The AIG saga storm has finally calmed down a bit, & I can finally have a breather and to post my blog again. It was a tough one week I had last week -- so much so I felt like a crisis had hit me off guard.
AIG has been my pride for years. It is not just another giant in the insurance & finance industry, but even its subsidiaries are also giants in their own respective industries. It owns AIA -- the largest insurer in Asia; Lease Finance Corp (IFC) -- the largest aircraft leasing company in the world with over 1,000 aircraft, and many other more. With it's trillion worth of assets, it probably has a GDP more than some of the countries in the world. It's name is synonymous with success and protection.
However, it faces a serious issue of liquidity recently that threatens it's bankruptcy. It's share prices plummeted overnight -- probably another victim claimed by short-selling. It's reputation build up over 90 years of long history were swiped away in a single moment. People no longer remembers its glory, but the word "bankruptcy" cuts deep into their hearts. It no longer impresses or is able to build up faith in people's hearts that, yes, it still does owns over one trillion worth of assets.
Overnight, my faith & loyalty in AIG was questioned. Do I believe it will go under or do I believe it can overcome? Is AIG still a giant company in my heart? I was saddened & angered. A company I love so much had to go through such a major crisis and to come to this -- it's years of efforts had been washed away so easily. Through the raging emotions inside of me, I realised, yes, I still do love AIG. I believe it will overcome, not because I already knew that the US government had bailed AIG out with a US$85 billion loan, but I had faith in the company I still love and believe in. It probably will no longer be the giant I once knew, but with time (and probably another 90 years), I know AIG can climb up the ladder again.
Upon hearing news of the departure of the key management roles in AIG caused another impact on me. They had been key leaders for years, and now, their absence made me felt apprehensive about the future. With the shepherd gone, the sheeps are scattered. I hope the new management can prove themselves worthy to undertake the role of managing such a mega company.
During this period of time, I felt so emotionally drained. On Tuesday morning, I chose to email all my existing clients to inform them of the before and aftermath of AIG. I would rather they hear the news from me first than to hear it from their family, friends, or even on the news. I wanted them to have the factual reports. However, on that eventful day, news of AIG got out of hand over the media. A state of panic overtake Singaporeans. People began to fear for their policies they had placed in AIA Singapore. In their panic, they had forgotten about the 120% capital requirement under MAS regulations. The news broadcast many people queuing outside of AIA customer service to surrender their policies. Even MAS came out to soothe the public with their assurance and confidence in AIA but with no effect.
With a third of the news catered especially to AIA every day, it doesn't helps that the media portrays AIA as if it is going under, when in actual fact, operation runs as per normal in office. Nothing has changed. I started to get calls and sms from clients looking for assurance. Even my client's parents called! That night, I emailed my clients with further updates and assurance till 3am. For those without emails, I called them personally to give them the assurance they needed at this point in time. I wanted to be there for each and every client. But it wasn't an easy task. Playing the role of a "news broadcaster" from all those calls, sms, and emails was very emotionally draining. I don't just have one or ten clients; I had hundreds of them. Calling them one by one (for those without emails) took me hours to explain and assure them of what had actually happened. I broke down for the first time in many years. That night, I cried myself to sleep.
Although uncertainty of my future looms around me, I could not afford the time to even think about my own prospects, salary, recruitments of new agents, future business, etc. My clients were my priority then. My efforts were paid off. Some of my clients sms and emailed me with words of regards and encouragements that warmed my heart. People continued buying from me policies even at that junction. All these meant alot to me. I am here for my clients, and it really touched me to know that they are, in turn, here for me as well. It is really God's grace and favour.
Of course, for the next few months, my business will definitely be affected. There will be many who probably will no longer buy from AIA. For others, it takes a long time to forget (though I suspect the memory will always linger behind). Yet I know God can and will turn things around for my good. In last week's service, as I was crying out to Him during worship, He said this to me, "I will not ask you to give, and after you gave, to forsake you." You see, about one month ago, God had asked me to give a $1,000 donation to CHCSA (a charity community) for the "Special Musical Production" sponsorship. He told me that it will be a love offering to Him. I obeyed even though it costs me tears and heart pains to do so. It had been a wish of mine for years to own a LV bag, yet even though I could afford it, I could never bear to spend those money on such luxuries or to pamper myself. Yet, I gave the money easily to God because I love Him and wanted to obey Him. I love Him more than I love the LV bag or even myself. I guessed God saw the AIA crisis happening and asked me to give for that reason. I know He will never shortchange me. He will never ask me to give and forsake me after that. It is His character to be faithful, and I know He will works things out for my good. God is good, and will always be so.
But at least I have attended a convention dinner :)
