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.