True to Life
Known mainly in the past as a fund manager, ING New Zealand recently consolidated its ‘financial services’ designation with the acquisition of local insurance company Club Life.
Wednesday, March 10th 2004, 11:28PM
In doing so, ING not only adds a comprehensive range of risk products to its stable, it also gains a company well known for its unique, innovative and ‘can do’ attitude to business.
Club Life originally grew out of a desire by insurance professional Naomi Ballantyne to create a company that could offer more of what she felt clients really wanted. She was especially interested in providing greater choice and benefits to consumers, and bringing higher standards to the whole industry.
Ballantyne has a well-established track record in the financial services industry, with over 20 years’ management and insurance experience. Her previous position was as chief operating officer for one of the country’s largest insurers. Yet she could still see scope in the market for another player – as long as it was positioned as distinct from the traditional competition.
Together with brother Peter Lassen, former life insurance authority Ernie Uganecz, and securing investment company Hellaby Holdings as the major backer, Ballantyne formed Club Life in July 2001. Despite scepticism from many quarters about the start-up company’s chances, Club Life quickly made an impression on the industry.
This impact came from the way in which Club Life differentiated itself, namely by establishing a range of products designed specifically for the New Zealand market, and through its unique focus on helping clients avoid having to make claims in the first place.
“A key part of our philosophy is to add ‘real value’ for clients by taking a genuine interest in their well-being,” says Ballantyne.
Accordingly, the company set up a range of Client Membership Benefits available to all policyholders. Benefits include access to a range of lifestyle support services, such as grief counselling, illness crisis counselling, budgeting advice, marriage guidance, anxiety counselling, health management, and small business consultancy.
“Basically, we want to encourage policyholders to work on prevention – at the same time, knowing they have the security of the financial protection of their policies.”
Club Life also adopted a distinctive approach to its relationship with financial advisers, inviting just a small number to join as ‘members’. The view was – and remains – that for the company to deliver the high standard of products and services it set itself, it is only interested in working with the best in the advisory field. The Club Life adviser network therefore remains a select group, into which further qualified advisers are invited on the basis of experience and performance.
Incredibly, after just one year of operation, Club Life captured approximately 3% of the risk insurance market, with plans to increase that share to 10% by year five.
However, less than three years down the track, Ballantyne received an offer for the company from ING New Zealand, part of the global financial services organisation, ING Group.
Managing director of ING New Zealand Paul Fyfe says the deal represented a win-win outcome for both parties, in that it came at a time when Club Life needed more capital to grow and ING was looking to establish a stronger presence in the insurance market.
“Both parties saw the deal as a very good fit. We share a very similar business philosophy, with each having built our success through a dedication to meeting clients’ needs and winning the support of independent advisers.”
The proposal for ING to buy Club Life was subsequently accepted by shareholders, and the purchase was completed in January 2004.
Now part of ING, Club Life has been renamed ING Life, although it continues to operate with the same workforce from the same premises and essentially to the same business plan. Ballantyne continues as managing director of ING Life and is also a member of ING New Zealand’s senior management team.
“I am extremely proud of the company ING Life has grown into and am equally delighted to welcome ING as our new owner,” Ballantyne says.
“We wholeheartedly believe the strength and experience ING brings to the company will significantly increase the opportunities for all parties, including our policyholders. Together, we will be a significant force."
ADVERTORIAL supplied by ING Life
| « Asteron changes underwriting team | Tower asks S&P to withdraw rating » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
