<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Has Yellow impounded his passport? Or banjang him cos he's an ang moh?
Sep 21, 2008
What a harrowing week it was for...
</TR><!-- headline one : start --><TR>AIA Agents: Sleepless in Singapore
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Jamie Ee Wen Wei
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Mr Philip Tay recalls having to change his cellphone batteries three times in three hours amid a flurry of panic-stricken calls from AIA's policyholders last week. -- ST PHOTO: DESMOND LIM
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
AIA insurance agent Philip Tay, 54, was glued to his mobile phone last week.
After finding out about a liquidity crisis at the American International Group (AIG), panic-stricken customers of AIA, an AIG subsidiary, began calling him non-stop.
'I received over 200 phone calls in two days. I talked so much that I had to change my cellphone batteries three times in three hours,' recalled Mr Tay.
Most of his customers wanted to find out what would happen to their money should the company go belly up. Three wanted to surrender their policies.
'I told them it's up to them, but I also explained to them that it is not necessary. AIA is a prudent company.'
It was also a hectic week for many of the other 4,000 AIA agents in Singapore. Those who spoke to The Sunday Times said they had to tend to numerous phone calls and e-mail messages from clients. Some slept for just two hours a day and were worried about losing their jobs.
Ms Rebecca Quek, an AIA agent of 13 years, said she had been working from as early as 7am - when the first phone call would come in - till midnight. 'I'm almost losing my voice,' she said.
Most agents, though, are taking the increased workload in their stride.
Mr Vincent Toh, 49, said: 'It is a good thing that they are calling us. It shows that our clients still trust us and want to hear from us first.'
Of the 14 insurance agents interviewed, five said they have had customers terminate their policies in the past week.
Mr Andy Tan, 41, said four of his customers surrendered their policies.
'I can understand how they feel. They want to minimise their risk. As a financial consultant, I want my customers to see the long-term benefits, so I find ways to convince them. But sometimes, no matter what you say, they just won't listen,' he said.
He has trouble sleeping and is nursing the flu and a sore throat.
'The moment you close your eyes, you think about this thing. It's very stressful. I've been trying to think of how to convince my clients to stay put.'
Most of the agents said they were putting business on hold for now, as they sought to reassure existing clients.
Some, however, like Mr Tay, still managed to close new deals last week. He said a teacher bought an investment-linked life insurance policy from him last Tuesday.
'She is aware of the financial crisis. I explained the situation to her, and she accepted it. There are people who still have confidence in AIA.'
Still, the announcement of Mr Mark O'Dell's resignation as AIA's executive vice-president and general manager last Thursday left some agents feeling even more lost.
One agent, who declined to be named, said: 'I can understand why he did that, but what do we do now?'
Most agents do not believe their jobs are on the line but admit it may be harder to win the confidence of customers now.
Several were touched by clients who called them up to check on how they were doing. One agent, who declined to be named, said: 'They said to me, 'You must be fighting fire.' I said, 'Yes, I am, but just a small fire'.'
Ms Quek even sees a silver lining to the crisis. 'Everybody will become more prudent after this saga,' she said.
[email protected] If you are an insurance agent and would like to share your views on events of the past week, please e-mail [email protected]
Sep 21, 2008
What a harrowing week it was for...
</TR><!-- headline one : start --><TR>AIA Agents: Sleepless in Singapore
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Jamie Ee Wen Wei
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Mr Philip Tay recalls having to change his cellphone batteries three times in three hours amid a flurry of panic-stricken calls from AIA's policyholders last week. -- ST PHOTO: DESMOND LIM
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
AIA insurance agent Philip Tay, 54, was glued to his mobile phone last week.
After finding out about a liquidity crisis at the American International Group (AIG), panic-stricken customers of AIA, an AIG subsidiary, began calling him non-stop.
'I received over 200 phone calls in two days. I talked so much that I had to change my cellphone batteries three times in three hours,' recalled Mr Tay.
Most of his customers wanted to find out what would happen to their money should the company go belly up. Three wanted to surrender their policies.
'I told them it's up to them, but I also explained to them that it is not necessary. AIA is a prudent company.'
It was also a hectic week for many of the other 4,000 AIA agents in Singapore. Those who spoke to The Sunday Times said they had to tend to numerous phone calls and e-mail messages from clients. Some slept for just two hours a day and were worried about losing their jobs.
Ms Rebecca Quek, an AIA agent of 13 years, said she had been working from as early as 7am - when the first phone call would come in - till midnight. 'I'm almost losing my voice,' she said.
Most agents, though, are taking the increased workload in their stride.
Mr Vincent Toh, 49, said: 'It is a good thing that they are calling us. It shows that our clients still trust us and want to hear from us first.'
Of the 14 insurance agents interviewed, five said they have had customers terminate their policies in the past week.
Mr Andy Tan, 41, said four of his customers surrendered their policies.
'I can understand how they feel. They want to minimise their risk. As a financial consultant, I want my customers to see the long-term benefits, so I find ways to convince them. But sometimes, no matter what you say, they just won't listen,' he said.
He has trouble sleeping and is nursing the flu and a sore throat.
'The moment you close your eyes, you think about this thing. It's very stressful. I've been trying to think of how to convince my clients to stay put.'
Most of the agents said they were putting business on hold for now, as they sought to reassure existing clients.
Some, however, like Mr Tay, still managed to close new deals last week. He said a teacher bought an investment-linked life insurance policy from him last Tuesday.
'She is aware of the financial crisis. I explained the situation to her, and she accepted it. There are people who still have confidence in AIA.'
Still, the announcement of Mr Mark O'Dell's resignation as AIA's executive vice-president and general manager last Thursday left some agents feeling even more lost.
One agent, who declined to be named, said: 'I can understand why he did that, but what do we do now?'
Most agents do not believe their jobs are on the line but admit it may be harder to win the confidence of customers now.
Several were touched by clients who called them up to check on how they were doing. One agent, who declined to be named, said: 'They said to me, 'You must be fighting fire.' I said, 'Yes, I am, but just a small fire'.'
Ms Quek even sees a silver lining to the crisis. 'Everybody will become more prudent after this saga,' she said.
[email protected] If you are an insurance agent and would like to share your views on events of the past week, please e-mail [email protected]
