Norwich Union Life, the UK’s largest life insurer, is introducing changes to its distribution teams to reflect the changing shape of the advisory market, brought about by significant regulatory change and market consolidation.
Norwich Union Life, the UK’s largest life insurer, is introducing changes to its distribution teams to reflect the changing shape of the advisory market, brought about by significant regulatory change and market consolidation.
The company will be realigning its account management, sales consultants, technical and sales support teams to provide dedicated support to the varying needs, of what the company sees as the different types of distributors, whether they offer IFA, multi-tie or single-tie advice:
-
- Networks
- Nationals and Key Regionals
- Financial institutions
- Corporate benefits
Norwich Union will offer proactive support to the advisory market through a combination of field and telephone based sales consultants.
As a result of these changes, there will be a reduction in the number of field based sales consultants and an increase in the number of dedicated telephone sales consultants, based centrally. At the same time, Norwich Union will also be streamlining its regional branch office network to reflect these changes.
The number of field based sales consultants will be reduced from around 220 to 160, while the number of dedicated telephone based sales consultants will increase from around 25 to 50. The number of regional sales offices will be reduced by 5, from 21 to 16 and the smaller satellite offices will be reduced by 10 from 16 to 6 by March 2005. Norwich Union will still continue to have one of the largest field based sales consultants and branch networks covering key UK business centres.
We anticipate that the effect of the changes will result in a reduction overall in staff numbers of around 120. The company will do everything it can to minimise redundancies by assisting the staff affected by the changes. Where practical and appropriate we will look at the opportunity for people to relocate.
David Barral, Norwich Union’s director of distribution, said: "The advisory market is changing rapidly as a result of regulatory change and we need to ensure we adapt our distribution support accordingly to ensure we stay ahead of the game.
"We will be realigning our account management, technical and sales support to provide dedicated support according to the differing needs of the advisory market. We will continue to have a substantial team of field based sales consultants together with an increased team of dedicated telephone based sales consultants, backed up by technical specialists.
"We recognise that this will be an uncertain time for those people affected by the changes and we will do all we can to help people during this time. The company will do everything it can to minimise redundancies and we will look at the opportunity for people to relocate where practical and appropriate."
-ends-
Press office contacts:
James Evans 01904 452791 Out of hours 07800 699525
Louise Soulsby 01904 452617 Out of hours 07800 699526
Rob Pell 01904 452659 Out of hours 07968 934091
Notes to Editors
- Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company's long-term savings business in the UK. Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media