|AMERICAN INTERNATIONAL TECHNOLOGY ENTERPRISES, INC. EXPANDS ELECTRONIC REPORTING CAPABILITIES FOR AUTOMOBILE LIABILITY INSURANCE TO INSURERS NATIONWIDE|
NEW YORK--Sept. 29, 2003--American International Technology Enterprises, Inc. (doing business as AIG Technologies), a member company of American International Group, Inc. (AIG), announced today that its Web-based Automobile Liability Insurance Reporting (ALIR) system has expanded into a national program.
AIG Technologies' (AIGT) ALIR system provides insurance carriers nationwide with the ability to electronically report personal and commercial automobile insurance verification and cancellations. The program is tailored to comply with individual state requirements and is customizable to meet a company's specific reporting needs.
"ALIR helps insurers avoid state penalties and fines for non-compliance," said Paul Madarasz, President, AIGT. "These penalties are a costly problem for companies operating in jurisdictions that legally require insurers to report automobile liability verification and cancellations to state agencies through the use of Electronic Data Interchange (EDI)."
In addition to helping automobile underwriters comply with state regulations, AIGT's ALIR program is designed to streamline processes while increasing the speed and accuracy of the reporting procedure. The program enables direct communications with each state's Division of Motor Vehicles (DMV) on behalf of the insurer to verify that data meets reporting mandates. This is managed through a Web-based "Error Correction Facility," which reconciles returned transactions, allows errors to be reviewed and corrected and resends transactions to the DMV.
Other features of the program include industry standard point-and-click capabilities, online help documentation on every screen, and drop down boxes that display options in easy to understand descriptions.
The AIGT ALIR system requires only Internet access and a browser, with no installation or maintenance. Leveraging AIGT's application hosting model, insurers, in most instances, can go live with the system in just a few days and expand to other states as their business needs dictate.
AIGT is a leading supplier of information technology solutions, including applications geared to the insurance industry, data center managed operations and consulting services. AIGT's data center facilities combine to form an innovative, world-class infrastructure that affords clients with extensive, on-demand processing power, complete redundancy, disaster recovery and critical business contingency opportunities.
For more information on AIGT's products and services, please visit AIGT on the web at www.aigtechnologies.com, call 800.788.0144 or e-mail firstname.lastname@example.org.
AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement savings businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
CONTACT: AIG Technologies Andrew Silver, 212/770-3141 SOURCE: American International Technology Enterprises, Inc.