AIG Named a 2015 “Value Champion” by the Association of Corporate Counsel
American International Group, Inc. today was named a 2015 “ACC Value Champion” by The Association of Corporate Counsel (ACC) for leveraging its Global Legal Operations Center to deploy large scale, innovative programs that promote consistent achievement of the best legal outcomes at the most compelling overall value. These programs harness analytics, innovative law firm and vendor management processes, and competitively sourced alternative fee arrangements in support of the legal needs of AIG’s insurance clients as well as its corporate legal functions. Overall, the programs generated over $200 million in benefits in 2014 alone, while deploying sophisticated analytics to avoid negatively impacting legal outcomes.
A component of the ACC Value Challenge, which promotes reconnecting the cost and value of legal services, the ACC “Value Champions” initiative recognized AIG as one of 12 companies and collaborations that delivered substantial value by better managing costs, improving predictability and achieving better legal outcomes.
“We commend AIG for being champions of change in the legal industry,” said Veta T. Richardson, president and CEO of ACC. “This year, we were especially impressed by the scope of the value initiatives. The 2015 ACC Value Champions employed several value tactics simultaneously – pursuing multifaceted programs that encompass outside counsel relationships, internal process improvement and innovations in technology – accomplishing extraordinary results.”
“We are truly honored to be recognized by the ACC among such a large and accomplished group of nominees,” said Thomas A. Russo, Executive Vice President and General Counsel of AIG. “AIG’s Legal Operations Center has demonstrated that, by leveraging data, process innovations and strategic partnerships, it’s possible to both greatly enhance value in legal services and consistently obtain the best legal outcomes. We’re very proud of the remarkable accomplishments by the Legal Operations Center and their internal and external partners.”
ACC received 80 nominations from law departments and law firms from November 2014 through February 2015. The complete list of the 2015 ACC “Value Champions,” along with additional details related to the AIG submission, can be viewed online at: www.acc.com/valuechampions.
American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
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