Ing Insurance Asia Pacific Operation Plan

796 WordsAug 1, 20104 Pages
Operation issues at ING ING Insurance Asia Pacific (IAP), one of the top five foreign financial services provider in Asia Pacific show robustness financial results regardless the continuing declines in the global equity markets and the market volatility. Despite the good financial results, IAP is encountering operation issues internally. There is no alignment between regional headquarter and business units. Communications between regional office and business units are not efficient nor effective, it has been difficult to drive initiatives down and cross. Operation-wise, there is no model or system is in-place to monitor and track the performance. Lack of standardization on the operation and evaluation process make the comparison…show more content…
IAP should help local business units to translate the corporate mission and vision into local goals and objectives. Clear understanding and embracing the mission and vision is the beginning of bringing alignment and creating synergy across. This brings the whole organization towards the same direction and create a platform for leverage. From Goal to Strategy Local business goals and objectives should include financial targets as well as business activities targets. Once goals are established, situational and gap analysis is conduct, so as to devise strategies to close the gap and thereby achieving the goals. Strategic themes and initiatives should include not only the financial results but as well as business processes, technology platforms and incentive systems. For example, one of the possible mission for IAP can be "to be the market leader in financial service solutions for customers ". Local goal and strategy translated is bundling relevant financial services as a total solution for key customers and market it effectively through channel expansion and increase geography coverage. Monitor, Track and Compare Once goals and strategies are established, implementation as well as the performance of the strategies themes can then be measured with a set of balance scorecards. The scorecards serve a number of important functions. First, the key performance indicators provide a means to quantify and

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