Any rifs happening? I work in claims and haven't heard anything recently
6 replies (most recent on top)
I've heard April RIFS moved to May. No plans beyond that right now. Logically I'm thinking the May RIFS move to July. I think it all depends on when the quarantine ends.
I would agree that there wont be any rifs near term. however, aig will never be the same. working from home will uncover much of the dead weight in the company and will really highlight how much money can be saved by not traveling.
my best guess is that when covid19 is gone, there will be a massive restructuring in almost every department, even those that have been largely untouched. inexpensive remote and automated practices that were forced upon aig because of this virus will become normal business which will eliminate the need for a great deal of people across the country and world.
ride this out if you don't have another option in place until covid19 is under control and until the economy returns to the norm, then pursue other opportunities as quickly as possible. the prior post is correct that there is no new business and this year will crush the bottom line. no need to try to hang around for sti this year because this is the best excuse we have ever seen not to pay sti in 2021. not saying sti will be eliminated, just that a huge reduction is almost a given.
the exec video message was correct, this will not change the overall strategy at aig which is to plunder the coffers for aig execs while riffing the field staff. did anyone else feel bad that execs are forced to work from their executive mansions. it must be tough. hang in there guys.
Well BD invested a lot into Risk and Reinsurance. I wonder what the pay out to Insured's for Business Interruption is going to be.
The reality is that the people who get RIF'd are many times not the people who deserve it. Favoritism, age, etc. are the major factors. How long can AIG possibly keep trying to 'turn it around' when the mismanagement at the top is so prevalent. Yes the change in underwriting practices helped but the positive results in 2019 were small and the expense reductions and small catastrophic losses played a major part. This pandemic really might spell the end of AIG, especially its deemed that the business interruption to the clients will need to be covered by insurance companies.
Yes. RIFs are on hold for now. Its actually catch 22 situation for AIG. They need more people in claims to handle the surge in volume of claims. But they will have to RIF
since they will not be making any money this year due to investment losses, huge claim payouts and lack of new business. Also people might leave voluntarily due to anxiety and stress related illnesses. In his video, BD said someone died due to this vrus last week and several employees are infected. This will impact AIG's operations in the next few months so RIFs will not happen for the next few months
Only what I hear so take with a grain of salt. Rifs will be delayed, won't happen while pandemic is going. They were quite a few planned so I expect they will eventually occur. Some probably.are justified. As I heard recently, we have a lot of managers and not enough "doers". And frankly there are people who simply don't add value. If you have worked at AIG fir any term, then I would be surprised if you didn't see it too. Dont like seeing anyone lose their job, but if we're to turn this company around, things have to change, and this is a start.