ING Direct 2007 Annual Report Download - page 21

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To meet client needs in India, ING Vysya
Life has established a broad distribution
platform and is rapidly increasing its reach,
supported by a powerful marketing and
advertising campaign (see photo). In 2007,
the number of sales offices more than
tripled from 90 to 276 in 246 cities across
the country, while the number of tied
agents has grown by over 80% to more
than 51,000. Another significant boost to
bank distribution was the investment-
oriented insurance products made available
to retail banking customers through ING
Vysya Bank’s network of 446 branches.
With economic growth and wealth creation in Asia
continuing to outpace other regions, Insurance
Asia/Pacific is well-positioned, with a wide footprint
and the scale to capitalise on these opportunities.
Strengthening multiple
distribution channels
While tied agency is currently ING’s
strongest channel, we continue to develop
third-party channels, particularly bank
distribution. In Malaysia, for example, ING
strengthened bank distribution with an
exclusive distribution agreement with
Public Bank. In Thailand, ING is signing an
agreement for bank distribution with TMB,
following ING’s acquisition of a 30% stake
in the bank, while in India distribution
via ING Vysya Bank has been stepped
up significantly.
ING continues to explore innovative
alternative channels. In South Korea,
we began selling insurance via Tesco’s
hypermarkets, and in Australia, direct
online sales of simple life insurance
products are showing positive results.
With most markets shifting towards
investment-oriented life insurance
products, 2007 saw ING launch a new
SPVA product in Japan. And in New
Zealand, our KiwiSaver pension product
captured a leading market share of a new
government-initiated voluntary retirement
savings plan.
Improving efficiency, raising awareness
Building organisational capabilities –
particularly in recruitment, management
development and training – was a priority
in 2007. While operationally, we aim to
benefit from increased process and systems
standardisation, and lower costs.
Successful ING branding initiatives reached
almost 500 million people in the region
during 2007, driven by Formula One races
in Australia, China, Japan and Malaysia, and
sponsorship of the AFC (Asian Football
Confederation) 2007 Asian Cup.
Looking forward
Through customer segmentation, ING
will grow its product suite geared to
specific customer needs. We will continue
to evolve the important tied-agency model,
while strengthening our multi-channel
distribution capability, particularly via
banks. And finally, we will continue to
sharpen our focus on investment-oriented
insurance products.
Building distribution
and scale
19