AIG and Dun & Bradstreet to Form Joint Venture to Deliver Insurance and Business Information Solutions for B2B eCommerce.
NEW YORK--(BUSINESS WIRE)--Oct. 31, 2000
Avantrust Web Site To Offer Innovative New Program
To Help Increase Trust in B2B eCommerce Transactions
American International Group, Inc. (NYSE:AIG) and The Dun & Bradstreet Corporation (NYSE:DNB) today announced an agreement to form a joint venture that will offer a suite of products and services, to be named Avantrust(SM), targeted to business-to-business (B2B) eCommerce marketplaces. The joint venture will leverage the companies' global leadership in insurance, risk management and business information to deliver solutions that help reduce risks and frictions in business-to-business (B2B) eCommerce transactions.
The Avantrust Web site offers an integrated suite of products and services that targets the eMarketplace segment including online exchanges, Internet-based market makers and supply chain extranets. Supported by the insurance and business information expertise of AIG member companies and Dun & Bradstreet, the Avantrust solution suite will enable eMarketplaces and their participants to confirm the identity of trading partners, inspect goods, manage and insure counterparty credit risks, insure delivery, and insure their Web sites, helping eMarketplaces build liquidity, reduce risk, and increase trust between trading partners.(a) In addition to its initial product and service offerings, Avantrust will serve as a platform to offer additional value-added transactional services. The Avantrust Web site will be initially operated by AIG eBusiness Risk Solutions, a division of the American International Companies.
"AIG has been a pioneer in creating innovative insurance solutions that address the emerging risks of businesses worldwide," said AIG Chairman M. R. Greenberg. "This agreement with Dun & Bradstreet and the introduction of Avantrust further our commitment to meet the risk management needs of rapidly-growing, technology-driven industries."
"Dun & Bradstreet brings to this alliance the unique ability to help businesses overcome the barriers of uncertainty and anonymity among buyers and sellers trading online," said Allan Z. Loren, Chairman and Chief Executive Officer of Dun & Bradstreet. "In this agreement with AIG, we are providing robust technology that businesses use to authenticate and verify potential trading partners. This capability, along with our credit decisioning application platform, will enable Avantrust participants to conduct electronic commerce with increased levels of trust and confidence. This alliance is an important step forward in our aspiration to become a growth company with an important presence on the Web."
The launch of the joint venture will be led by Gretchen Hayes, President, AIG eBusiness Risk Solutions.
Leading eMarketplaces including PaperExchange.com, Fasturn.com and iSolve.com have announced that they will make the Avantrust solution suite available to their sites' participants.
Avantrust offers compelling value for B2B eCommerce participants through the integrated products and services launched today on Avantrust.com:
For The Buyer, Seller and eMarketplace
Confidence in knowing trading partners - authentication and
verification services for businesses and authorized
representatives are available to help mitigate the risk of
fraudulent or unauthorized transactions.
Protection against Internet liability and network security
risks - insurance coverage and assessment services that
address risks and financial losses resulting from failures of
network security, Web content liability and Internet
For The Seller
Protection against payment risks - offers recommendations on
credit limits in real time, credit insurance built upon a
buyer's credit profile, monitoring service on a buyer's
financial condition, and collection services, all online.
For The Buyer
Coverage for delivery risks - addresses delivery risk of
purchased goods through cargo insurance that can be purchased
by the buyer for a single shipment, directly at the online
point of purchase.
Quality assurance of goods as promised - buyers can choose
services from leading third-party inspection, testing and
certification companies to inspect goods and to receive
quotes, terms of contract, status reports and billing online.
For more information on Avantrust, please visit http://www.avantrust.com.
American International Group, Inc. (AIG) is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
The Dun & Bradstreet Corporation (NYSE:DNB) is the most trusted source for the information companies need to make their business a success. D&B is the world's leading provider of business-to-business credit, marketing, and purchasing information and receivables management services. Companies of all sizes use D&B data to evaluate business opportunities with confidence and execute transactions at the speed of e-business. Dun & Bradstreet, based in Murray Hill, N.J., operates in 37 countries. Additional information about Dun & Bradstreet is available at www.dnb.com.
(a) Insurance coverages are underwritten by AIG member companies. Products and service may not be available in all states. Issuance of insurance coverage is subject to underwriting. Please see the policy for a complete description of its scope and limitations of coverage.