The ING Insurance Company has come a long way for a company of almost twenty years.
The International Netherlands Group started way back in 1991, as a merger of two companies: the Nationale Nederlanden and the Postbank Bank.
Together, they became ING; a company that spawned various divisions that can be categorized into two – banking and insurance. Due to the financial crisis, however, every ING insurance company will eventually be diverged from the banking arm of the Group.
It is ironic that a company that specializes in helping people overcome their financial problems has had their financial slump as well. However, ING doesn’t seem to be toppling down anytime soon.
During the financial crisis, ING found itself asking for the government’s help – not once but twice – in order to stay afloat.
This led them to believe a reworking in business strategy is needed in order to survive, as well as to keep the damages to a minimum in the event that it happens again.
They know their insurance well, after all.
The plan is to separate the insurance arm from the banking arm. If you know ING, then you might have noticed that most of their divisions have been highly specialized.
What you may see as insurance providers have no options for banking, and vice versa. This means you won’t be seeing any ING Direct car insurance quote in the future, since ING Direct would only be a banking division.
The separation doesn’t look like a bad thing. All of the current promotions of each arm are likely to stay intact, since it is those that make ING stand out from the competition.
The Responsible Driver Guarantee, for instance, will always be a part of ING insurance; and any removal of the said guarantee is not likely a result of the separation of insurance from banking.
For banking, especially ING Direct, the higher interest rates for accounts and low interest rates for mortgages will remain.
If anything, the separation, which is part of what they call the “Back to Basics Program,” is to make everything run even smoother. It’s like a delegation of sorts. Two different entities can follow two different chains of command, so to speak.
If another financial crisis befalls them, one arm can support the other. If anything, it makes ING even stronger.
Although it IS important to note that in many countries an ING car insurance quote is no longer available at all. That's simply because in addition to the separation/division the company has undergone, they've also sold off some of their banking and insurance interests in some Asian and North American locations.
An ING car insurance quote is now only available through the new owners of those services and often under new names - Australia's ANZ bank has named the insurance OnePath, and the USA's Capital One bank has named it Capital One 360.
Overall, however, every ING insurance company and bank is expected to be stronger, and more efficient. For all the ING patrons, fear not. This move isn’t a sign that the mighty ING is crumbling. It is merely taking on another shape after being shaken to almost bits by the economic crisis.
ING has always taken its clients close to its heart, and when it gets back on its feet, the clients will be benefited. Well, that's the plan. Let's wait and see, shall we? ;)