Following its agreement to acquire ReliaStar, Holland’s financial services giant, ING, has announced plans to launch an Internet site in the U.S. to sell life insurance products on-line.
ING has already set up ING Direct Bank in Europe and Canada, and plans a similar initiative for this summer in the U.S. The life sales site, although it will have no connection with the bank, will follow the same approach offering financial planning advice, retirement savings plans, annuities and life insurance.
The company hopes to acquire licenses in all 50 states, and will begin limited operations by mid-August.
The impact on more than 4000 agents could be considerable, as the better, faster, cheaper Internet syndrome will no doubt affect their life sales. ING expressed its intention to return some of its earnings to agents in the form of increased sales support for more complex products and services.
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