in case of security failure. No wonder, Family CyberEdge is a prudent initiative by AIG to capitalize on the market demand. The company remains focused on simplifying its businesses and processes. It also continues to invest in technology and infrastructure in order to keep its offerings technologically updated and tailor made to customer demand. The regular product upgrades and innovations are likely to pave the way for further growth. However, the company has been facing a number of headwinds like weak commercial business, catastrophe losses and regulatory uncertainty. Such negatives are reflected in the company’s price chart. We note that year to date, the stock has gained only 15%, underperforming the 24% increase registered by the Zacks Multiline Insurance industry. Zacks Rank and Stocks to Consider AIG presently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the insurance industry are American Financial Group, Inc. AFG, Argo Group International Holdings, Ltd. AGII and The Progressive Corporation PGR. Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here American Financial offers property and casualty (P&C) insurance products in the United States. The company delivered positive surprises in three of the last four quarters with an average beat of 6.45%. Argo Group International Holdings underwrites specialty insurance and reinsurance products in the P&C market worldwide. The company delivered positive surprises in all of the last four quarters with an average beat of 36.54%. Story continues
American International Group (AIG) has launched a cybersecurity product aimed at high net worth individuals and their families. Family CyberEdge offers protection from cyber extortion and cyber bullying, as well as coverage for expenses incurred from data restoration, and crisis and reputation management. The company is also offering its customers the option of purchasing an insurance policy that will cover up to $250,000 in losses due to identity theft or other types of fraud.