AIG’s CEO Says ‘Exec Retreat’ Not for Employees

October 8, 2008

  • October 8, 2008 at 7:03 am
    So, Bob... says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    When all those people that complain about profitability that were using sales to outrun losses instead of proper underwriting have gone on & left destruction in their wake, who do you think gets the dirty end of the stick?? …..exactly!

  • October 8, 2008 at 7:47 am
    Admin says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Most insurance companies do business the same way and with insurance being a necessary evil there is not much differentiation. Justifying extravagant rewards programs as ‘that’s how sales’ works is just a lame excuse. Try providing a higher quality product/service, hiring better employees and providing quality training to retain them – then you can have higher sales. If you’re in sales then sell, and if you want to enjoy the luxuries the sell more and pay for it out of your higher ‘earned’ commission. Rewards programs just invite corruption – steering business to the carrier that treats you/the agent the best and never mind what is best for the consummer. The insurance industry is viewed by outsiders so negatively for good reason. Neither the carriers or the agents care about the insured who is putting down the money. You do your job for two reasons 1) money, 2) you like what you do – if you’re lucky you can claim both. If you’re selling you’ll make money, if you enjoy it you’ll probably make more money. If you’re only looking for the ‘extras’ maybe you should find another line of work. If an agent is steering business to a carrier to get to the top of the ‘rewards’ list, are either the carrier or the agent doing right by the insured and getting them the best policy for the fairest price? Business is simple when you take out the BS – sell product or service for more than it costs you to provide. To increase sales, provide better product/service. Pay “all” of your emplyees on a fair scale and put the profits back into keeping your business afloat, especially in down times, so you you don’t have to suddenly scream for help$$$$. If your’re going to be greedy, pay for it yourself and you won’t have to justify it with lame execuses while trampling on the backs of others – the average hard working employees who live honestly and fairly off of what their paycheck provides.

  • October 8, 2008 at 7:52 am
    producer says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Most of you simply are bitter, uninformed or both. I cannot think of one sales organization that does not have incentive trips for top producers. The resort where the (crime) took place has sales incentive groups in Sun – Wed and Wed-Sunday weekly. Just get over it, there are and will continue to be sales incentive trips until the end of time. Please don’t get me wrong, some of the hierarchy deserve anything they may get, but it is unreasonable to chastise any sales organization for recognizing top talent. From the costs involved, this isn’t really that that lavish, I’ve been to a few that could curl some of you hair.

  • October 8, 2008 at 10:07 am
    GT says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    The point is Edward Liddy is the former President and CEO of the “Good Hands People.” As the newly appointed chief officer of AIG he should have known that this would “make the news.” However, instead of being proactive he is now conducting “damage control.” The insurance industry has always been and always will be, focused on Profits over People. Wake up AMERICA!

  • October 8, 2008 at 10:41 am
    Admin says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Most of us are not bitter nor uninfomred – we see $85 billion of government money going to private company that doesn’t deserve the help. And their getting another $36 billion loan. Didn’t they learn anything from 2005. I’m sure the resort has a sales incentive program and I would bet it operates better than those of the insurance industry – I hope their AIG check clears and they reward their employees fairly. As for rewarding top talent – what top talent? Top talent produces $85 billion, not stick their hand out for it. Too bad the government didn’t just “get over” AIG. And maybe AIG should “get over” cooing over producers and change the way they do business. You have to make money to spend it. Paying for sales rewards – that comes out of profits. Plenty of companies in various indutries know how to do this. Are you in business to give away fleeting rewards that are over by the time you check out, or are you in business to provide service/product and earn a profit? Attracting and retaining real top talent requires more than a weekend getaway and gimmicky gifts – you can win that stuff at a charity fundraiser. True talent finds value in their work/product/service, customer satisfaction, maintaining quality work and business relationships, upholding the integrity their industry, working for people and companies they respect.

  • October 8, 2008 at 3:45 am
    greedy says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Since we own you we will tell you what to do and what you can spend………pay us back with interest and you can do what you want…-The US tax payer otherwise known as the savior to AIG insurance

  • October 8, 2008 at 3:45 am
    Ahhheemmm says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Not employees… hummmm – testamony to the contrary?

    http://ap.google.com/article/ALeqM5iCBEplezRU4MUlI3wKRd0IZ9GCgQD93M2DFG0

  • October 8, 2008 at 3:54 am
    Life Insurance Sales Agent says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    So you don’t want to persuade us to sell as much life insurance as we can by using a contest.

    OK we won’t

  • October 8, 2008 at 3:54 am
    Suzi says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Give me a break, they let 100, no sorry, 90 people run amok with the expenses???

    Give me a break! AIG still should pay US back. Makes their reputation just a little dirtier

  • October 8, 2008 at 4:17 am
    Barry says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    If it was a good business idea to reward the sales people before the bail out, then it makes good business sense to reward the sales people when tax payer dollars are at stake. Sales people bring in profits!



Add a Comment

Your email address will not be published. Required fields are marked *

*