HANCOCK INTENDS TO STRENGTHEN AIG’S USE OF DATA

Peter Hancock, who takes the helm at AIG on Monday, plans for the company to “manage down the cost of risk” through major investments in computers and personnel to improve data analysis, he has told the Wall Street Journal. Hancock said that he will “raise the profile of technology” at the company by hiring a chief information officer. As head of AIG’s global p/c business since 2011, Hancock has already named a chief science officer for the division, reflecting his focus on science-driven decision-making. The p/c science staff has grown to around 130. He also intends to continue fine-tuning AIG’s lines of business, boosting sales of property cover and cutting sales of certain workers’ compensation and other lines that generate too little profit.