Aviva Streamlines Channel Incentives
Aviva is UK s largest and the world s fifth largest insurance Group. With a history dating back to 1696, Aviva has a 45 million-customer base with presence in 27 countries. It has ” 359 billion of assets under management. It was also the first foreign insurance company in India to set up its representative office in 1995.
As Aviva business grew in India, its sales and distribution channels became more complex and fragmented, essentially since its sales and distribution functions are spread across multiple organizations and channels. And as the number of transactions increased, the need for a centralized document rights management system also rose.
In the BFSI industry, interest rates, capital market movements, re-insurance costs usually decide organization incentives and profitability. But these are normally not directly linked with the incentives of the sales hierarchy, and which results in non alignment of the organization and its channel objectives. As a result, it becomes difficult for senior managers to have a bird s eye view of the activities of brokers, agents, sales personnel on one page.
Aviva, infact started the streamlining process in 2007, when it signed on Herald Logic for its channel, sales and incentive management solution in February. According to the Herald Logic website, the solution provides granular dials and controls to business users, helps sales managers and administrators to get complete visibility of the activities of internal and external sales personnel and teams, as also an incentive policy definition based on multiple factors like time, geography, campaign, customer profile, product line etc. allows the enterprise to align the objectives of the sales channel to enterprise objectives easily and quickly.
The company also provides real time performance dashboards to help sales and marketing administrators to constantly monitor on-the-ground performance and do course correction in real time.
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