Essay: ING INSURANCE ASIA/PACIFIC
It has been a major stakeholder in large banks, such as ING Vysya Bank in India and another two joint venture operation in China, assuring its strength and stronghold over the insurance market through the Asia Pacific. It gained even more strength after the merger with AETNA, which made it one of the largest life insurance companies that were operating in the Asia Pacific.
Its greatest strength lay in the fact that with the growing changes in the trend of insurance in these countries, the demand for insurance was on a multi fold rise, assuring the success of the company as far as its demand in the market was concerned. However, at the same time, due to a communication gap between the regional offices and the head office, a gap had been created that estranged the company policies from those of the regional ones, where the rule was to apply what seemed fit. This was seen as a disadvantage since there was no coherence in the application of policies, which made keeping the idea of the entire business under one banner of rules and procedure nullified.
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