“Blackboard,” is the new name for American International Group’s technology-focused subsidiary formerly known as Hamilton USA.

Hamilton USA was part of Hamilton Insurance Group, but AIG announced plans to buy it in May when its chief executive officer, Brian Duperreault, left to become AIG’s new leader.

The Hamilton USA/Blackboard platform uses emerging technology and data science and AIG plans to deploy it to modernize and transform its commercial insurance business underwriting and claims practices. Hamilton USA Chief Executive Officer Seraina Macia remains CEO of Blackboard (known formally as Blackboard U.S. Holdings, Inc.) and the $110 million acquisition deal closed on Oct. 2.

Seraina Macia

“Our name acknowledges that there will be many advances in data and technology, and Blackboard will be the place where our people, clients, and brokers collaborate continuously to find better ways of doing business and to transform the insurance experience,” Macia said. “Blackboard is a key part of AIG’s strategy to grow our business with the greatest competitive advantage and ability to serve our clients, today and into the future.”

Blackboard describes its vision as one that reimagines and transforms commercial insurance through digital technology, data analytics and automation. AIG said the new name represents “a clean slate” and establishes an alternative option “for those in the industry who want to work together to leave behind the burden of inefficient, manual processes and outdated systems.”

As it stands, Blackboard’s mission will be to help clients and brokers move faster through the use of technology so they can focus more on “relationships, building business and reinvesting for growth.”

Blackboard will be run as a startup, backed by AIG’s resources. Its platform will launch in the 2018 second half, something that AIG said will provide “an integrated, digital, end-to-end commercial insurance experience.”

Source: AIG

Topics Mergers & Acquisitions InsurTech Tech AIG