ING Direct 2011 Annual Report Download - page 48

46 ING Group Annual Report 2011
Insurance overview continued
In 2011, we prepared for two IPOs: one for the US Insurance and
IM activities and one for the European and Asian Insurance and
IM businesses. On 12 January 2012, ING announced an update on
the restructuring of the insurance and investment management
businesses. Due to the uncertain economic outlook and volatile
markets, especially in Europe, ING has decided to review other
strategic options for its Asian insurance and investment
management businesses. For the European businesses, ING will
continue preparations for a stand-alone future, including the
possibility of an IPO. ING will also continue to prepare for the base
case IPO for the US insurance/investment management businesses.
LEGAL RESTRUCTURING AND GOVERNANCE
In preparing for the future, Insurance/IM took steps to realign the
legal structure and governance of its operations. Regulatory
approvals were received to create a new holding company for the
European and Asian insurance and investment management
activities, called ING Insurance Eurasia, a subsidiary of ING
Verzekeringen N.V. The US insurance and investment management
operations will continue to be part of a separate, already existing
legal entity (ING America Insurance Holdings).
The Management Board Insurance EurAsia consists of the following
members: Jan Hommen, Patrick Flynn, Wilfred Nagel, Lard Friese,
Matthew Rider and Gilbert Van Hassel.
The Management Board ING America Insurance Holdings Inc
consists of the following members: Jan Hommen, Patrick Flynn,
Wilfred Nagel, Rodney Martin, Alain Karaoglan, Robert Leary and
Ewout Steenbergen.
SOLVENCY II DEVELOPMENTS
Throughout 2011, ING Insurance/IM took an active role in
discussions with industry, regulators and institutions on the ongoing
development of a new European solvency framework (Solvency II).
Notwithstanding the likely delay in implementation until 1 January
2014, internal preparations within the head office and the business
units to become Solvency II compliant continue and ING Insurance/
IM believes it can meet the relevant Solvency II deadlines.
NET PROMOTER SCORE (NPS)
One of the initiatives to improve customer service levels in the
insurance business is the NPS programme which measures customer
loyalty. Feedback from customer surveys is used to improve ways of
doing business. It is therefore a measurement tool as well as a means
of changing business culture and driving growth. NPS is currently
used in Insurance Benelux, Insurance Central and Rest of Europe and
Insurance Asia/Pacific. The programme has not yet been launched in
Insurance US nor ING IM.
TIED AGENCY OVERHAUL PROGRAMME
ING Insurance offers its products and services – often in
combination with professional advice – through an extensive
network of internal and external sales forces. Its customers are
serviced through a variety of channels: tied agent sales forces,
independent financial advisers, local and international banks with
which commercial cooperation agreements have been concluded
(bancassurance), as well as direct marketing channels. ING
Insurance has started a Tied Agency Overhaul programme to
optimise the current tied agency model by concentrating on the
quality, rather than the quantity of agents. The programme was
launched inSpain in 2010 and was rolled out in Romania, Hungary,
South Korea and Poland in 2011.
* ING completed the divestment
ofInsurance Latin America on
29December 2011. ING retains
a36%shareholding in leading
Brazilianinsurer SulAmérica SA
WHERE WE OPERATE*
ING Insurance/IM has a strong position as a provider of life insurance, retirement and asset management services
and is well positioned to capitalise on socio-economic trends.
#3 in US Retirement
Services Major foreign Life
insurer in Asia
#1 Life insurer in the Netherlands and leading
Life insurer in Belgium and Luxembourg
Leading Life & Pensions
provider in Central Europe