ANALYSIS OF DISTRIBUTION

CHANNELS IN AVIVA LIFE

INSURANCE

Group 2
Mandala Palakondrayudu 16P149
Sriruru Kiran Kumar 16P170
Anusha Ponugoti 16P190
Avinash Kumar Kakani 16P193
Pratyusha Gandikota 16P214
Raviteja Medapati 16P217
Acknowledgment

We would like to thank Prof. Vibhava Srivastava for helping us in understanding the theory about
Sales and Distribution Management so that it became easier for us to understand the structure when
we did our primary and secondary research.

Last but not the least, the importance of peer to peer learning can’t be ignored; and in this regard
we are grateful to my classmates for the lengthy and fruitful discussions during coffee breaks and
otherwise.

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Table of Contents

Acknowledgment .......................................................................................................................................... 1
Table of Contents .......................................................................................................................................... 2
Context:......................................................................................................................................................... 4
Company: ...................................................................................................................................................... 5
Products: ................................................................................................................................................... 5
Distribution: .............................................................................................................................................. 6
Sales and Distribution in Aviva India ........................................................................................................... 6
Direct Sales Force (DSF) .......................................................................................................................... 7
Aviva Direct (AD): ................................................................................................................................... 7
Online Sales Team (FXT): ........................................................................................................................ 7
Bancassurance:.......................................................................................................................................... 7
Insurance Marketing Firm (IMF): ............................................................................................................. 8
Broker: ...................................................................................................................................................... 8
Competition: ................................................................................................................................................. 8
Customer: .................................................................................................................................................... 10
Collaborators:.............................................................................................................................................. 11
Problem Symptoms ..................................................................................................................................... 11
Problem Statement ..................................................................................................................................... 13
Data Set: ...................................................................................................................................................... 14
Business Acquisition of Aviva India through different channels from the years 2010-2017.................. 14
Attributes of various channels in Life Insurance are .............................................................................. 14
Analysis ....................................................................................................................................................... 15
Alternatives: Pros and Cons ........................................................................................................................ 16
The Bancassurance (Banca) business ...................................................................................................... 16
Pros ..................................................................................................................................................... 16
Cons..................................................................................................................................................... 16
The Direct Sales Force (DSF) ................................................................................................................... 17
Pros ..................................................................................................................................................... 17
Cons..................................................................................................................................................... 17
Aviva Direct ............................................................................................................................................. 18

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 Pros ..................................................................................................................................................... 18
Cons..................................................................................................................................................... 18
Web or Online Sales ................................................................................................................................ 18
Pros ..................................................................................................................................................... 18
Cons..................................................................................................................................................... 19
Recommendations and Way Forward ........................................................................................................ 19
Aviva Sales organization- Channels......................................................................................................... 19
Why Online?............................................................................................................................................ 20
Demographics: .................................................................................................................................... 20
Ease of Opening: ................................................................................................................................. 20
Instant solutions:................................................................................................................................. 20
Customized solutions: ......................................................................................................................... 20
Cons of Online Distribution channel: .................................................................................................. 20
Recommendation:....................................................................................................................................... 21
Adopting multi-channel distribution strategies ...................................................................................... 21
Course of actions: ....................................................................................................................................... 21
Social Media and Collaboration .............................................................................................................. 21
Training Financial Planning Advisors:...................................................................................................... 21
Building relationship with FPAs: ............................................................................................................. 21
Bibliography ................................................................................................................................................ 22

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Context:
The insurance industry has gone through a major transformation with the entry of private players
in 2001. In the pre-privatization era, there were two primary sales channels – the company’s own
sales force and agency (third party). Today, selling is done through a wide range of channels which
include online, corporate agents, call centers, brokers, direct and agency.

To complement these channels, the number of branches and offices of insurance companies have
also multiplied. There were only 2,200 life insurance branches in 2001. Today, between 23 life
insurance companies in India, there are over 12,000 branches spread across the nation.

For all the commotion over higher foreign direct investments in India for almost 10 years and
private participation in the industry since 2000, not many private players are making significant
profits. The future for life insurance doesn't look bright due to the slow acceptance of insurance
as a preferred saving instrument, let alone treating it as a necessary protection against accidents
that could leave a family in financial calamity.

The business ecosystem has changed drastically in last 10 years. Every business is moving into
digital aspect leveraging technology to get the competitive advantage. Life insurance industry is
no exception to the change in ecosystem. But compared to the other industries, digital
transformation is slower and difficult in life insurance. Aviva and other companies are thus
focusing majorly on their digital strategy and bring a strategic shift in their operation models.

Change in the guidelines on Open Architecture issued by Insurance Regulatory and Development
authority of India (IRDAI) now gives insurance companies an opportunity to partner with 3 banks
in comparison to only one bank previously. This will make the channel more customer focus as
they would have alternatives to choose from.

With the advent of digitization, customers are becoming more informed. With introduction of
online sites like policy bazaar where customers can compare all the available policies, the
customers are becoming more and more aware which is resulting in high completion due to which
premiums are being reduced to gain new customers and retain new ones.

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Company:
Aviva India started its operations in 2001. Aviva India’s profit for year 2015-16 which was the
sixth consecutive year that Aviva had been profitable. Aviva has been focusing on expense
management which resulted in reducing their expense by 26 cr compared to last year by managing
expenses in manpower and branch infrastructure.
During the year 2015-16, Aviva’s agreement with their major bancassurance partner (Induslnd
Bank) ended as Induslnd decided to go with their competitor which resulted in 42% reduction in
new premium income.
Aviva is aiming to operate a multi-channel distribution strategy to deliver a wide reach and choice
to both existing and prospective customers.
Products:
Aviva India was amongst the first companies to introduce modern unit-linked and unitised with-
profit policies. Its products include fixed term protection plans (Aviva LifeShield Platinum),
endowment plans (Aviva Moneyback, Aviva Dhanvriddhi, Aviva Sachin Extra Cover Advantage,
Aviva Dhanvarsha, Aviva FreedomLife Advantage, Aviva LifeSaver Advantage), Child policy
(Aviva Young Scholar Advantage, Aviva Young Scholar Secure) and Single Premium plans.

Aviva India has also been expanding its distribution through online products. Aviva i-Life, an
online fixed term protection plan and Aviva Health Secure, an online health insurance plan were
launched to cater to the fast developing online insurance market.

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Aviva promotes its brands and products a variety of advertisements in various mediums, featuring
Sachin Tendulkar, Aviva India’s brand ambassador since 2007.

Recent products launched by Aviva India are Aviva Heart care and Aviva I-life secure. Aviva
Heart care is India’s only plan dedicated to the heart that covers both you and your spouse. This is
a non-linked, non-participating health insurance plan.

Distribution:
In BFSI industry, channels through which distribution takes place is very important. Insurance
industry, which is one of the highly regulated by IRDAI has allowed the following channels
through which the companies can source the policies. They are:

 Brokers

 Corporate Agents-Banks

 Corporate Agents-Other than Banks

 Direct Sale-Online

 Direct Sale-Other than Online

 Individual Agents

 Micro-Insurance Agents

 Web-Aggregators

 Insurance Marketing Firm

 MI Agents
More than 68% of the business in India is done through the individual agents and Bancassurace is
the next major channel with almost 24% business happens through this channel.

Sales and Distribution in Aviva India

Insurance Industry is heavily regulated by IRDAI and Aviva India like others, source business
through most of the channels like other players in the industry. The major channels through
which it sources the business can be broadly classified into

 Direct Sales Force

 Aviva Direct
 Online Sales Team

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  Bancassurance
 Insurance Marketing Firm
 Brokers
Direct Sales Force (DSF)
DSF is a proprietary agency channel through which Aviva sources the policies. The agents in
this channel need to source only Aviva products and they can’t source other company’s
products. The compensation of the agent varies from product to product. Apart from
commission there are other incentives for the agents to sell the product. Aviva India has more
than 13500 agents across India in 108 branches spread across the country.

Aviva Direct (AD):

This is the new channel of Aviva India, which mostly sources policies through existing client
base and this channel also looks after the orphan policies. There are no commission charges as
Aviva employees who are on the pay rolls of the company source the policies. At present Aviva
India has 12 branches of Aviva direct across India.

Online Sales Team (FXT):

Online sales team is a group of 40 people who sell the online products. Aviva India has 7 online
policies which are sold only through online. The online sales team helps the customer to
understand the product and helps the person while filling the application form and payment
process. There are no commission charges as these are on the pay rolls of the company.

Bancassurance:
Bancassurance means partnering up with banks and sell the policies to the bank’s customers.
Different companies follow different models like in one case employees of the insurance
company are given office space and these employees source the policies. In another case, bank
employees only source the policies. There are commission charges in this channel. Recently
IRDAI has allowed open architecture for bancassurance wherein now banks can tie up with 3
life insurers, 3 general insurers and 3 health insurers.

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Insurance Marketing Firm (IMF):
It is a new channel introduced by IRDAI in 2015. The operating model is a combination of
agent and broker, and the objective of this channel introduction is to increase the Insurance
penetration in India. IMF can establish its firm in only one location and can source business
only from this location only. IMF can sell policies of two life insurers, two general insurers
and two health insurers. There are commission charges as per the product.

Broker:
Under this channel, a broker can sell as many company’s policies as he wants. Here the broker
represents the customer while all the other channels represent the insurer. There are
commission charges which varies product wise.

Competition:
Indian Life Insurance now has 24 players in the market dominated by state-run Life Insurance
Corporation (LIC). LIC has 70.2% market share in terms of total market share and 4 major private
players having rest 20% market share while the rest of the players are fighting for remaining 10%.

The competition is very high in the industry. With the introduction of online portals like
policybazaar.com which gives the customer a comparison of all the available policies and the
information required before buying a policy, the competition is becoming even more severe which
is resulting the companies reducing their premiums to sustain the competition. The 24 life insurers
have witnessed a 2% decline in their Profit after Tax (PAT) in FY15-16. The combined net profit

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of these insurance companies stood at Rs. 7,375 crore in FY 2015-16 as against Rs. 7,527 crore in
the corresponding period last year.
PAT PAT Change
Life insurer
2016 2015 in %

LIC 2518 1824 38%

ICICI Prudential 1650 1634 1%

Bajaj Allianz 879 876 0%

SBI Life 861 820 5%

Birla Sun Life 140 285 -51%

HDFC Standard 818 786 4%

Max Life 439 414 6%

Reliance -197 135 -246%

Tata AIA 64 264 -76%

Kotak 251 229 10%

Bharati Axa -111 -121 8%

Aegon Life -104 -51 -104%

Aviva Life 9 50 -82%

PNB MetLife 54 52 4%

IDBI Federal 15 155 -90%

Future Generali -36 1 -3700%

India First 8 7 14%

Canara HSBC OBC 126 103 22%

DHFL Pramerica 51 40 28%

Exide 89 66 35%

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 Edelweiss Tokio -155 -71 -118%

Star Union Diachi 23 13 77%

Sahara (June) -2 3 -167%

Shriram(December) -15 13 -215%

Total 7375 7527 -2%

Aviva had 82% decrease in the PAT 2016 in comparison to 2015 while major players like LIC had
an improvement of 38%. The attempt of Aviva to gain market share by reducing premiums has
taken a major toll on PAT.

Customer:
Being a digital era, all the information is available online which is making customers more aware
about all the available policies and their terms and conditions. With introduction of online sites
like policy bazaar where customers can compare all the available policies, the customers are
becoming more and more informed. The ability to do a lot of the paperwork online instead of
having to make a trip down to a branch at an inconvenient time was a breath of fresh air for some
consumers.
But insurance is not favored not just as a financial instrument but also as a necessary precaution in
India. There is taboo attached with insurance and customers are not willing to face the possibility
of death or the consequences following it. This can be witnessed with insurance penetration in
India.

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This taboo attached with the industry will make it difficult to digitize the entire distribution channel
of insurance companies. Even though the policy availing and the formalities can be done online,
direct sales force and advisory channels will still be prevalent in the industry.

Collaborators:
Collaborators in the industry are banks and agents/brokers. Aviva’s major bancassurance partner
was Induslnd Bank. With the bank choosing the completion over Aviva, Aviva’s new premium
income reduced by 42%. These two were the major tradition channel collaborators. Today, selling
is done through a wide range of channels which include online, corporate agents, call centers,
brokers, direct and agency. Aviva is also collaborating with online portals like Policybazzar.com
to list their policies online.

Problem Symptoms
The current sales and distribution happens through both direct and indirect channels in the below
ratio:

% Contribution to Sales
Direct Sales Force 40
Direct
Online 5
Bancassurance 5
Indirect
Agents 40

With the advent of the digital age, the sales and distribution scenario has changed. The costs and
efficiencies involved with the online channel is much better. Consider that an insurance policy of
INR 100 needs to be sold then the costs incurred through the various channels are:

% of Policy Premium
DSF 60
Direct
Online 60
Bancassurance 50
Indirect
Agents 90

During 2010, Aviva had undergone issues with deciding whether to focus more on Bancassurance
or DSF. However, in the current scenario, Aviva is facing these major issues that it needs to deal
with:

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  Customers are becoming more digital. The number of internet users was 432 mn in Dec
2016 itself. Banking itself is changing rapidly with the consumer not having to visit a bank
even for account opening. Customers demand digital and the Do It Yourself approach in
everything and insurance is not an exception.
2015-16 2014-15 2013-14 2012-13 2011-12
Gross Premium
1,49,31,463 1,79,62,513 1,87,80,981 2,14,06,726 2,41,58,695
Income
Commissions 4,20,498 7,77,996 7,85,261 10,53,012 9,35,823
Total Expenses 40,38,142 44,90,432 50,83,845 61,95,117 68,83,068
PAT 87,215 5,01,771 5,25,178 3,20,011 7,35,683
 The financial statements of Aviva show that revenues and costs are reducing consistently
since 2012. The issue here is that the decrease in costs is lesser than the revenues and hence
the reduction in PAT is disturbingly significant. The reduction of costs can be attributed in
part to the reducing commission costs.
However, another trend observed in the insurance industry since the advent of online policy
aggregators such as Policy Bazaar is that policy premium prices have become competitive.
This drop in prices is corroborated by the fact that revenues have constantly dipped. This
also explains the reduction in commission expenses over the years.
The table below summarizes the symptom described above.
All figures are in INR lakhs.
This has increased the need for Aviva to focus more on cost effective channels such as
digital.
 Digital channel provides far better efficiency with respect to consistency, information
transfer and digital paperwork and filing.
 The agency costs are very high when compared to the other channels.
 Bancassurance is a low cost channel but there has been a change in the regulation that used
to earlier limit the tie-ups that banks and insurance firms used to have to one, that has been
increased to three now. This has made the landscape more competitive since the entire
industry is shifting towards customer-centricity.

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Problem Statement
The challenge for Aviva now is to increase focus on online channel, which is proving to be difficult

S.No Business 2010 2011 2012 2013 2014 2015 2016 2017
through
different
channels
1 Individual 365 131 18 28 12720 56 228 107
Agents
2 Corporate 15 47 308 28 15720 5 66 51
Agents-
Banks
3 Corporate 5 809 531 76 0 9 0 0
Agents-
other than
banks
4 Brokers 566 22 191 187 164 230 235 503
5 Micro - - - - 3 - 0 0
Agents
6 Direct 4407 6686 26359 25390 3007 24646 15146 8106
Business
7 Referrals 277 7 8 0 2 - 0 0
8 Total 5635 7909 27415 25709 31618 24946 15676 8767
due to the issues that arise in streamlining the digital processes from lead generation to sales
convergence.

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Data Set:
Business Acquisition of Aviva India through different channels from the years 2010-2017
The above table was prepared from the annual reports which were prepared from the IRDAI rules
and regulations.

As per the present distribution channels present in Aviva India, the percentage of sales available
through various channels are as follows

S.No. Distribution 2013 % of total 2017 % of total

Channel business business
1 Aviva Direct 7.60 4% 11 14%
2 Banca 96 51.4% 13 17%
3 DSF 70 37.5% 48 62%
4 IMF 0 0 5 6.5%
5 Online 13.5 7.21% 0.6 0.5%
6 Total 187.1 100% 77.6 100%
Source: Aviva India Annual Reports 2010-2017 (in lakhs)
From the above data, we can clearly see that online channel sales has decreased from 13.5 crores
to 0.6 crores.

Attributes of various channels in Life Insurance are

Type of Cost Accessibili Profitabili Efficien Reach Securit Performan
Channel ty ty cy y ce

Agency Mediu High Medium Average Mediu Mediu High

m m m

Micro- Low High High Average High Avera Average

Insurance ge

Bancassuran Mediu Medium Medium Medium Low High Average

ce m

Direct Sales Low Medium High Average Low Avera Average

ge

Internet Very Very high Very high High High Mediu High
Low m

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From the above table, we can see online sales is most effective channel with various attributes and
in the present competitive market, using the lowest distribution cost channel will be very helpful
for any company.

Analysis
From the data we gathered, Banca and Online sales are the two low cost distribution channels
available. As of now, the number of banca partners with Aviva India are three. The number of
banca partners have reduced from 2013 to 2017. The process of tie-up with a banca partner takes
long time.

With the recent changes in the banca open structure where in the banks can now tie up with upto
3 life insurers, the company should able to increase its sales.

With the change in demographics, the increased usage of mobile phones and computers, the
availability of internet, and people becoming tech savy, the online channel has better scope to
reach a larger population.

The company needs to focus on increasing the sales through online channel by introducing better
products which are competitive in nature, by increasing the advertising spend on lead generation
and conversion of the leads into customers and by increasing the usage of digital marketing tools
the company can increase its sales through online sales.

The entire Insurance industry is trying to adopt digital channel to leverage this channel to increase
the sales.

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Alternatives: Pros and Cons
Insurance policies are sold based on long-term relationships with the buyer. This requires an
aggressive sale based approach in order to get accounts. Aviva India has four business channels in
order to conduct its sale process. They are

1. The Bancassurance (Banca) business

2. The Direct Sales Force (DSF) through branches
3. Aviva Direct
4. Web or Online

The Bancassurance (Banca) business

Pros
1. Pioneer of Banca style distribution channel
2. Leading Bancassurer in different countries, experiential and operational level advantages
for Aviva
3. Presence of a total of 40 partnerships with banks with some being exclusive to capitalize
of bankers who are positioned to understand financial requirements of customers in a
holistic manner, banks acting as corporate agents of Insurance companies
4. It could provide scale and awareness in the market because of the large customer base and
readily available financial data of the customer

Cons
1. Changing market conditions with banks forming their own insurance JVs
2. Multiple insurance companies competing for counter space in banks has turned this channel
tough
3. Fundamental difference in business model of Banks and insurance products, banks
accepting to sell insurance products only to get fees
4. Mis-selling of insurance products by banks like selling ULIPs with objective of investment
rather than underwriting risk
5. With regulation changes banks started to operate in an open-ended model where brokers
acted as agents of customers and exhibited professional negligence

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 6. Less levels of training leading to selling insurance products by bank personnel as just
another product rather than focus on underwriting and rendering after sales service

The Direct Sales Force (DSF)

Pros
1. Presence of high-performing FPAs(Financial Planning advisors) who could bring in new
accounts and help the present sales force in conducting the sales process
2. Huge career growth opportunities for employees and FPAs because of the changing
training practices in Aviva to engage employees to develop their competencies and
mentoring them ASTRA (Aviva Sales Training Recruiting Academy)
3. Lesser hierarchical level structure in the sales organization allowing sales personnel to
reach HO (Head Office) directly when in doubt
4. Ensuring high customer service levels by maintaining Aviva culture of not giving a
customer a raw deal, this acts as a differentiator for recruits from competitors
contemplating to join Aviva
5. FPAs employed had higher knowledge levels of the investment propositions of the
insurance products, which acts as a differentiator for Aviva compared to agents of LIC etc.
6. Wide distribution network of 108 branches spread across the country with 13500 FPAs in
India
7. Strong recognition programs in order to improve the motivation levels of the FPAs (Blue
Riband Award)

Cons
1. Problem of employee retention in the branches
2. High attrition rate in the DSF channel
3. Competition and difficulty in getting licenses meant recruiting good FPAs and retaining
existing FPAs was a challenge
4. Aviva brand being not a household name like ICICI or LIC meant the sales personnel to
expend extra effort in the sales process which can lead to demotivation among channel
employees and FPAs

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 5. Sales tools like FHC (Financial Health Check) to assess a customer and recommend the
right insurance product to be used by FPAs became redundant because of the presence of
similar tools by competitors, not much differentiation
6. The opportunity cost of a licensed FPA becoming inactive is high

Aviva Direct
Pros
1. More personal and customizable solutions
2. Dedicated workforce with clear hierarchical relationships defined
3. Alliance with non-insurance companies would provide more scale

Cons
1. High operational expenses and costs
2. Increased selling effort in order to form alliances with non-insurance entities
3. Professionals required for strategy formulation to create customized products for alliances,
higher costs

Other sales channels used by Aviva include group business, corporate business, franchise associate
model (FAM or advisors who take sub agents, which helps enhance distribution network without
investing money). A vertical for NRI sales and alliances vertical for relationships with non-
insurance entities like airline companies also exists. It also reached out to underprivileged,
excluded from insurance by associating with companies like Basix (leading micro-finance
institution), NGOs and created customized products for them.

Web or Online Sales

Pros
1. 2nd most preferred route to buy insurance products
2. Good avenue to generate leads and prospects for other channels
3. Improved speeds of processing and buying through online, monitoring systems provide
good customer care
4. Higher transmission speeds and exchange of information help in providing good after-sales
service like settling claims, tracking policy easy for customers
5. High preference of millennials to use online as a medium to buy policies

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Cons
1. People generally use web or online to research about insurance products and would look
for an agent or financial advisor to buy the insurance product
2. People look for portals known as aggregators (policybazaar) to compare insurance products
of different companies and go for least premiums to save on the policy, this leads to
companies competing on price
Further analysis of the aforementioned symptoms can also lead to other marketing problems such
as product portfolio and pricing. This report is restricted to Sales and Distribution Management
and hence the problem taken up is that of distribution channel choice.

Recommendations and Way Forward

Aviva Sales organization- Channels

Aviva Sales

Direct Sales
Bancassurance Aviva Direct
Force

These are the traditional sales channels followed by Aviva. We have seen the various pros and
cons attached all the above traditional sales channels. So, as the market is getting more crowded
and competitive with more players obtaining the licenses to operate, there is a need to create/ adopt
to emerging distribution channels such as Online and IMF.

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Why Online?
Demographics:
India is the second most populous country in the world, with a population of around 1.3 billion.
Around 65% of the population is 35 or under. Young people are the innovators, creators, builders
and leaders of the future. Internet usage is growing rapidly mainly because of young users and
technological innovations. Mobile e-commerce in India is also growing rapidly in India, with
mobile platforms accounting for around 45% of total e-commerce sales in 2016. The online sales
channel is expected to grow with in the coming years. Consequently, all insurers are expected to
go online to push sales of their products. With the e-commerce revolution in India, consumers are
becoming more and more comfortable about transaction online.
Ease of Opening:
For customers, this is a win-win situation since they can cover themselves, without the consultation
of middle-men against various risks on the go and at the click of a button. Insurers have to ensure
that the online facility is available across all the devices, including PCs, tablets and mobiles
Instant solutions:
In this fast paced world, customers look for instant solutions. They seek products where the
delivery of benefits is convenient, fast and consistent from end to end. Given the swift rate of
adoption of the online medium and its capabilities, insurers have to focus on strengthening their
digital presence in order to reach out to and service customers better and faster
Customized solutions:
Customers today are not accepting the mass solutions; they prefer personalized solutions catering
to his or her distinctive wants
Cons of Online Distribution channel:
 Indian consumers still believe that getting advice from an agent is an important part of
purchasing life insurance
 Going online would put pressure on insurance agents, who collect around 10 percent of
their policyholders’ payment

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Recommendation:
Adopting multi-channel distribution strategies
Although traditional sales channels like third-party distribution and agency have been contributing
around 80 to 90 per cent to the sales, the online distribution channel is also evolving as the
preferred channel mode of purchasing insurance. The customer who purchase online are well
aware of what he/she wants and they been taking informed decisions as per their personalized
needs. Also an online customer is more consistent and understands that purchase of life insurance
is for long-term and he/she believes that it serves the purpose for which it is purchased. Indian
consumers still believe that getting advice from an agent is an important part of purchasing life
insurance. So, it would be best to use both DSF and Online channels for sales.

Course of actions:
Social Media and Collaboration
Social media is about helping the people connect. Social media platforms such as Twitter,
Facebook and LinkedIn should be frequently used for marketing to drive brand awareness and
connect with the customers. They can use these platforms to improve decision making,
collaboration and process with in the company as well as in interacting with the distributors.

Training Financial Planning Advisors:

FPA are the most important part of the direct selling force (DSF) for Aviva and are the trusted
channels for selling insurance products. They should increase investing in online training and
education of agents in order to enable them to provide better service to online customers

Building relationship with FPAs:

Licensed agents are prime targets for competitors. Building relationships with FPAs helps to bring
down the number of transfers. Along with the monetary gains or commissions, FPAs should be
complimented with strong recognition programs

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Bibliography
 http://www.avivaindia.com/
 www.livemint.com/Money/BEIi80CqnPIVIwiPPcM01H/What-shape-bancassurance-
will-take.html
 Direct sales force at Aviva Life insurance Co. India, Biju Varkkey and Roshni Joy, South
Asian Journal of Management, Jan-Mar 2010
 IRDAI Annual Reports 2010-2017

 https://www.researchgate.net/publication/265166828_TradiTional_Modern_channels_Cri
tical_Analysis_of_Traditional_and_Modern_Insurance_Distribution_Channels_In_India
 Aviva India Wikipedia page
 Aviva Annual Reports 2010-2017

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