AIG Arm Brings Mobile App, Eases Enrollment in Retirement Plans

American International Group, Inc.’s AIG unit, AIG Retirement Services, recently rolled out mobile app capabilities in a bid to ease nonprofit and public service employees’ enrollment in workplace retirement plans.

The advanced mobile app can be availed by newly hired and plan-eligible employees who will make use of the digital tool for easy execution of the plan enrollment process at their own convenience. With a click on the mobile device, the app will furnish plan participants with information pre-fills aimed at easing enrollment, an easy-to-use investment selection process and multi-factor authentication for obtaining personal information.

Further, the digital tool is equipped with the flexibility to “come back later” with the questions of a financial professional before putting a final end to the enrollment process. Also, the app seems to be a time-savvy one as it waives the need for paper forms and minimises administrative workloads.

It has to be noted that the mobile app seems to be of great use to employers as well, who can encourage employees through QR codes, instructional videos and interactive education modules, as well as offer a secured financial future to them.

Shares of this Zacks Rank #3 (Hold) multiline insurer have soared 119.1% over a year compared with the industry’s 73.6% rally.

Moreover, the recent move seems to be time opportune since digitization seems to have been massively adopted in almost every sphere of life and the trend is likely to sustain even beyond the COVID-19 pandemic. Also, there has been a rise in the usage of mobile devices, whose utilization will somewhat ease enrollment in retirement plans. Digitizing the enrollment process also seems to be the need of the hour amid the growing need for enhanced retirement solutions.

Several factors like the pandemic-induced financial uncertainties, an increase in the number of Americans attaining the age of retirement and employers’ intensified focus on offering defined contribution (DC) plans — subject to market volatility — have further aggravated nationwide financial insecurities. As a result, the recently launched mobile app seems to perfectly capitalize on the prevailing scenario with enhanced retirement plan experiences aimed at addressing planned retirement goals of employees.

It is worthy of mentioning that AIG has been striving to offer a comprehensive financial planning for retirees. This endeavor is being pursued by its member companies as well. AIG Retirement Services has emerged to be one of the chief DC retirement plan providers for tax-exempt and public sector employers. Case in point, it has been selected to act in the role of exclusive retirement plan provider for the non-profit health care system named Care New England last month. Last December, the unit rolled out an inclusive solution named Total Retirement Services, which facilitates hassle-free integration of both DC and defined benefit plans integrated into a single solution for benefiting retirement plan participants.

Stocks to Consider

Some better-ranked stocks in the insurance space include Old Republic International Corporation ORI, James River Group Holdings, Ltd. JRVR and Primerica, Inc. PRI. While Old Republic sports a Zacks Rank #1 (Strong Buy), James River Group and Primerica carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Old Republic, James River Group and Primerica have a trailing four-quarter earnings surprise of 65.8%, 11.6% and 8.4%, respectively, on average.

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