Inefficiency is not all bad…

Thank goodness for inefficient Philippine postal system else I would be hot soup now!

Last year, during the inception of a policy I placed on behalf of my Phlippine office, the values of the properties came up to Php 49 billion. In Mar this year, my Philippine office sent a spreadsheet advising an increase in the value of the properties. I did a quick check of the spreadsheet and noted that the increase came up to Php 6 billion. I knew a couple of new assets were built in the last 8 months so I thought the increase of Php 6 billion was reasonable, and I sent the spreadsheet off to the underwriter.

I guess the underwriter didn’t bother to check the spreadsheet carefully either… because he agreed to the increase and signed off on it. 2 days ago, I sent the underwriter’s approval to my Philippine office via snail mail.

Thank God for SNAIL MAIL. Because today, some questions from my boss prompted me to look deeper into the values… and as pointed out by my boss… it wasn’t logical that the total values suddenly jumped from Php 49 billion to Php 759 billion!

Yup… it is a SERIOUS oversight on my part. I only checked the increase in values, but not what the new total values added up to. Argh. In my boss’ words, it was a “glaring mistake”.

Anyway, am getting it sorted out now… and thank God for the slow postal system because the underwriter’s written approval hasn’t reached my Philippine office yet and thus, they have not sent out or informed the client about the erroneous approval.

Sigh. 🙁

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April 2008