In this issue:
ING Asia / Pacific
AON Benfield, Turkey
Capital Contacts International, NL
VODW Marketing, NL IC
THEME TREE THEME TREE
The dynamic of a system or process is the force that Talent&Pro has been delivering intelligent resource
causes it to change or to progress. Dynamics are solutions to the insurance and financial sectors since
forces that produce power of movement. 1999, providing graduates with opportunities, training
N and experience worldwide.
2 GLOBE - The magazine that reveals the world of Talent&Pro GLOBE - The magazine that reveals the world of Talent&Pro 3
TABLE Of CONTENTs
Isn’t the credit 6 ThE ChALLENgE Of INNOvATION
Column: Cint Kortmann
N Jacques Kemp, Geraldine Kaye and Husamettin Dogramaci share their views
on implementation of innovation within the Financial Industry. Page 5 Table of content
Page 6 The Challenge of Innovation
everywhere? Page 10
The Talented View
Page 16 Opportunities and
10 ThE TALENTED vIEw Perspectives, The Asian View
Coen Verhaak about cross-border training on the other side of the globe.
Dear Reader, Page 22 Attitude and Behaviour
Page 24 Column: Ad Kil,
I hereby present you with the third issue of our International Magazine. As always, An exciting adventure?
our aim has been to focus on something that is currently an issue in the financial
sector. So why not focus on the credit crisis? But, think about it, isn’t the credit Page 26 3D Printing,
crisis present everywhere? In this context, I refer you to Roger Peverelli’s article a promising future?
further on in this issue. Mr. Peverelli is one of the authors of the book “The Future
of Finance” in which he presents ethics as one of the paths of innovation within
the credit crisis. 16 OPPORTuNITIEs AND PERsPECTIvEs
Ryan Tewari, managing director of capital contacts international, gives his
A couple of years ago, I was at a convention where it was noted that, in the point of view on the role of innovative distribution channels.
financial world, little attention is paid to strategic innovation. Has this changed?
Nowadays, also within the financial sector, innovation is being introduced in a
variety of distribution channels. Strategies that are aimed at saving costs and
retaining clients. Banks and insurance companies are increasingly introducing
innovative products that contribute to this, and which have been tailor-made for
specific target groups. For instance, health care insurance that can be arranged Final Editing Production
online, thus reducing the related premium. We try to be transparent through a Suzanne Bastiaanssen Suzanne Bastiaanssen
variety of channels. Is this a consequence of the credit crisis? We have asked Chianna Beumer
various prominent persons in the financial sector to share their views on 22 ATTITuDE AND BEhAvIOuR Translation and editing
innovative distribution channels. Roger Pervelli and Isolde Schram, both working for VODW Marketing, Barbara Warnar Design
share their views about the effects of innovation. Stephanie Dijkstra More Than Live,
Talent&Pro’s progressivity has brought it to where it is now, a market leader, Rotterdam,
recognised both internationally and within its own market. Luckily, I would like Photography The Netherlands
to say, we have never let our innovativeness be impeded by fear. And we ask Judith Lengkeek
you to do the same. Sebastiaan van Tol Print
Martijn Arets Drukkerij Haarmans,
I hope you enjoy this magazine! Beverwijk,
With kind regards, 26 3D PRINTINg, A PROMIsINg fuTuRE? April 2009
Freedom of Creation, a design and research company, about the change
4 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 5
THE CHallEngE of InnovaTIon THE CHallEngE of InnovaTIon
Introducing Jacques P.M. Kemp of ING Asia/ How high do you rate and qualify the
Pacific from the Netherlands, Geraldine innovative capabilities in your country
Kaye of GAAPS from the UK and Husamettin compared to the rest of the EU/continent?
Dogramaci of AON Benfield from Turkey. JK: In ING Insurance Asia/Pacific, we operate
in 13 countries and as you can imagine, each
What innovation do you expect will impact market has its own specific requirements.
Financial Industry greatly and the banking/ Many times, these are driven by different
insurance sector specifically? customer needs, but also by the rules of each
JK: Obviously that would be the Internet. Due country. From the Regional Centre, we have
to the surge in technological developments, encouraged the local business units to find
customers increasingly want easy direct and an optimum balance between innovation,
24/7 access to financial services, and advice efficiency and meeting local needs.
only when and where they request it. We support the process with best practice
Looking forward and based on the new sharing. If, for instance, a new product proves
realities in the current financial markets, to be a best-seller in country A, we 'export'
I expect that most innovative efforts should this product in a localised version to another
focus on making things simple again. market, though there is no guarantee that it
While the notion 'innovate by making things will work well in another market.
simpler' sounds paradoxical, customers,
regulators and financial institutions will
“In INg Insurance Asia/Pacific, we operate
in 13 countries and as you can imagine,
each market has its own specific requirements”
Jacques P.M. Kemp -
(have to) introduce products onto the market GK: We are experiencing the start of a brain ING Asia/Pacific
that are different from the overly complex drain now that more candidates are moving Jacques Kemp is vice chairman of ING
products that generated top-line yet risky overseas, as foreign salaries are attractive Asia/Pacific for Insurance and Investments.
sales up to last year. In the recent down when you take the exchange rate into His international career has involved
market, many people have experienced how consideration. many positions in North and South
much more risky those products are than America, Europe and Asia.
they were believed to be when asset prices HD: Having a limited idea of the extent of He is specialised in setting up international
were on the rise. As the saying goes: 'when innovation capability abroad, I can say that networks and developing Emerging Market
markets go up people want yield, when it is not bad in Turkey. Being a developing Banking and e-Business for ING.
markets go down, people want protection.' country, Turkey has considerable human
This will stimulate a different approach to sources, who aim to catch up on the latest
future innovation in product development. technology, especially in information
technology, which is applicable to every of our business processes. Next to this
HD: Due to the global financial turmoil, aspect of life. These young, educated and improved efficiency, IT will likely increasingly
what the financial industry really needs curious people who work in production, become a driving force behind strategic
now is to recapture the clients’ confidence trade, finance, advertising, press, tourism, choices. IT is shifting from a cost factor to an
and reliance. For the moment, capturing entertainment and other sectors must be income-contributing factor.
confidence is a matter of time. The financial innovative in order to compete with their A powerful example is one which almost
industry should be as transparent as possible. competitors in Europe, the US, China, and every customer uses a couple of times a week:
It is not the time to introduce innovation - on India. 'pin-payments', a tremendous facilitator that
We brought together three major figures in the Financial Industry to the contrary, it is time to be simple, pure and not only makes the retail customer's life
transparent. How would you rate the effectiveness of the easier, but also makes the life of the retailer
ask them what their views are on innovative distribution channels. latest implemented innovative IT solutions and the bank more efficient.
across the financial sector?
What do they agree on and where do they differ? JK: Effectiveness is high. IT has caused a
tremendous improvement in the effectiveness
6 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 7
THE CHallEngE of InnovaTIon THE CHallEngE of InnovaTIon
HD: For years, an incredible variety in IT solutions has been What, in your opinion, are the key factors and challenges involved in “The Internet is a very
introduced into the financial sector. Each year, the extent of the developing a successful multichannel strategy?
capabilities increases, yet - as far as I can tell - not a single company JK: The main factor is at the same time also the main challenge, effective media, which
in the insurance sector is satisfied with its IT system. Every company namely being how to reconcile the conflicting issues between the
- local or global, small or big, located in Turkey or abroad - is always channels. During the early years of this decade we sold almost all of provides the consumer
in search of an ideal/utopian system, but unfortunately without our products through one channel, the tied agency channel. Today a
success. The more complex the systems, the more problems they large part is sold through banks. Managing the tension between with more opportunity
create. However in the banking industry, it seems IT adaptation is both channels was the biggest challenge but once you get it right,
beyond comparison. This is obviously the result of the huge everybody can benefit from it. to make propaganda
investments the banking industry has been making in IT solutions
over the years. GK: One of the most important factors is an excellent, committed than the producer.”
staff, and one of the most important challenges is finding them! A
dedicated team that works together will not only facilitate
“One of the most important factors development but also boost it. HD: I believe you can only achieve this by
integrating high technology into the
is an excellent, committed staff, HD: Having a successful multichannel strategy means enjoying the individual channels. The traditional
full advantage of all channels, using them effectively and in a well- distribution channels - namely agencies -
and one of the most important balanced manner to reach the sales targets. In addition to the should continue to use conventional ways
conventional ways, all technological means such as the Internet and to keep their traditional customers. At the
challenges is finding them!” mobile phones are utilised in order to achieve targets. Interactive TV same time, they should use high tech, to
broadcasting and banks’ ATMs should also be considered new ways reach the growing young population.
of reaching insurance customers. Internet facility should be
improved for this purpose, as Internet penetration in Turkey is almost How can insurers and banks use the Internet
Geraldine Kaye – GAAPS 100%. This seems incredible, but if you take into account the fact effectively to sell more complex products
Following a career as an actuary, Geraldine Kaye set up GAAPS that there are approximately 7 million households in Turkey that are and therefore increase their revenues?
in 1992, which has become one of the largest specialist actuarial eligible for insurance and there are 23 million Internet connections, JK: Just as human interaction can hardly be
recruitment consultancies in the world. Kaye manages and it may concluded that there is at least one person in every house replaced by computers, the advice we
advises on the placement of highly experienced senior that has access to the Internet. provide to our customers is also hard to
executives seeking permanent and interim management replace. IT/internet can, however, support
positions. How can traditional distribution channels networks be integrated this process. It can give the advisor direct Husamettin Dogramaci – AON Benfield
into a multi-network model? access to a financial overview per customer Husamettin Dogramaci is executive director of AON Benfield and has 20 years of
JK: Let me start by describing the context of the evolution of the and can make calculations for the customer experience working for insurance and reinsurance companies as a financial executive.
multichannel model. Bancassurance is developing fast in Asia. The regarding different products. Another Dogramaci also has experience in banking as an internal auditor.
primary drivers for this rapid penetration include the insurers’ desire opportunity could be, when you “see” (via
to diversify away from costly agency distribution and the banks’ IT data) that a customer is searching for
interest in broadening their income base. At the same time, recent information on a product, for you to
deregulation from India and China to South Korea and Japan, has introduce an option that he can follow-up on the visitors’ behaviour combined with the public. However, unsatisfied consumers
significantly added momentum to the proliferation of bancassurance on by discussing this with an advisor via the relevant polls, this will provide you with write their bad experiences in every blog,
in Asia. The invention of the Internet did not mean the end of the TV. Internet. Experience in the Netherlands has insight into customer experience and needs, page, e-mail address in an effort to reach
Similarly we believe that the increasing role of banks in the shown that this has led to an increase in the which can be very useful for developing more people and turn them against the
distribution of insurance products or the direct channel will not sales of certain products. The more simple a customer relationships. company. In order to cut down on the
replace the tied agency model. Many customers will continue to be product, the easier it is for the customer to number of unsatisfied customers and to
guided by the professional and personal advice from an agent- decide directly on purchasing it online. GK: By cloning social networking ideas. Take decrease their negative effect, an interactive
advisor. a look at the GAAPS Facebook page! It is and transparent communication opportunity
The best way to manage the multi-network model is to respect the GK: With great difficulty - the only way this essential that any webpage that allows the can be supplied on the company’s web
varying needs of the customers and the persons involved in the can really be achieved is by making complex public to add content is closely monitored portal. Opening a forum section on the
different channels. This could mean variation in product offerings, products appear less complex! to avoid misuse and abuse. company’s web page and encouraging
pricing and incentive programs, and sometimes different branding. customers to share their problems - and of
How can the Internet be used to manage HD: The Internet is a very effective media, course replying promptly - may stimulate
GK: I believe yet again that you have to have excellent and committed the customer experience and develop closer which provides the consumer with more the development of customer relations.
staff, which has vision and tenacity. relationships with customers? opportunity to make propaganda than the
JK: It can greatly contribute to this. For producer. Producers do this on their own
instance, the Internet home page of ING in page - which is considered advertising and
the Netherlands has over 1 million customers therefore somewhat unreliable. Satisfied
per day. If you use the data this generates consumers don’t share their pleasure with
8 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 9
THE TalEnTED vIEW THE TalEnTED vIEW
After experiencing these extremes we went
to a more traditional part of Shanghai called
Old Town, where we saw several typical
Chinese sights. At the famous Huxington tea
house, in the middle of OldTown, surrounded
by a beautiful pond with dozens of Koi Carps
TrAINING IN SHANGHAI
and buckets where Lotus-flowers grow in
the summer, I drank my first Lotus-tea. The
tea was quite expensive, but considering
the location I considered the price to be fair.
We ended the day in a Chinese restaurant,
In order to adequately meet the demands that arise due to international where I had my first chopstick experience,
but with a little coaching from my Chinese
expansion, an increase in required know-how and the needs of clients colleagues I managed to get through my
dinner. By now the jet-lag of our first day
and partners when tackling the challenges at hand, Talent&Pro doesn’t was catching up on us. Time to return to the
hotel for a good night’s sleep.
hesitate to send their project consultants to the other side of the globe
to be trained for their next project. Being awake at 5.00 am gave us plenty of
time to get to our training on time. We
Coen Verhaak, from the Netherlands, tells us The privileges of travelling business class At the hotel we were given a warm welcome
verY IC arrived there at 8.45 am which turned out to
about the cross-border training course he not only became apparent during the flight, by one of our colleagues from the Shanghai be too early, as most Chinese were still
followed in Shanghai. but also when we were allowed to disembark office of Talent&Pro, with whom we having their breakfasts. Not much later we
and collect our luggage before the business embarked on our first sightseeing tour were joined by six people from Switzerland
The arrival at the airport marked the class travellers. This was my first experience of the city. We visited one of the world’s and three others from the Netherlands, all
beginning of an exciting one-week adventure of the Chinese culture in which class division highest towers, the Shanghai World Coen Verhaak partners from the software consultancy. Our
I was about to embark on, together with a is very common, unlike in my home country Financial Centre (SWFC). From the top of 24 years old, has been with Talent&Pro since March week’s training focused on the ‘General
colleague. Our destination was Shanghai, the Netherlands. the SWFC at 470 metres we enjoyed 2008. His educational background is in Human Resource System’ and the ‘General Claim System’.
where we would meet our colleagues from a spectacular view of the city. It was there Management on a Bachelor level. We were first given an overview of the
Talent&Pro Shanghai and follow a week’s First impressions that we also stood on glass and looked systems, after which we walked through the
training with a close partner of Talent&Pro, From the plane we had only seen industries straight down to the road, which was really different modules.
a specialised software consultancy. Enough and farms. The taxi ride from the airport magnificent.
ingredients for me to feel quite nervous, gave us our first real impression of the city.
anxious of what the coming week had in We were amazed by the number of buildings,
store for us, and excited at the prospect of ranging from low-rises to multi-storey flats.
my first long international flight. But still it was hard to believe that we were
in one of the largest cities in the world.
I was lucky to have a seat near an emergency
exit so that I could rest my feet and the rest
of my body, but it still felt quite unnatural to
be in such a small space for over 10 hours.
10 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 11
THE TalEnTED vIEW
Over the course of the week, different
people came to teach us about the various
“The trainers definitely weren’t used
Do you have what it
modules. The Chinese trainers where very
enthusiastic about their part of the system
and they were able to give us a lot of to being asked so many questions.”
information. The trainers definitely weren’t
takes to succeed as
used to being asked so many questions.
However, as the course wore on, they got
more and more used to our questions and TV Tower. Inside the second big sphere we a fifth of the selling price, as this was what we
feedback on the system, and even seemed enjoyed the beautiful view of Shanghai at had been advised to do. However, after two or
a project consultant?
to enjoy it. And when we indicated that night. The most astonishing part of the view three biddings the woman refused to
we thought certain training aspects were was that I was able to see so far that it wasn’t continue. A lot wiser we continued with a
missing, they acted upon this and clear to me if I could see to where the earth less aggressive strategy which proved to
implemented an extra programme on the curved away or that I was merely viewing be more successful. What also helped, I
last day. This example, combined with the the outer edge of the city. The enormity of accidentally discovered out, was to pretend to
adaptability of the trainers, showed me what the city hit me once again. walk away. I did this when I found a wooden
I consider the strength of this , which as best Buddha for my girlfriend. Convinced we
expressed by Charles Darwin: it’s not the On our last day in Shanghai we went to the wouldn’t reach a price I was prepared to pay,
strongest, nor the smartest that survive, but Talent&Pro office. Here we met the manager I walked away. The saleswoman came after
the ones most responsive to change. of our Asia division, as well as other me and named another price, which was bet-
colleagues and consultants who stayed for ter but not quite good enough. So I said no
The evenings were all-Asian. We ate the rest of day. It was nice to see that the and walked away again and in her last chance
together as a group in several very good office doesn’t differ that much from our to sell the thing to me she named a last and
Chinese, Thai, Indian and Japanese office in the Netherlands. It has the same final offer, which was exactly what I had been
restaurants. Luckily, my chopstick abilities colours and fresh appearance. willing to pay.
After our visit we went to Old Town to buy Our departure from Shanghai to the airport, in
Sightseeing and bargaining souvenirs. We had been advised to bargain the so-called Maglev, was quite amazing. This
During the week we also went downtown to the price. Our first attempt didn’t prove very is a train that glides over a magnetic field and
experience this metropolitan city. We visited successful. My colleague had seen a nice reaches speeds of up to 430 km/h. This train is
the giant attraction of the Oriental Pearly small figure which he wanted to buy, and a symbol for the Chinese that allows them to
the woman who was selling it indicated a show the world what they are capable of. For
price on her calculator. On the same us it was an incredible experience and a
calculator he named a price which was about spectacular way to end our week in Shanghai.
talent&Pro is recruiting bright and talented individuals for careers in the Financial Industry
We’re looking for graduates and people with a year’s
work experience in the Financial Industry. If you’re
a pro-active, motivated individual, with the personality
and drive to take full benefit from a comprehensive
training and mentoring programme, then it’s time to join
an international that’s uniquely geared to personal and
For further information go to: www.talent-pro.com
12 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION
DIffEREnT WoRlD DIffEREnT WoRlD
My most important moment?
When I came in number 1 on the Nürburgring (Nordschleife)
in 2006. You can find this fantastic moment back on
In this edition of Globe we will compare the two worlds of a successful What energises me?
Every time I manage to pass someone on the tracks and thus
business woman. Are business and pleasure really that different? work my way to the front.
What really has an influence on me?
Nynke de Vries proves the fact that the world of car racing is not exclusively a man’s The weather and the degree in which I am one with my car, on
world. Besides enjoying having a firm a grip on the steering wheel when it comes to a particular day (having my head, heart and hands in line with
business, she spends many an hour on the asphalt in her free time. each other).
My name is Nynke de Vries and I currently work for ASR Insurances, though I will be My dream?
joining RVS shortly. A new step in a fun career within the insurance sector. After getting To end in the top 5 of the racing class this year and, if possible,
a degree in Management, Economy and Law, I obtained my master’s degree in to participate in (and complete) the 24-hour Oschersleben with
Organisational Culture and Management in 2007. I chose this specialization because I our new WGBRacing team www.WGBRacing.nl. Also, one day,
am particularly interested in the human side of organisations. Aside from this, I have I would like to participate in the VLN and Paris-Dakar.
a passion for cars, specifically BMWs and Porsches – which is why I have had a racing
competition licence since 2004, which allows me to participate in Dutch races. What word typifies me, and why?
Speed, or changing gears quickly, is something you must be
able to master. Being able to continuously anticipate, adapt
Business to and make decisions based on situations that arise during a
race and based on the conditions of the race track.
My most important moment?
My choice to take on an interim team manager’s position.
This was my so-called first step.
What energises me?
Transforming a team in to a real (high performing) team.
What really has an influence on me?
My superior; working together and be able to try things
out greatly determines the challenge I experience on a
To continue growing and developing professionally.
I don’t know where I’m headed, but I’ll find out when
I get there. And I will greatly enjoy the road to my
What word typifies me, and why?
Perseverance; you cannot achieve your goals without
giving it your all, and it is important to retain your focus.
14 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 15
oppoRTunITIEs & pERspECTIvEs oppoRTunITIEs & pERspECTIvEs
INNOvATIvE DIsTRIBuTION ChANNELs:
PErSPECTIVES ON THE ASIAN
PersPectives on the AsiAn
In the financial services market, there are great Nowadays, Asian markets are jointly defined as the emerging As the World Bank looks to establish a stable framework for pension
economies of today; one key factor being the occurrence of an management, there will be a range of qualitative pension schemes
opportunities on the Asian emerging market. economic boom. However, there are huge differences among these on offer, to complement the regular insurance products already
economies – varying from state-controlled governance to highly offered by the banks and insurance companies. One can expect that
However, it would not be wise to blindly follow liberalised economies. Some economies, such as Vietnam, have only the use of technology (broadband, web, sponsored devices) will be
recently opened, whilst others, such as Cambodia, are recovering key in the effective distribution of existing and new products. Finally,
the example of the western countries when tap- from difficult times. China and India are moving even faster than another interesting trend in new product development is the increase
expected, while Korea has already left its footprint on the streets of in the demand for healthcare packages in countries with a stronger
ping this market. Instead, companies offering Europe. Currently, 85% of the world’s population resides in emerging middle class.
markets. All of the Asian economies except that of Japan have one
financial services should focus on the specific thing in common: they are still in the growth phase compared with Asian countries witnessed strong growth up until 2008, as a
the saturated markets in Western Europe. Additionally, despite the consequence of which many new offerings were on the rise. And, in
situation, cultures, opportunities and needs of the current credit crisis, the emerging markets are home to more than fact, their economies are still in a growth mode, with an average of
ten percent of the fortune 100 companies. With luck, the current more than 5% compared with the European economies.
markets in question. Asia specialist ryan Tewari economic downturn should stimulate a period of innovation aimed
at tackling the loss of revenues and/or customers. European and Asian distribution trends
sees a bright future for the Asian financial market, In the EU we see a difference in the type of innovation between the
Product development trends countries that use more technology for distribution - the Nordic and
whereby innovative distribution channels play an Large parts of the Asian market have the opportunity to offer new Western European nations, where the citizens are used to surfing the
financial services, as the growth of the economy also stimulates web to compare products – and their peers in south of Europe, where
important role. consumer spending, a rising middle class and a tendency to save for the trusted agent is a favourite distribution channel. In general,
the future. Studies have shown that the number of mutual funds or product innovation is not fast enough, but distribution of products is.
insurance firms will continue to increase in those markets as the This brings us to the differentiator in terms of business models,
government liberalises the restrictions imposed on private sector namely cost leadership; still considered of importance in Europe, it
firms. This is expected to lead to a large increase in innovative is nowadays the main disadvantage compared to Asia. According to
Drs. r. Tewari locally-adapted insurance products such as insurance schemes many benchmarks, the competitive capabilities of western financial
Drs. Ryan Tewari is, managing director of Capital Contacts International, offered during local religious celebrations. services are highly correlated to their cost effectiveness: US and
active in (financial) restructuring and m&a advisory. Previously he was on British-based firms have outsourced their back office to India. In Asia,
the board of Cordares Capital and active as a Project Director/CIO/Director There are also country-specific investment products that cater to the back office costs are less of an issue than innovation and creativity
of Technology and Operations with Dutch bank insurers Delta Lloyd and cultural obligations such as taking care of the elderly, local investment in designing and the ability to offer products that give high returns
Achmea/Eureko. Before that he was active in management consultancy for demands such as micro loans, or the insurance of the elderly against or maximum value for policy holders. So the real challenge in Europe
more than 10 years. Tewari serves as an independent board member of any loss of income. Islamic finance products, for example, are is not only to be able to innovate products and services, but also to
various firms and was recently appointed on the board of De Boer increasingly appealing to those who are warily observing the be able to innovate the existing bureaucratic business models so
Transweigh India and IFCI Venture Capital Ltd. introduction of unstructured products of Western institutions. that organisations can work effectively towards growth.
16 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 17
oppoRTunITIEs & pERspECTIvEs oppoRTunITIEs & pERspECTIvEs
“In general, product
innovation is not fast
enough, but distribution
of products is.”
Traditional distribution channel networks must be integrated into banking and SMS money transfers were allegedly introduced very There are several key factors and challenges involved in developing In short, the emerging phase and size of the financial markets in
a multi-network model. Companies can gain the so-called channel quickly in emerging markets as reaching people in remote areas a successful multichannel strategy. Although the current downturn Asia provide huge opportunities for financial services in consumer
advantage if they are effective in switching customers to lower- would otherwise not be very cost-effective. does not stimulate massive consumption, it is common knowledge and business segments, as companies channel their products to the
cost channels, assuming there is no loss of sales or deterioration The latest innovations in IT across the financial sector can be very that the Asian economies will quickly learn to decouple certain market. But learning from past experiences in Western economies,
in service quality. In order to maximise their distribution, financial functional in customer retention while they also have cross-selling dependencies on the western economies and will then stabilise it is clear that it is crucial to have a strong value proposition, as
services should follow a multi-network model or deliberately focus potential. Some examples of this are: the implementing the stored quickly. In Asia, consumer-oriented financial product offerings are customer intimacy in combination with product differentiation is
on one channel such as direct writing, using call centres, e-mail or value cards (SVCs) for consumptions, as well as the increasing more culturally innovative than the rational approach normally key. Asian markets will create a whole new consumer population
the web. Online insurance brokers are already on the move in Asia, number of ATMs in stores aimed at increasing foot traffic and used in the West. As yet traditional “western” products such as equivalent in size to the European middle-class in terms of purchasing
and channel agents will be encouraged to upgrade and integrate the generating fee revenue. endowment policies will have a market in Asia. Fluctuating mar- power parity.
multichannel approach of their partners by using more technology- kets still have to provide for the need for credits and loans. Loan
based solutions to promote products effectively. Large banks and In order for insurers and banks to use the Internet effectively for the defaults are also common nowadays in Asia. Korean insurers face There are some operational tasks that will surface during the
insurers will grow on multiple fronts by offering the innovative purpose of selling more complex products and thereby increasing defaults of 4% now, and the number of insurers that fall below a development of innovative distribution channels. For example, we
delivery channels (phone, sponsored laptop, PDA, PSP) that will their revenues, we have to study the purchasing strategies of low solvency rate of 150% is carefully watched. These situations force expect a rise in joint ventures, whereby Asian business conglomerates
increasingly serve the emergent tech-savvy youth segment. income customers: they value the returns much more and are critical. Asian financial institutions to become creative in the type of will join forces with financial services firms to start a business. Asian
The retail branches have a daily and direct access to this group. But products they offer and to keep their products simple. companies have historically operated along family lines, building
The web is becoming increasingly important when it comes to the being practical also involves tapping quickly into the new features conglomerates that have diversified into multiple business lines. It
distribution of financial services, but there is a hard reality to be of web technology by effectively making use of communities and Expectations is normal for a chemical group to diversify into financial services
reckoned with in Asia. Although they are becoming accustomed to SMS/Mobile payments in rural areas. As hacking and spamming Financial institutions that partner with retailers gain access to or even to venture with a foreign partner in order to foray into its
local banking outlets in their villages, many customers are based are also very dominant in emerging markets, improved regulations potentially extensive distribution networks that reach consumers in domestic market with a professional partner.
in rural areas. According to a recent survey done by the Economist on compliancy and transparency and guarantees of privacy are their everyday lives. To illustrate this: Vietnam’s insurance industry is
Intelligence Unit last year, 90% of all consumer transactions in India becoming an important issue in many Asian countries. forecasted to grow at a CAGR of around 22% during 2008-2010. Life It is also important to conduct extensive research on local customer
and China are still done in cash, compared with 50-70% in Hong Kong insurance is projected to hit a CAGR of about 12.1% during 2008-2010 behaviour and purchasing strategies, to adapt existing products to
and Singapore and 20-30% in the US. On the other hand, based on Internet technology has traditionally been utilised by insurers Implementing a multi-channel strategy will speed up the growth in local settings, to design new effective and low cost products for low-
transaction volumes, global payment transactions are led by China and banks to push their products, but a close relationship with revenue of financial services in these areas. income customers - but also to design products for the local high
(China Merchants Bank) and India (ICICI). Then there is the huge your customer requires more than that. In India, consumers can net worth groups. We will also witness Greenfield operations that
remittance market, overseas money transfer: homeland insurance access their portfolio by monitoring the net asset value of their make use of technology aimed at enabling multichannel distribution
and care products for families residing abroad. In 2008 almost $40 investments on a daily basis, which is hardly possible in European in order to create integrated product offerings.
Billion in inward remittance was recorded in India. Just imagine firms. Banking on Internet technology and professional customer
what this would mean if these transactions had been integrated in centric communication will improve the customers experience with
opportunities for new product offerings to the customers. Mobile financial services.
18 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 19
aRounD THE WoRlD THEME TREE
Top 10 CONfErENCEs IN ThE wOrLD
Hereby we give you a short overview of conferences on
innovation and distribution channels all across the world
this coming year!
our vision on talent
Research has shown that the success of people in organisations is
generally more dependant on the right personal skill set and motivation
than on sheer experience. This insight lies at the root of our mission
World Innovation Forum
Date: May 5-6, 2009 .
statement: “Developing people for the Financial Industry”
Location: New York
4th Annual Bancassurance Conference - Talent&Pro is an in-sourcing organisation for the Financial Industry
RIMS 2009 Annual Conference & Exhibition Achieving Growth Through Innovation with a specific focus on the insurance, reinsurance, banking and
Date: April 19-23, 2009 Date: April 23-24, 2009
Location: Orlando actuarial sectors.
Talent&Pro has consistently placed highly talented individuals with
a wide variety of clients in various positions, ranging from operational
project roles to middle management positions in back office, mid
3rd Asian Conference on Microinsurance office and front office environments.
Date: July 22-23, 2009
Financial Markets Conference - Financial Location: China
Innovation & Crises www.asiainsurancereview.com
Talent&Pro invests in training, mentoring and coaching on specifically
Date: May 11-13, 2009 tailored professional training and personal development programmes.
Location: Jekyll Island
www.frbatlanta.org The development of our people is consistently monitored by a People
Manager who helps them optimise their abilities, capacities and
Bank Systems & Technology’s Executive skills sets in line with the job requirements.
Date: October 4-7, 2009
Insurance & Technology’s 11th Annual
Date: November 1-4, 2009
Location: Phoenix We have people who make a difference!
10th Asian Conference on Bancassurance
& Alternative Distribution Channels
Date: May 14-15, 2009
2nd Middle East Conference on Bancassurance www.asiainsurancereview.com
& Alternative Distribution Channels If you want to know more about what we can do for you please contact us.
Date: April 28-29, 2009
THE NETHErLANDS UNITED KINGDOM GErMANY CHINA
Talent&Pro B.V. Talent&Pro Ltd. Talent&Pro GmbH Talent&Pro Business Consulting
Insurance Day Summit Philipsstraat 7 Lloyd’s Avenue House Zeilweg 44 (Shanghai) Co., Ltd
Date: May 19-20, 2009 3833 LC Leusden 6 Lloyd’s Avenue D-60439 Frankfurt am Main 14/E Xinmei Union Square
Phone: +31 33 7999011 London EC3N 3ES Phone: +49 69 957 33 921 999 Pudong South Road
E-mail: email@example.com Phone: +44 20 7481 9949 E-mail: firstname.lastname@example.org Shanghai 200120
E-mail: email@example.com Phone: +86 21 51 34 18 16
20 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION
aTTITuDE & BEHavIouR aTTITuDE & BEHavIouR
rOGEr PEVErELLI AND ISOLDE SCHrAM Ethics as a guiding issue on the labour market is not one-way:
financial service providers must also take into account moral Isolde Schram
For banks and insurance companies alike one thing has standards when selecting new employees. Isolde Schram works for VODW Marketing
as managing consultant, and specialises in sustainability,
top priority: how do we restore consumer trust? Financial service providers are going to distinguish themselves in branding and innovation.
the ethical and moral choices they make. Some banks will proudly
roger Peverelli The real consequence of the credit crisis is the fact that proclaim that they have never offered dubious products. Others will
Roger Peverelli is a partner at VODW distance themselves from the so-called ‘hit and run’ culture. Some
Marketing and co-author of ‘The Future of the attitude and behaviour of consumers towards financial insurance companies will have taken a particular stance when it An Italian insurer expressed his fear that ethics would become the
Finance. Megatrends beyond the crisis’. comes to, for instance, DNA-profiles, or the use of stem cells – or new cosmetic; prominently communicated, whereby intrinsically, in
services has undergone a definite change. Consumers perhaps they will advertise their adherence to the solidarity principle. heart and soul, there is no change. He was afraid this might consti-
For more information, visit: And yet other companies will focus on sustainability, or support tute a missed opportunity for the sector.
www.rogerpeverelli.com. have grown up quickly and have learned a few tough some other social issue, such as education.
lessons. This is why they are increasingly taking control Over the last few months we have been invited by the board of Using ethics as a guiding principle requires a lot more than cleaning
directors of many banks and insurance companies to discuss the up what you have on offer, based on ethical grounds: do we or do we
themselves. And allowing themselves to be led by ethics. future in financial centres in Europe, Asia and the United States. not invest in this, is this in our clients’ long-term interest or not. It is
They are convinced that ethics is the key to restoring consumer trust. more about viewing the societal role as a source of inspiration:
The government and central banks have contributed greatly to the in terms of: is the cost structure fair, in what do the companies invest, But they are still in the midst of figuring it all out; what does this where can we contribute? Which assets and skills do we have to help
restoration of confidence in the financial system. The next necessary and what does the financial service provider see as its societal role? entail, and how do we go about it? out on specific social issues? How do we implement ethics into our
step is to convince consumers to place their trust once again in The concept of socially responsible business has acquired new mean- DNA?
individual banks and insurance companies. Trust has reached an ing. It is no longer a matter of doing something for charity, or doing A Swiss private bank indicated that over the past years it had rea-
all-time bottom. People are sincerely questioning the morality of this something else on the side. It is about always keeping the greater lised a profit of 25 to 30 percent. At a certain point, people think this Grupo Santander’s BancoReal (one of the largest banks in Brazil) is
sector. purpose in mind: the ’s role in society, serving society. is ‘normal’. The board is now aware of the fact that, of course, it an example of this. Its motto is ‘a new bank for a new society’. Taking
isn’t all that normal. But what is normal? 20 percent? 15 percent? this as its premise, it views its products as a way to make a positive
Banks and insurance companies are very much aware of the fact The credit crisis has also had an impact on the position of financial 10 percent? What is ethical? change in society. Based on this approach and an excellent financial
that they must regain consumer trust. Whereas governments and service companies on the labour market. Particularly in the services performance, it has been granted the Financial Times Sustainability
regulatory bodies are focusing on the financial system and the sector, people make a difference. Ethics is the key to finding and A French asset manager wondered how you combine ethics with Award.
financial market, the real, intrinsic change is taking place from within keeping the best people. Also here, the confidence of the people hard business objectives. Investment funds must perform at least as
two other markets: the consumer market and the labour market. must be recaptured. Candidates want to work for companies of well, if not better, than their competition. What if this isn’t achievable This is how you recapture confidence among both consumers and
which they can be proud. They want to see their norms and values with ‘sustainability’? Say, you won’t invest in American government employees. And how you lay a basis for the future.
Ethics is one of the most important consumer trends. It is evident in reflected in the . Talented people not only want to grow on a per- bonds, because they are directly or indirectly used to finance the
the debates on norms and values that are held in every country, the sonal level, they want to be involved in matters that are arms industry, as a consequence of which your yield is lower…
almost mythical worshiping of Nelson Mandela and the increasing relevant. On the ‘Fortune 100 best companies to work for’-list, you
popularity of religion in many countries. will not find a single large financial service provider. The relatively A British banker expressed his cynical suspicion that a couple of
small Quicken Loans occupies 2nd place, and the reason for this is years down the road the collective memories of shareholders and
Present-day consumers make their choices based on what they know that it has never had anything to do with matters such as sub-prime companies will probably have forgotten the current crisis. By that
about a . Increasingly, reputation and social responsibility are consid- mortgages. And this is appreciated by top-notch candidates. time, we will be back to all sorts of structured products in order to
ered of importance. Openness and honesty are prerequisites for ethi- boost the quarterly results, to please the shareholders. He was dis-
cal behaviour. In the case of financial services, transparency is sought appointed at the thought already.
22 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 23
lEaRnIng pRoCEss lEaRnIng pRoCEss
New DIstrIbutIoN ChANNels; Ad Kil
Ad Kil is Director of the master’s programme in Conflict
Management (MA) at the University of Maastricht and Dean
an ExCITIng aDvEnTuRE?
of the TPi International Institute for the Financial Industry.
He is also co-author of a book on conflict management and
mediation for managers.
Whenever you read about the distribution channels of
expense of certain cognitive learning processes, or of quality. probably very differently from the processes that preceded it. The way
products and services, you are sure to come across the Screenagers are well-suited to function in the new multi-distribution data is collected is different, as is the process of decision making,
systems. while the customs and the cultures inherent to other professions enter
word multi. Everything is multi: multi-service strategy, the picture. The tasks change or are different, people come and go.
Multi-distribution systems come in many shapes and forms. Aside Often the task description changes, is expanded upon or takes on a
multi-segments, multi-site, multi-channeling, multimedia… from technical and financial aspects, there are also commercial different character (from sales to advice, for instance). This leads to
aspects. Thanks to the IT-aspect, process and decision speed are an what could be referred to as ‘collective task tension’. Operational,
etc. The ‘multier’, the better, it would seem. And then there important aspect of commercial communication. An uninterrupted process and task tension are all tensions that affect the organisation
error-free communication between the actors is of the greatest as a whole. The managing of these tensions, taking into account the
is another thing: the pushy influence of the Internet, multi- importance. Both must have simultaneous access to the right new definition of the three aspects, can be seen as a learning process
information, or at least be able to search for it simultaneously. for the entire organisation. The cultural tension is often expressed in
media and the shift in the participation and presence of ,
feelings of resistance, “things used to be better” ideological
Simply said, the choice to switch distribution systems based on policy comments (‘I don’t call that service’), or downright rebellion.
consumers. Clients become co-producers, purchasers and and strategic arguments is one that can be made quickly. Due to the
fact that new distribution systems are technology-driven and there At the individual learning level, we also see task tension.The questions
sellers of everything, they create their own packages, look are many players and IT-solutions on the market, the choice for a par- that affect the employees are: what, how, where (at home?), and when.
ticular technical solution is quickly and easily made. Systems can be Which gives rise to a fifth type of tension, learning tension: can I do
for combinations, bring parties together. Somewhere among implemented relatively quickly. It doesn’t take long to have new chan- that, what skills must I have to be able to do that, can I still do this at
nels up and running. my age, after having done such different work for so long? The sixth
this, you find ‘unusual’ distribution channels, such as type of tension you get is the learning process tension. New
It doesn’t work quite this quickly with people. People grow attached to innovations not only require the mastering of new techniques and
Facebook and Youtube. ‘Unusual’ to some, normal to others. work places, routine, knowledge and habits. Changing the culture culture elements, but also a wholly different way of learning. That
within an organisation or changing organisational knowledge takes a which the screenager learns from the media, experienced employees
bit longer. To change from a supply-oriented market to a demand- need to learn by means of a course and job supervision. Not only is
oriented market is simple, from a political or technical point of view. everything different, but the old learning methods are also not reliable.
Anyone who has children between the ages of 15 and 20 knows that Anyone who works in an organisation, knows that changing to a It is no longer merely a question of reproducing, but of searching for
information search behaviour and the use of information has changed different culture is tough and painful. information; ordering becomes integrating; analysing becomes
drastically. At times I find my daughter simultaneously downloading deciding quickly. There where old routines led to uncertainty-reduction,
music and burning it onto a cd, while watching a series on TV, playing In other words. After the relatively quick decision to change distribution a way must be found, instead, to tolerate uncertainty. In an overview,
a game on her computer, chatting with two classmates, walking channels, and the quickly purchased technology, there comes the long we see the pile-up of operations, processes, tasks, skills and learning
through her math assignment on the phone or by sending text road of changing corporate culture. Often, the next change has been processes in the old situation, versus that of the new situation. In the
messages, eyeing the test assignments on-screen – all the while decided upon and the next technology has been bought before the case of the organisational change, such as the development of new
managing an, albeit somewhat stunted, conversation with me. former change has been fully implemented. We see that decision-mak- distribution channels, all aspects must ‘cross over’ more or less at the
Multi-tasking! That’s what screenagers do best. This is what they’ve ers lose interest in the change, because other priorities and problems same time.
been trained to do. present themselves, requiring yet other solutions and technology.
A - seemingly simple - decision to introduce a change like this and the
How did they learn to do this? Or better yet, who taught them? Was it What is the significance of this for the learning process of an - also seemingly simple - decision to adopt a fitting technology results
their teacher? Or did they follow a course? No, they learned it from the organisation and of its individuals? After a decision is made, there is a in at least six simultaneous tensions. The learning of new tasks, new
media. By repetition, they master the games’ scenarios, they learn to period of implementation of the operations. Old ones are phased out skills, new learning methods and the resulting creation of a new,
chat, or they learn in what order a film’s episodes are. They know and replaced by new ones. This results in a period of operational ten- unfamiliar culture ensure that simple, transparent decisions all of a
which medium does not require their immediate attention, when a sion that has technical aspects (the systems remain up and running sudden become an exciting adventure. Not only does the question
game becomes exciting, how long it takes to burn a dvd, etc. By during this period) and cultural aspects. All routine processes have to arise as to whether the goal will ever be achieved, but often the change
effectively zapping their attention, screenagers effectively learn to change, as do the methods of collaboration, and the disciplines, etc. is bypassed by the next generation of changes and technology. There
function as multi-taskers. Research shows that this hardly is at the Plus, of course, the change process must be managed well. And are no simple answers, and there is no other recourse but to learn.
24 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 25
Freedom of creation (FOC) is a design and research company
that specialises in realising design and new business
applications with 3D printing. Since 2000,
research conducted by FOC into
3D-printed designs has
resulted in successful
commercial products and has been
the foundation for significant r&D
projects with a range of industrial partners.
3D Printed Centerpiece (1 meter size) for the Onitsuka Tiger advertisement campaign.
3D printing is the creation of a product or Is it possible to have a design platform with many homes. A similar shift is predicted to networks and that allow for the collaborative For example, the project for the Japanese functionality of the products was tested
component by layering and connecting an ‘unlimited’ freedom of creation whereby take place in the energy sector; from large creation of customised products. Just Onitsuka Tiger shoe brand reflects the virtually. This significantly reduced the time
successive cross sections of material. you can: centralised power plants towards self- imagine being able to create a personal statements mentioned above. The products Onitsuka Tiger needed for the development
Previously mostly exploited for prototyping • Create a new distribution model in which sustaining homes, utilising renewable energy wedding gift for one of your best friends, were made for a one-time occasion only, and of the campaign, and even though only a few
purposes, today it is starting to find its way products are not shipped from a single sources. Although it might still be hard or to customise jewellery to fit your personal in small pre-determined numbers, for the thousand products were created, the files
into low and middle production volumes. source, but rather e-mailed and produced to imagine, why not also create our products style. purpose of supporting the advertisement are still stored on a hard drive in case
The main advantage of 3D printing compared locally at home? This will contribute to a more campaign. The creation of the 3D designs for more 3D printed production is needed in the
to traditional manufacturing processes is • Produce on demand and leave the rest in sustainable future thanks to efficient In the near future, the technological ready 3D printable files took only 7 days and future.
the elimination of tooling and the ability ‘virtual storage’ distribution, and will be more user-centred possibilities of 3D printing will increase, no prototypes were needed, as the
to manufacture parts of any geometric • Have huge flexibility when it comes to because of the customised, co-created while the price will continue to go down.
complexity. This unique advantage and customising and adjusting products products that better fit specific user needs. This will make it possible to not only print
the rapid improvements of 3D printing • Significantly reduce time-to-market low volumes more cost-efficiently, but also
technology could lead to a radical shift in the While home fabrication is a development higher volumes.
way products are designed and distributed. The most extreme distribution model allows of the future, the customisation of products
FOC’s vision is that we will move towards consumers to create most of their products is already well under way. It is predicted These developments in 3D printing will
decentralised distribution. and spares at home. ‘Home fabrication’ that we will see a shift from mass-production certainly revolutionise distribution channels
offers a promising future in which the to a mass-customisation era, whereby for consumer electronics. FOC believes that
negative side-effects of centralised technologies such as 3D printing will the opportunities are there to create new
distribution, such as human exploitation and provide customers with the opportunity to services and platforms that allow for the
carbon transportation emissions, for a large create products that are truly unique and creation of customisable products, since the
part disappear. There are many examples in personal in both functionality and design. next generation of products will not focus
which the decentralisation process has on manufacturing, but rather on beauty,
proven to be a huge benefit to society. Over time we are likely to see more and more functionality and personality.
Keyholder for the Onitsuka Tiger Computers that were at first only used in products that are created through innovative
advertisement campaign. USB sticks for the Onitsuka Tiger advertisement campaign.
laboratories have now found their way into web interfaces, are connected to online
26 GLOBE - The magazine that reveals the world of Talent&Pro DYNAMIC EDITION DYNAMIC EDITION GLOBE - The magazine that reveals the world of Talent&Pro 27
THE NETHErLANDS - Philipsstraat 7, 3833 LC Leusden
UNITED KINGDOM - Lloyd's Avenue House, 6 Lloyd's Avenue, London EC3N 3ES
GErMANY - Zeilweg 44, D-60439 Frankfurt am Main
CHINA - 14/E Xinmei Union Square, 999 Pudong South Road, Shanghai 200120