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plans to expand multicultural sales efforts throughout U.S.
10, 2009) Building on its existing multicultural sales success, the
global financial services company, ING announced today that it has added
staff to further the company's enterprise-wide multicultural sales
efforts, particularly in its retirement services business. This
multicultural sales team provides marketing and sales assistance,
in-language and in-culture financial education programs, training, and
other customized support to distribution partners, plan sponsors and
ING's regional sales organizations.
"With multicultural populations growing nearly five times faster than
the overall U.S. population, we want to accelerate our growth and
leverage the opportunity in the market. Our expanded capacity will
better equip us to serve our distribution partners, plan sponsors and,
ultimately, the multicultural Americans who are trying to save for their
future and protect their families," said Rob Leary, incoming CEO of ING
Insurance U.S. "This effort also underscores our continued commitment to
multicultural markets, which are an integral part of the growth in our
core businesses of retirement services, life insurance and financial
solutions for baby boomers."
For the past several years, ING's multicultural sales have been a driver
of growth in its individual life and employee benefits business. The
company recently began expanding its existing efforts in its retirement
services business, which has been ranked as a top-three provider in the
These efforts support a need in the market. A number of recent studies
have found that African-Americans and Hispanics participate in and
contribute to retirement plans at lower rates than whites and Asians.
They also point to the improvement of financial literacy and education
efforts as a way to better address this disparity.
Similar studies find disparity in Hispanic life insurance ownership when
compared with the general population. According to a 2008 ING study,
Hispanics are significantly less likely than the general population to
have life insurance (39 percent vs. 71 percent) while they are more
likely than the general population to say that they would need various
protection should something happen to them. In fact, 89 percent of
Hispanics said that someone in their situation should have life
"Our approach leverages ING's existing distribution and expertise while
providing in-culture support that is critical to success in
multicultural communities," said X. Rick Niu, chief marketing officer of
ING U.S. Retirement Services, who also directs multicultural sales
across the enterprise. "At ING, we have a unique opportunity to leverage
diverse talents from within our large organization. ING's global
presence, well-respected brand, diverse workforce, and our understanding
of multicultural audiences position us well to continue to tap this
large market opportunity."
The new team members are: Andres Vargas Escobar, vice president of
multicultural sales operations, to be based in Windsor, Conn.; Juan
Pablo Troncoso Philippi, manager of sales support, to be based in
Irvine, Calif.; Nydia Monarrez Lozano, manager of sales support, to be
based in Tampa, Fla.; and Erika Contreras Escobar, business coordinator,
to be based in Windsor, Conn.
Each hails from a country within ING's Latin American operations, giving
them direct and first-generational knowledge of those audiences here in
the U.S. Combined with the existing multicultural sales staff, the team
now represents many countries of origin, including Argentina, Chile,
China, Colombia, Mexico and South Korea.
ING is a global financial institution of Dutch origin banking,
investments, life insurance and retirement services to over 85 million
private, corporate and institutional clients in more than 40 countries.
With a diverse workforce of about 130,000 people, ING is dedicated to
setting the standard in helping our clients manage their financial
In the U.S., the ING (NYSE:ING) family of companies offer a
comprehensive array of financial services to retail and institutional
clients, which includes life insurance, retirement plans, mutual funds,
managed accounts, alternative investments, direct banking, institutional
investment management, annuities, employee benefits, financial planning,
and reinsurance. ING holds top-tier rankings in key U.S. markets and
serves over 29 million customers across the nation. For more
information, visit www.ing.com/us.
ING's diversity management philosophy and commitment to workforce
diversity, multicultural marketing, corporate citizenship and supplier
diversity fosters an inclusive environment for employees that supports a
distinctive product and service experience for the financial services