Essay: External Environment; ING

31 Dec

Essay: External Environment; ING

Sample Essay

With the boom that these countries in the Asia Pacific were experiencing, the incomes of the people were rising. Along with the rising incomes came the rise in demands, which also acted as a boost as far as the facility of insurance is concerned and this is being availed by more and more people. Therefore, the insurance industry is likely to expand dramatically with the rise in economic growth.

Another major factor that played a vital role in this regard was the fact that the premium rate of insurance was going to rise by 10% in countries likes these between the years 2003 to 2008, especially the likes of Japan, in contrast to the 4% global rate. Furthermore, the taxation rate was lesser in these countries, showing that in the GDP report, the real income that was spent on the insurance was of a quite large proportion when compared to the income level.

Its greatest strength lay in the fact that it was able to draw out niches in the consumer market and was able to target them on the regional scale, in order to provide products that would satisfy the demands of the customers accordingly. Therefore, it focused primarily on providing those services that had a market available that was booming and expanding every day. Furthermore, it was one of the strongest and most successful businesses that were operating at that time in Asia Pacific, the first European insurance company that had tapped the market. With integrations and joint ventures in countries such as China and India, and merger with the likes of Aetna, its strength had only increased, contributing towards its becoming one of the largest institutions present in that part of the world. Therefore, even if there was an entry of new firms or international and multinational companies, ING had secured such a market share and was so strongly embedded in the corporate and financial sector that it was secure against any such threats.

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