Source StraitsTimes
By Melissa Sim & April Chong
THIS time last week, it was business as usual. But by Monday, everything had changed for 4,000 AIA agents here.
One recounts getting an early morning phone call from a girlfriend in the banking industry to warn him that all was not well with the insurer's parent company, American International Group (AIG).
After that, the phone calls did not stop. Day and night flew by while he persuaded anxious clients that their policies were still sound. Meanwhile, Wall Street was in turmoil and customers besieged the AIA office in Finlayson Green to end their policies.
'Many clients were worried, but they were still financially sensible. They knew it was at their disadvantage to surrender their policies,' said the agent, who wanted to be known only as Mr Lee, 29.
He was one of 25 AIA agents who spoke about their frantic week.
'You have to be contactable. How would you feel if even your agent seems to have run away?' said agent Michael Lee, 39.
AIA is a member of the world's largest insurer, AIG, which has incurred US$18billion (S$26 billion) in losses over the past three quarters from guarantees it wrote on mortgage derivatives.
Of the 25, just two said they had clients who surrendered their policies.
Of the 25, just two said they had clients who surrendered their policies.
Things began looking up on Wednesday, when the United States government extended an US$85billion loan to AIG.
Then another blow came on Thursday: Mr Mark O'Dell, AIA Singapore's executive vice-president and general manager had quit. Agents hardly knew what to think.
Said Mr Michael Lim, who is in his 40s and has been with AIA for eight years: 'If it's an individual decision, it's very selfish... If it's a corporate decision, the top management is very inconsiderate.'
With so much effort concentrated on keeping the peace, only a few agents managed to close deals this week.
More optimistic agents felt the storm would blow over in two weeks, but others saw a lull of at least six months. Said one agent: 'Confidence is everything in insurance. For the longest time, we had used the name of AIG to sell. But now... what has happened will be a mark that is there forever.'
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