Introduction
With ING Canada Inc. as the basis, I will first provide a brief company profile. This will serve as the foundation for a cumulative organizational assessment using the McKinsey 7S Model. With the information extracted from this assessment, I will then discuss my three month plan in the role of the company’s interim CEO.
Company Background
ING Canada Inc., composed of ING Insurance, belairdirect, and Grey Power, is Canada’s largest and most reputable property and casualty insurer. It employs over 6,500 individuals and leads the way in home, auto and commercial insurance. The company offers a variety of uniquely tailored products and services designed to meet the needs of its diverse customers. Products are delivered primarily through an independent broker distribution network, but also directly via call centres and the internet.[1] The company is publicly traded on the Toronto Stock Exchange, with a share price of $27.75 (as of November 27th, 2008).[2]
The company is backed by the large Dutch conglomerate, ING Groep, who is a dominant international player in the financial services industry. ING’s brand in North America was made famous by the success of its revolutionary internet banking system, ING Direct. The strength of their brand was a significant contributing factor in the development of ING in Canada. This growth began in 1988 as ING started to acquire several highly successful insurance companies. Today, ING Canada holds a commanding 11% share in the country’s property and casualty insurance market. It boasts over $4 billion in direct written premiums, and manages an investment portfolio worth over $7 billion.[3]
The McKinsey 7S Model
One of the most widely recognized business models today is the M ...