Article date: 1 December 2004
Norwich Union Life, the UK’s largest lifeinsurer, is introducing changes to its distribution teams toreflect the changing shape of the advisory market, brought about bysignificant regulatory change and market consolidation.
The company will be realigning its accountmanagement, sales consultants, technical and sales support teams toprovide dedicated support to the varying needs, of what the companysees as the different types of distributors, whether they offerIFA, multi-tie or single-tie advice:
- Nationals and Key Regionals
- Financial institutions
- Corporate benefits
Norwich Union will offer proactive support tothe advisory market through a combination of field and telephonebased sales consultants.
As a result of these changes, there will be areduction in the number of field based sales consultants and anincrease in the number of dedicated telephone sales consultants,based centrally. At the same time, Norwich Union will also bestreamlining its regional branch office network to reflect thesechanges.
The number of field based sales consultants willbe reduced from around 220 to 160, while the number of dedicatedtelephone based sales consultants will increase from around 25 to50. The number of regional sales offices will be reduced by 5, from21 to 16 and the smaller satellite offices will be reduced by 10from 16 to 6 by March 2005. Norwich Union will still continue tohave one of the largest field based sales consultants and branchnetworks covering key UK business centres.
We anticipate that the effect of the changeswill result in a reduction overall in staff numbers of around 120.The company will do everything it can to minimise redundancies byassisting the staff affected by the changes. Where practical andappropriate we will look at the opportunity for people torelocate.
David Barral, Norwich Union’s director ofdistribution, said: "The advisory market is changing rapidly as aresult of regulatory change and we need to ensure we adapt ourdistribution support accordingly to ensure we stay ahead of thegame.
"We will be realigning our account management,technical and sales support to provide dedicated support accordingto the differing needs of the advisory market. We will continue tohave a substantial team of field based sales consultants togetherwith an increased team of dedicated telephone based salesconsultants, backed up by technical specialists.
"We recognise that this will be an uncertaintime for those people affected by the changes and we will do all wecan to help people during this time. The company will do everythingit can to minimise redundancies and we will look at the opportunityfor people to relocate where practical and appropriate."
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Notes to Editors
- Norwich Union is the UK's largest insurer. It is the UK'slargest provider of life, pensions and investment products andone of the leading IFA providers. IFAs provide around 75% of thecompany's long-term savings business in the UK. Norwich Unionhas strategic alliances with building societies and otherleading UK brand names including Tesco Personal Finance and TheRoyal Bank of Scotland Group. Norwich Union’s newsreleases and a selection of images are available from Aviva'sinternet press centre at www.aviva.com/media