Bangkok--23 Feb--Aziam Burson-Marsteller
ING Life Thailand today announced a new customer-centered organization structure in Thailand to separate sales from administrative functions to enable the company to focus fully on its customer needs. The reorganization allows the company to focus on product innovation and improve its operations to ensure the best customer service across its three sales channels: agency, bancassurance and direct.
Company executives also provided an overview of ING’s successful 2009 financial results at a global, regional and local level.
Mr. Chee Cheong, Deputy CEO of Insurance Asia/Pacific stated: “As we move forward into 2010, we want to embed ING Insurance’s key priority throughout the world and here in Thailand that we focus on the customer and improve our overall customer experience. Ultimately, the only way to achieve this objective is to be close to our customers and put their needs at the heart of everything we do.”
Mr. Cheong continued, “In order to realize the implementation of ING’s ‘Customer Golden Rules’ the Company has set five rules which the organization is following in Thailand and across the world. The five rules are that:
1. ING strives to meet customer needs throughout their life cycle
2. ING offers fair value to customers
3. ING explains the risks, returns and costs of our products and services
4. ING regularly assesses products, services and sales practices
5. ING works only with professional and licensed distributors”
In Thailand ING Life is instituting a new organizational structure that is specifically designed to implement what the Company calls its ‘Customer Golden Rules’, which form the basis of the company’s improved customer centric approach. The new structure involves the creation of new functions that will help it meet the demands of Thai customers for high value and top quality insurance products and financial advice. This structure will formally go into effect on 1 March 2010.
Mr. Rajesh Sethi, President and CEO, ING Life Thailand added: “The key reasons behind our new structure are to increase our focus on the customer in all aspects of what we do and to separate the distribution, or sales, activities from the day-to-day administrative work and as a result focus on what it takes to improve our customer service. Our new structure improves our ability to anticipate the changing needs of our customers, develop innovative products to meet those financial needs and effectively communicate and market these products to customers across the country.”
The key aspects of the new ING Life structure in Thailand include the creation of a separate Customer Function whose sole mission is to focus on the customer and ensure that the business reflects this priority. This function has responsibility for customer contact, product management and organic business development (new products for the existing customer base).
Another new function to be created is Distribution Operations, which will provide comprehensive support to the agency, bancassurance and direct channels as well as being responsible for branch office operations and general administration. This function frees the three distribution teams to focus on doing what they do best, offering high value financial advice to customers and leveraging ING’s products and services in order to help them protect and achieve their preferred life style.
Bancassurance and Direct Insurance have been combined under a single Corporate Partners function to enhance operations.
Also, for the first time, ING Life Thailand will have a stand-alone Marketing Function that is responsible for corporate branding, communications, public relations, corporate social responsibility, regulatory affairs and strategic planning.
In a further announcement and following the ING Group announcement on 17 February that the Group had posted a net profit of EUR748 million for 2009, and that ING Insurance Asia/Pacific posted the underlying result before tax of EUR 220 million in 2009, ING Life Thailand announced its own profits.
Contributing to the region’s overall success, ING Life Thailand reported a profit of THB 53.5 million for 2009 based on ING’s International Financial Reporting Standards.
Total first year premium income was THB 2.3 billion and total premium was THB 7.8 billion representing increases of 17% and 26%, respectively, year-on-year.
Mr. Sethi concluded, “We at ING Life are positioned for strong and sustainable growth.”
For further information, please contact:
Aziam Burson-Marsteller
Jittima / Hongsinunt / Satida
Tel. 0 2252 9871 E-mail:
[email protected]
Profile ING
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 110,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.