Channel Development Associate Our face, Our Pride. A Reliance Capital company
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1 Channel Development Associate Our face, Our Pride
2 CDA The Concept A Channel Development Associate is a person who operates like a franchisee on an outsourced business model and runs his business like a full fledged branch office. The ideal Channel Development Associate (CDA) is an individual with a strong entrepreneurial drive, managerial expertise, domain knowledge and a passion to succeed against all odds. Apart from strong business acumen, CDA must possess high ethical standards of business and impeccable credential in the market. CDA channel forms the most critical element in the distribution strategy of Reliance Life and as a result has a very high sensitivity for the deliverables under the business plan.
3 CDA The Associate A potential Channel Development Associate need to have two kinds of attributes: Economical Behavioral Economical Attributes would involve - Proven track record in the business of life insurance, financial products or services. Capable of investing an amount between Rs.5-15 lakhs Access to a large base of potential customers and agents Behavioral Attributes would represent - Strong entrepreneurial spirit and drive Passion to succeed against odds Honesty and integrity Long term commitment to business Leadership and managerial skills. Excellent Communication skills.
4 CDA The Role Being a CDA is like being the face of Reliance Life Insurance Company Ltd. While we offer you attractive means of earning we also help you fulfill your dreams of owning your own business. CDA is distributorship or a franchisee of Reliance Life Insurance, who recruits a team of advisors, train them, motivates them and solicits business through them.
5 CDA Start Up and Upward Progression The distribution set up can be owned by any individual based on the economical and behavioral attributes as mentioned above. A 7-level progression structure for CDA s has been provided for based on the business targets, with entry level being at Rookie Level. CDAs can keep progressing to the higher levels on attainment of the set norms and for those who deserve more, we present the FASTTRACK>>> Up gradation Up gradation Norms From To 1 Year 6 months FAST TRACK 3 months Rookie Silver Silver 1 Silver Silver 2 Lite Lite Gold Gold Gold Plus Gold Plus Elite With every level change the business will become zero and CDA will have to restart his accumulation for the purpose of up gradation. 2. Once upgraded, the targets for upgraded level will become applicable from that day onwards.
6 Minimum Business Requirement As the volumes increase, the status of distributor shall be kept on upgrading depending upon the business volumes generated during the financial year. Levels of CDA Category and the minimum business requirement per annum for retention of the acquired levels. CDA Category Minimum Business Requirement per annum Rookie 0-500,000 Silver 5,00,000 Silver 2 20,00,000 Lite 75,00,000 Gold 1 1,50,00,000 Gold Plus 2,50,00,000 Elite 5,00,00,000 *CDA will have to do a min of 20% of yearly target in each quarter to avoid degradation. *Incase if CDA cannot achieve the minimum business requirement, he could be degraded to the level based on his actual performance for the quarter. Reinstatement would be possible only through performance as per the upgradation matrix.
7 CDA The Compensation While Advisors are paid commission as stipulated by IRDA, the CDA s are remunerated on the various parameters. Broadly the various ways, the CDA s are remunerated are divided into 2 parts Cash benefits Variable Fees Special Product Fee Advisor Recruitment and Activisation Fees Mobile and Conveyance Allowance Business Persistency Fees Team Activisation Allowance Client Acquisition Allowance Office Set Up and Maintenance Allowance Customer Care Transaction Fees Club Lounge Early Bird High Flyer Support & Recognition benefit CDA 1 View Total MIS Solution Visiting Cards, Id cards, Conventions and Seminars & Advance Training Etc etc
8 Compensation Cash Benefits Variable Fees CDA would be paid a Variable Fees on the commission earned by the agents under them, as under : CDA Category Base Commission to Advisor Variable Fees paid on the Advisor Base Commission Rookie 1-40% 20% Silver 1-40% 35% Silver % 45% Lite 1-40% 50% Gold % 54% Gold Plus 1-40% 57% Elite 1-40% 60% Calculated and paid every month
9 Compensation Cash Benefits Special Product Fees For special products, an additional 10% variable fee on Advisor commission will be paid for direct business (business sourced by direct advisors) Currently RSIP, RTSIP and all traditional products are considered as Special Products. New products will be added as and when launched. The variable fee is payable only on new business and not on renewal business. Calculated and paid every month
10 Compensation Cash Benefits Advisor Recruitment and Activisation Fees It is important for every CDA to build a strong base of advisors, to enable, to expand the business and thereby earn more money for self, and the best part of being a CDA is you even get incentives for the same. CDA will earn a fees of Rs 1500 for every advisor once the advisors gets activated* within the month of joining**. * Activisation would be considered as 2 NOL with minimum premium of Rs 20,000 or WRP of Rs 50,000 subject to login within 30 days from the date of joining and issuance and realization within 45 days. **Date of Joining of advisor will be considered from 1 st day of the next month from the date of actual joining. (Submission of ARF) Advisor Recruitment and Activisation fees is paid only once per advisor (either at the time of LG or AG)
11 Compensation Cash Benefits Mobile and Conveyance Allowance For continues growth and progress It is necessary to regular communicate with all our team members And keep making more and more calls, either through phone or personal visits We therefore pay you a allowance to the CDA s to take care of such expenses CDA Category Rookie Mobile and Conveyance Allowance (per month) NA Criteria Silver Payable monthly if atleast Rs. 100,000 business is done Silver Payable monthly if atleast Rs. 200,000 business is done Lite 4000 Payable monthly if atleast Rs. 800,000 business is done Gold 7000 Payable monthly if atleast Rs. 15,00,000 business is done Gold Plus and Elite Payable monthly if atleast Rs. 25,00,000 business is done Calculated and paid every month
12 Compensation Cash Benefits Business Persistency Fees It is necessary for us to continue providing services to our existing clients So as to maintain the relationships And seek opportunity of further sales It is also in our clients interest that they continue to pay the premiums regularly We therefore extend you Business Persistency Fees for all the effort undertaken to keep the services ongoing 3% of Renewal Commission is paid towards Business Persistency Fees to all our Lite and above level CDAs
13 Compensation Cash Benefits Team Activisation Allowance As more and more agents participate in the business every month., more and more income, can be earned For all those CDA s who show keen interest to improve the number of active advisors(direct) month on month, also get incentivised for the same!!! This allowance is paid once every quarter, along with the CDA payouts. (Quarter ending as June, Sept, Dec and March) Advisor (AG + LG) Activisation (Per Quarter) Amount 0-3 Nil 4 to to to and above Calculated and paid every Qurater
14 Compensation Cash Benefits Client Acquisition Allowance Sourcing more clients is more important for building a strong base Base upon which we can trust our earnings We therefore motivate you to build your base of clients more bigger and more stronger, through the allowance paid towards Client Acquisition This allowance will be paid to CDA s whose team of direct advisors (LG + AG) has achieved the slabs with respect to Number of Policies sourced. This allowance is paid once every quarter, along with the CDA payouts. (Quarter ending as June, Sept, Dec and March) NOP per Quarter (through Direct team of AG + LG Advisors) Amount 0-14 Nil 15 to to to and above Calculated and paid every Quarter
15 Compensation Cash Benefits Office Set up and Maintenance Allowance The opportunity allows a CDA not only to earn unlimited incentives but also allows them to establish their own Branch Offices The established Branch Office will allow the CDA to emerge as a true entrepreneur The Branch Office Set up will help the CDA to garner trust and thereby grow the business and also simultaneously earn more!!! CDAs would be allowed to set up a branch of his own based on certain parameters, with an intention to provide basic service and amenities to his set of CDAs and Advisors. The entire set up will be owned and managed by the CDA himself and will be like his own office.
16 Compensation Cash Benefits Office Set up and Maintenance Allowance Company will pay a monthly allowance towards maintenance of the branch set up to the CDAs, provided he continues to achieve the following norms. Level Min CDA Recruitment per month Office Set & Maintenance Direct CDA Indirect CDA Allowance per month Lite ,000 Gold and Gold Plus ,000 Elite , CDA Recruitment means a CDA who logs atleast 1 ARF with Min Rs 20,000 WRP or 2 ARFs with Min Rs 10,000 WRP Each within the month of joining*. 2. Month of joining would start from 1 st Day on the next month of actual joining. Calculated and paid every month
17 The Branch office Set Up Branch to improve service standards, impart training activities. RM/ZM to certify the existence and nature & exclusivity of the branch set up. The Branch has to be min 400 sq ft, with proper and basic infrastructure of an office environment. Separate place for conducting training and unit meeting should be provided. All expenses incurred on setting up of the branch office shall be borne by CDA himself. Any other expense for maintaining and carrying out the activities at the branch office shall be borne by CDA himself. CDA will have to conduct Unit Meeting of his team of CDAs and Advisors every month If the CDA fails to produce the Minimum Recruitment Norm for any month, then the allowance for that month will not be paid.
18 Compensation Cash Benefits Customer Care Transaction Fees*** For all CDAs(Lite and above) providing Office Set up, will also be paid Customer Care Transaction Fees As an allowance for all the expenses that would be incurred towards the transactions carried out at his branch The Customer Transaction Fees would be 0.5% of the total premium logged from his branch, subject to issuance and realization of the same. ***Important Note : 1. Customer Care Transaction Fees to be payable only for certain approved office set up and not for all the offices as and when CDAs would set up. 2. Prior consent and approval of Channel Head would be required for allowance and processing of Customer Care Transaction Fees to CDAs.
19 Cash Benefits - The Club Lounge The Club Lounge Every CDA will also be enrolled and entitled for rewards under the Club Lounge, a Unique Loyalty Program. 1 point per Rs direct business and 1 point per Rs indirect business will be allotted to CDAs at all levels. They would be allowed to reimburse their accumulated points from the Rewards Gallery that would be announced by the Company from time to time. Reward Gallery would feature various office equipments so as to help the CDA establish his office set up from the points earned. The reward gallery will include items like : Car - Motorbikes - Laptop - Desktop Printer - Office Table -Office Chair - Office Cabinet Telephone - And other such office stationery Benefits of the club lounge would be extended to CDAs irrespective whether they provide with office set up or not.
20 Compensation Cash Benefits Early Bird High Flyer It is necessary to dream big, and also to make others to dream big. Money is the best motivator for any person, therefore a CDA can be motivated enabling him to earn more Which also will bring a momentum and speed in the sales performance. EBHF is an incentive which focuses on increased level of activity right from day of joining. It is a one time fee paid, for making a relationship grow stronger and faster. It is paid to the Parent CDA for motivating his direct CDA to rise to the higher levels within the month of joining!!! EBHF Premium within month of Joining Amount Rookie to SL 1 500, *Month of joining will begin from the 1 st day of next month of the date of actual joining of a CDA. Calculated and paid every month
21 Compensation Support Benefits Support Benefits Every CDA will be benefited from the highly competitive team of our TM/CDA Managers CDAs will be imparted with trainings on various products and sales skill through a team of highly qualified Training Managers/Master Trainers Advisors recruited under CDAs will also be entitled for the benefit of TM and Training for passing the exam, activisation and/or sales skills Entire Back Office support of MIS shall be provided to all the CDAs through a unique and personal portal CDA 1 View Other Support like issuance of Identity Cards, Visiting Cards etc shall be extended Subscription to various e-zines will be provided for current updates Specially designed Sales Tools for enhancing the sales will be given from time to time
22 Compensation Recognition Benefits Apart from the Cash and Support benefits, CDAs shall also be provided with various Recognition Benefits Invitation to the Zonal or National Convention Sponsorship to various Seminars and advanced Training programs Group Life Cover Monthly Trophies and Certificate of Appreciation
23 Compensation Support & Recognition Matrix Benefit CDA Annual Convention National or Zonal Rookie Silver & Silver 2 Lite Gold /Gold Plus Elite No Yes Yes Yes Yes Visiting cards No Yes (100 nos) Yes (100 nos) Yes (100 nos) Yes (200 nos) ID Cards No Yes Yes Yes Yes Specially designed sales tools No Yes Yes Yes Yes Group Life Cover No Rs.1 lakhs Rs.3 lakhs Rs.5 lakhs Rs.10 lakhs Sponsorship to Insurance Seminars and Trainings No No Yes Yes Yes Access to CDA One view Yes Yes Yes Yes Yes
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