NU Online News Service, May 14, 1:55 p.m. ? New York
Maurice Greenberg, chairman of American International Group Inc., New York, says U.S. insurers contemplating expansion abroad need to focus on execution.
“Distribution is critical,” Greenberg said here at a recent insurance conference organized by PricewaterhouseCoopers L.L.P., New York. “I think about it all the time.”
But execution is just as important, Greenberg emphasized, adding that employees must understand what is acceptable, and that management has to make sure employees are doing what is acceptable.
If management fails to keep tabs on the employees, then management is to blame for any problems, Greenberg said.
Greenberg, whose company has helped knock down financial-services trade barriers in China and other countries, said being the first foreign carrier to open a market and paying the right price for any acquisitions can help lead to success.