AIG New Zealand Wins ‘Innovation of the Year’ Award

Media release – for immediate release

AIG New Zealand Wins ‘innovation of the Year’ Award For Cyberedge

Leading insurance provider AIG Insurance New Zealand Limited (AIG) has just been awarded ‘Innovation of the Year’ at the New Zealand Insurance Industry Awards for their cyber liability insurance solution, CyberEdge. 

The Innovation of the Year award, presented by the Australia and New Zealand Institute of Insurance & Finance (ANZIIF), recognises insurance companies who have made a fresh and successful contribution to product development and/or customer service through innovation. 

The Award’s judges noted that "in looking at innovation in the market, the judges appreciated the sophistication of CyberEdge and the need for such a product to meet the very real threats faced by New Zealand businesses today".

Receiving the award on AIG’s behalf, Cris Knell, CEO AIG New Zealand said “I’m extremely proud that this award recognises the creativity, lateral thinking and collaboration of AIG’s global and local teams in developing and launching this unique new product to the New Zealand market. In an ever changing digital landscape, we anticipate that cyber liability will become a more standard customer requirement as we move into 2014 and beyond.”

Unlike traditional insurance policies, CyberEdge is specifically designed to meet the business risks associated with breaches of data protection laws, mismanagement of personal data and the consequences of losing corporate information. As the reaction time is critical following a cyber event, AIG provides 24 hour access to CyberEdge’s Data Crisis Response panel, comprising legal and forensic services and PR experts.

“My team and I are absolutely thrilled to have won such a prestigious accolade for CyberEdge,” said Ryan Clark, Manager, Financial Lines AIG NZ. “New Zealand is ranked 4th in the world for cyber crime with the cost estimated at over $150 million a year. CyberEdge enables New Zealand companies to manage their cyber risks and contain the often unanticipated, but far reaching consequences of data leaks and breaches. We’re delighted to be the first insurer in New Zealand to offer such a comprehensive and innovative insurance solution that broadly addresses this emerging threat.”

The announcement comes shortly after AIG launched Gold Complete, a specialized management liability product that provides clients a choice of up to twelve different product modules to create one single comprehensive cover. Gold Complete uniquely includes an “Evergreen” feature that allows the policy cover to automatically continue year after year without the need for a traditional annual renewal process.

ENDS

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