Norwich Union looks to advisers for distribution
Norwich Union has confirmed its future distribution strategy will be adviser-driven with no plans to introduce direct selling, says managing director James MacKenzie.
"We have got a relationship with 4,600 advisers in Australia, which gives us a huge distribution network," MacKenzie told Money Management.
Norwich Union has revamped its distribution by abolishing state managers, although the offices in each state remain. These offices now report direct to head office in Melbourne.
The separate risk and retail investment sales teams have been merged into a single distribution arm.
"The re-organisation of our sales teams is about sharing information and recognising the importance of the adviser and how we support them," MacKenzie says.
This attitude has extended to a recent branding advertising campaign where no Norwich Union contact numbers were included.
"We cannot see the role of the adviser diminishing in Australia," MacKenzie says.
"We will be focusing on the 20 per cent of them that really do business with us."
Norwich Union has also launched a Business Development Centre, using phones, faxes and the Internet to build a one-to-one relationship with the advisers.
MacKenzie says it is not a call centre, but somewhere for advisers to get advice on products and technical issues.
Meanwhile, Norwich Union has joined the battle for the corporate superannuation market with the launch of Super Solutions. The product will be sold by advisers and is being supported with an on-line administration system called SuperNet.
The program will allow advisers and their clients to obtain customised reporting that includes balances, investment information and contributions and to lodge contribution payments and update member details. It also alerts advisers of significant dates such as when a member turns 55, to enable them to enhance their marketing efforts.
Super Solutions is a multi-manager master trust that has a range of risk insurance options available to corporate members of the fund.
MacKenzie says this is the first of a number of products Norwich Union hopes to roll out this year for distribution through its adviser network.
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