ING Insurance Asia-Pacific Case Study
BSP2005 Group Case Study ING Insurance Asia/Pacific
Introduction
ING group is a global financial institution of Dutch origin, currently one of the 20 largest financial institutions globally. Currently, ING’s business is organized into six product lines in the Banking and Insurance industry; they are retail banking, wholesale banking and ING direct in the banking sector and insurance Europe, insurance Americas and insurance Asia/Pacific in the insurance industry (ING, 2012). The company prioritizes the strengthening of financial positions, well-structured origination and streamlined business portfolio in the near future. As a global firm, ING has grown sustainably amidst difficult business environments recently and netted a total of EUR 373 million in the 4th quarter of 2012.
This paper will only focus on one product line of ING group, which is the ING insurance Asia/Pacific (IAP). IAP’s business has been established in Australia, Japan, China, Taiwan, Hong Kong, Korea, Thailand, Malaysia and India. As one of the top five foreign financial services provider in Asia Pacific, IAP had successfully exceeded expectations in 2012, despite the continuing decline in the global equity markets due to bleak global outlook, tapping on the large potential in the Insurance market for Asia/ Pacific region.
While prioritizing sustainable growth and strategic planning, IAP has encountered difficulties in organizational structure, lack of standardization between operations in different countries, as well as the inconsistency of brand image in the region. This report aims to further analyze IAP’s pressing issue and to offer comprehensive solutions for IAP’s development.
According to the case study, the major concern of Jacques Kemp, the senior line and functional managers of the regional office and local business units was that there was a lack of coordination between the regional office and the individual business units. At present, it
Introduction
ING group is a global financial institution of Dutch origin, currently one of the 20 largest financial institutions globally. Currently, ING’s business is organized into six product lines in the Banking and Insurance industry; they are retail banking, wholesale banking and ING direct in the banking sector and insurance Europe, insurance Americas and insurance Asia/Pacific in the insurance industry (ING, 2012). The company prioritizes the strengthening of financial positions, well-structured origination and streamlined business portfolio in the near future. As a global firm, ING has grown sustainably amidst difficult business environments recently and netted a total of EUR 373 million in the 4th quarter of 2012.
This paper will only focus on one product line of ING group, which is the ING insurance Asia/Pacific (IAP). IAP’s business has been established in Australia, Japan, China, Taiwan, Hong Kong, Korea, Thailand, Malaysia and India. As one of the top five foreign financial services provider in Asia Pacific, IAP had successfully exceeded expectations in 2012, despite the continuing decline in the global equity markets due to bleak global outlook, tapping on the large potential in the Insurance market for Asia/ Pacific region.
While prioritizing sustainable growth and strategic planning, IAP has encountered difficulties in organizational structure, lack of standardization between operations in different countries, as well as the inconsistency of brand image in the region. This report aims to further analyze IAP’s pressing issue and to offer comprehensive solutions for IAP’s development.
According to the case study, the major concern of Jacques Kemp, the senior line and functional managers of the regional office and local business units was that there was a lack of coordination between the regional office and the individual business units. At present, it
Bibliography: http://www.ing.com/Our-Company/About-us/Profile-Fast-facts.htm http://www.slideshare.net/anuragme1/ing-asia-pacific-creating-a-onefirm-firm