ING Insurance Asia/Pacific
ING is one of the 20 largest financial structures in the world and within the top ten in Europe. A dutch-founded company, ING offers a variety of products lines in the insurance industry. It offers insurance services in the Americas, in Europe as well as in Asian countries. ING also does retail and wholesale banking all over the world. ING was the first European enterprise to enter the life insurance market in countries such as Japan, Taiwan and South Korea. Life insurance policies in Asia are different than policies in the rest of the world. Asian life insurance policies include a savings aspect as well the life insurance component. Jacques Kemp has recently become the CEO of the Asia/Pacific subdivision of ING Insurance and is attempting to prepare his firm for the future competition they will face.
The Asia/Pacific market is a key opportunity for ING insurance. There is huge economic growth the Chinese and Indian markets therefore encouraging much investment in both countries. These investments came as two joint ventures in China as well as one in India and a high stake in a top Indian bank, Vysya Bank. ING dominates the markets in Australia/New Zealand, Taiwan, Malaysia, Hong Kong, Japan and Korea as well as investing in smaller markets such as Singapore and the Philippines. ING currently ranks within the top five financial providers in the Asia/Pacific region serving more than six million clients.
Within the Asian/Pacific market, 900 different insurance companies operate in the twelve eastern pacific countries. The influence of the companies varied in each different country. This was also due to specific regulatory rules for each country. For example, Hong Kong was a country with few regulations thus providing an easier entry to the market where as other countries had certain regulations in the fields of licensing, product styles and prices. However, the World Trade Organization (WTO) lobbied for highly regulated markets to open up and become more accessible.
Two positive factors of the Asian/Pacific market came with the economic growth of Asian countries. Rising income per household gave way to a large customer base for ING and the various other insurance companies invested in the market. The life insurance market in particular gave way to large tax advantages which made Eastern Asian countries an ideal market to enter.
Armanino LLP is the largest independent accounting and business consulting firm based in California with revenues of $155 million in 2015. They offer their services to profit and non-profit organizations. Armanino was founded in 1953, and it has nearly 600 employees. The company extended its global services to more than 100 countries through its membership in Moore Stephens International Limited - one of the world’s major accounting and consulting membership organizations. Armanino’s goal is to provide assistance in audit tax, consulting, and technology solutions to companies worldwide. The firm has won awards such as “Best of the Best” in 2015 from Inside Public Accounting,
On the first board meeting, WRSX board decided not to take the market opportunity in China because of the intended strategy that was made in the strategic choices in order to create efficient local presence first . The client feedback suggests that it is too risky to develop presence in China's market. On the other hand, the feedback suggests that not entering Chinese market will lead to missed business opportunities in the country and with clients looking to create global campaigns there. By that time, the negative impact in entering Chinese market could be in terms of financial and business risk. However, the feedback suggests a positive impact for management of growth, client attraction and retention and leadership capability. The decision to create cultural change in New York, where WRSX already have an office, was taken in complementation to maintain the poor performance of the local agency in US.
This short report aims to give a brief overview of Deutsche Bank’s alarming situation and describe the sharp decrease of its profitability. It will briefly introduce the context of this crisis and aim to explain it through an analysis of one of the most used indicators of performance for banks, the return on equity (ROE).
Regulatory implies principles in addition to legislation. Every single country get own principles in addition to legislation so company needs to abide by unique principles. The item effects upon submission in addition to promotion as well.
Canada Post is one of the largest Crown Corporations. In this report, we have to determine the organization structure and objectives of the Canada Post followed by the audience and market segment being targeted by the organization along with identifying the key success factors and the type of dealings the organization has with the government. With the worldwide growth of Ecommerce Sales, the demand for residential delivery is also increasing thus, Canada Post is operating as primary postal operator all over Canada headquarter in Ontario offering a full range of delivery and fulfillment services to customers. This paper will emphasis on the current environment and capabilities of Canada Post necessary to evaluate its position
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The WTO is made up of two agreements which are negotiated and signed by the majority of the world’s trading nations. The main purpose is to help producers of goods and services, exporters, and importers conduct their business on a global scale. (World Trade Organization, 2015)
Hill, C., Wee, C. and Udayasankar, K. 2012.International Business:An Asian Perspective. 8th ed. Singapore: McGraw-Hill.
The company is managed such that it adjusts to the laws and regulations of different countries it operates thus making it successful.
Organizational structure can be defined as the “formal arrangement of jobs within an organization” (Robbins & Coulter, 2009, p. 185). Having a defined and unified structure helps employees work more efficiently. Jacques Kemp, former CEO of ING Insurance Asia/Pacific, realized this need early on in his role. The company had been performing well and recently acquired another insurance company to become “one of the largest life insurance companies in Asia-Pacific” (Schotter, 2006, p. 4). However, Kemp’s proactive personality led him to seek out ways to achieve more efficient coordination between the regional office and business units (Robbins & Coulter, 2009). Kemp noticed that “most business unit managers did not even know the current corporate standards” and he began searching for a way to manage the managers (Schotter, 2006, p. 5). ING Insurance Asia/Pacific’s organizational structure was mechanistic and fairly well structured, but for a company that had recently been involved in a major acquisition and was divided across 12 geographically dispersed markets there was a great need to tweak this structure to unify the company (Schotter, 2006). If I had been in Kemp’s position as CEO, I would have made modifications to the organizational chain of command, formalized business processes, and used technology to stimulate collaboration amongst the region to help this company overcome organizational design challenges.
In any type of business agreement two countries plays a key role in success rate of an organization. If a firm, wants to start a business globally, it’s very important to learn about the practices, rules and regulations of a country and after that they have made an agreement with them, otherwise it leads to huge loses for a firm. There are mainly three types of principle that a company should be aware:
External influences affect the types of products developed, the nature of positioning and market segmentation strategies, the type of services offered and the choice of business to acquire. The increasing complexity of business today is evidenced by more countries developing the capacity and will to compete aggressively in world markets. The external influences that affects a business venture in the global market varies from country to country. Establishing a new business venture in an area such as Japan would require an analysis of its cultural and economic environment. The Japanese market is considered to be the world’s most lucrative market. The biggest problem is how to get into it. Japan is known throughout the world for its economic successes, yet Japanese society remains an enigma to many outside its borders. The analysis conducted in this paper will present the positive and negative aspects of opening a in the Japanese market.
J. David Cummins, A. S. (1999). Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management: Efficiency, Technology, and Risk Management. Springer.
On the basis of comparative advantage, free trade agreements were promoted (GBF, 2013) along with the World Trade Organization (WTO), which ensured the opening of new markets.
In every country investment of life insurance funds has been subject to government control, although the nature and dimension of such control have differed from country to country and from time to time according to circumstances.
Mexican and Canadian markets appear strong economically and politically. In addition, Eastern European, Japanese, and Chinese markets will be logical markets in the near future.