Printer Friendly

AIG and Dun & Bradstreet to Form Joint Venture to Deliver Insurance and Business Information Solutions for B2B eCommerce.

Business & High Tech Editors

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

professional liability.

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.
COPYRIGHT 2000 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Oct 31, 2000
Words:864
Previous Article:AuthenTec and I/O Software Announce Joint Marketing Alliance; AuthenTec and I/O Software Foresee Growing Consumer Interest for Biometrics.
Next Article:MTW Introduces P&C eComponents Plus; Next Generation Policy Processing Software Dramatically Redefines Standards for Property and Casualty Insurance...
Topics:


Related Articles
State Farm leases 12,000 sf at Teleport II on Staten Island.
Dun & Bradstreet Announces Sale of American Credit Indemnity.
AIG Forms AIG eBusiness Risk Solutions, A New Division to Develop eCommerce Risk Products.
Leading Insurance Carriers Join Forces to Launch Innovative Personal Lines Insurance Web Site.
To Be...Or B2B.
Avantrust Launches Its Passport to Support Online Credit and Identity Decisions; Enables U.S. Customers to Transact in Global Markets.
Avantrust Makes Key Additions to Business Development, Technology, and Finance Posts.
Avantrust Makes Key Additions to Sales Team.
Avantrust Appoints Rick Leander CEO; E-Commerce and Technology Leader Brings Global Business Expertise to Senior Management Team.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters