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A Project Report on Comparative Study of Insurance Plans of Various Companies

A Project Report on Comparative Study of Insurance Plans of Various Companies

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A Project Report on Comparative Study of Insurance Plans of Various Companies
A Project Report on Comparative Study of Insurance Plans of Various Companies

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Published by: Babasab Patil (Karrisatte) on Sep 21, 2012
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Comparative study of Insurance Plans of variousCompanies ”
The origin of ING Group
ING Group originated in 1991 from the merger between Nationale- Nederlanden and NMB Postbank Groep. Combining roots and ambitions, the newlyformed company called itself 'Internationale Nederland Group'. Market circles soonabbreviated the name to I-N-G. The company followed suit by chang
ing thestatutory name to 'ING Groep N.V.'Since the merger, ING Group experienced a decade of rapid expansion. Thecompany expanded mainly through autonomous growth, but it also made severallarge international acquisitions. Notable examples are the investment bank and assetmanagement firm Barings in 1995, the American insurer Equitable of IowaCompanies in 1997, the Belgian Bank Brussels Lambert in January 1998, theGerman BHF-Bank in 1999 and the American insurers ReliaStar, Aetna FinancialServices and Aetna International in 2000, the Polish Bank Slaski and the Mexicaninsurer Seguros Comercial America in 2001.
In 1990, the legal restrictions on mergers between insurers and banks werelifted. This prompted insurance company Nationale-Nederlanden and bankingcompany NMB Postbank Group to enter into merger negotiations. The merger took  place in 1991. The newly formed company called itself 'Internationale NederlandenGroup'. The name ING Group soon became widely used. The company followed suit by changing the statutory name to 'ING Groep N.V.'
  Nationale-Nederlanden was formed on 3 April 1963 by merging the Nationale Levensverzekering-Bank (1863) with De Nederlanden van 1845. In theyears to follow, the company experienced strong growth, autonomously as well as
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Comparative study of Insurance Plans of variousCompanies ”
through acquisitions. Nationale-Nederlanden developed into the largest insurer inthe Netherlands by far. Substantial acquisitions in the United States, Australia andCanada increased the international revenue contribution to more than 50%. Nationale-Nederlanden is one of largest institutional investors in the Netherlands.Its insurance products are mainly sold through independent intermediaries.
NMB Postbank Group
Postbank was created in 1986 out of a merge
between theRijkspostspaarbank (state postal savings bank, 1881) and the Postcheque- enGirodienst (postal cheque and giro service, 1918). NMB Bank (1927) was originallyestablished as a credit institution for small and medium enterprises. As Postbank lacked securities brokerage, mutual funds and commercial lending capabilities and NMB Bank was underrepresented in the retail market, NMB and Postbank agreed tomerge on 4 October 1989 to form NMB Postbank Groep. The Dutch governmentstake in NMB Postbank Groep of 49% has been gradually reduced to less than 1% inING Group now. Postbank and NMB Bank continued to serve their clients under their own names. NMB Bank changed its name to ING Bank in 1992.
1991 to the present
Since 1991, ING Group has expanded very rapidly. The company expandedmainly through autonomous growth, but it also made several large internationalacquisitions. Notable examples are the investment bank and asset management firmBarings in 1995, the American insurer Equitable of Iowa Companies in 1997, theBelgian Bank Brussels Lambert in January 1998, the German BHF-Bank in 1999and the American insurers ReliaStar, Aetna Financial Services and AetnaInternational in 2000, the Polish Bank Slaski and the Mexican insurer SegurosCommercial America in 2001.
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Comparative study of Insurance Plans of variousCompanies ”
ING has gained recognition for its integrated approach of banking, insuranceand asset management. Further more, the company differentiates itself from other financial service providers by successfully establishing life insurance companies incountries with emerging economies, such as Korea, Taiwan, Hungary, Poland,Mexico and Chile. Another specialization is ING Direct, an internet and directmarketing concept with which ING is rapidly winning retail market share in maturemarkets. Finally, ING distinguishes itself internationally as a provider of 'employee benefits', i.e. arrangements of non-wage benefits, such as pension plans for companies and their employees.ING Group is a global financial institution of Dutch origin with 115,000 employees.ING offers banking, insurance and asset management to more than 60 million clients inover 50 countries. The clients are individuals, families, small businesses, largecorporations, institutions and governments. ING comprises a broad spectrum of prominent businesses that increasingly serve their clients under the ING brand.Key to ING's retail business is its distribution philosophy of 'click–call– face'. This is a flexible mix of internet, call centers, intermediaries and branches thatenables ING to deliver what today's clients expect: unlimited access, maximumconvenience, immediate and accurate execution, personal advice, tailor-madesolutions and competitive rates. ING's wholesale product offering focuses stronglyon its strengths in employee benefits/pensions, financial markets, corporate bankingand asset management.ING's strategy is to achieve sustainable growth while maintaining healthy profitability. The Group's financial strength, its broad range of products andservices, the wide diversity of its profit sources and the good spread of risks formthe basis for ING's continuity and growth potential.ING seeks a careful balance between the interests of its stakeholders, its
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