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In Force Data Feed Financial Analysis

The demand for in force data has never been greater and while most Carriers are working to accommodate their distribution partners they often don't realize the effort and cost associated with supplying in force feeds

The NIC Data Feed Cost Calculator is intended to provide Carriers with a tool to help them understand the different areas of the business impacted by the request for in force feeds as well as the costs to support their distribution partners.

AVERAGE COST PER CARRIER


CARRIER ONE-TIME COSTS (PER DISTRIBUTOR): $5,400.00

CARRIER ANNUAL COST (PER DISTRIBUTOR): $950.00

CARRIER TOTAL ONE-TIME COSTS (ALL DISTRIBUTORS): $270,000.00

CARRIER TOTAL ANNUAL COSTS (ALL DISTRIBUTORS): $47,500.00

CARRIER TOTAL IN FORCE DATA FEED COSTS OVER 24 MONTHS: $365,000.00

 

The estimates are based on working with dozens of Carriers over the last several years and are intended to provide Carriers with an example. These costs can differ drastically depending on many factors. NIC’s Carrier In Force Feed Calculator help you to determine your costs.

AVERAGE ROI FROM NIC PARTNERSHIP


NIC has been working with Carriers and in force data feeds for 25 years. NIC has the technical skills, technical and security infrastructure and data and business processes that enable Carriers to partner with NIC and provide a single, multi-BGA feed to NIC. NIC has the technology, infrastructure, security and business process in place to make the Carrier in force data available to the Carriers Distribution partners and down lines. NIC has been through this process with 50+ Carrier and 50+ Distributors in the last 24 months.

The Carrier’s one-time set up and ongoing costs associated with the creation and maintenance of an in force feed for NIC, are estimated to be 25% of the cost of a single Distributor

The Carrier ROI is comprised of 2 components:

i)  Carrier Costs Savings, and

ii) Carrier Opportunity Cost Savings

CARRIER COST SAVINGS (over 24 month period): $363,650.00

CARRIER OPPORTUNITY COST SAVINGS


Your opportunity cost is determined by reallocating the total effort to generate and support in force data feeds for your Distributor partners towards strategic and/or revenue producing initiatives.

Your total effort (over 24 months):

 

BUSINESS TEAM: 29 days

TECH TEAM: 50 days

OPERATIONS TEAM: 57 days

SECURITY TEAM: 50 days

LEGAL TEAM: 29 days

 

TOTAL OPPORTUNITY COST SAVINGS (over 24 months): 214 days

 

The ROI Analysis does not include:
• The reduced number of calls and emails to your support teams
• Reduced risk because you no longer need to send sensitive information over email or other non-secure methods
• Intangible benefits by making it easier to do business.

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