–CFO, Top 5 Annuity Wholesaler
A top annuity wholesaler was lacking an objective way to evaluate wholesalers, resulting in lost revenue and inefficient resource allocation.
In order to increase revenue and profitability, the firm wanted a neutral and systematic way to:
- Evaluate wholesaler performance
- Define sales territories
- Allocate resources
The firm leveraged IXI’s MarketVision for Annuities sales and market share tool. MarketVision helped the firm:
- Evaluate wholesaler performance on an individual basis based on the firm’s custom territories
- Identify territories with high sales, but low market share
- Evaluate sales and market share based on demand
IXI was selected because it is the only source of consumer financial information to evaluate performance based on actual annuity contract sales, assets under management, and flow by custom distribution channel and by any geographic area desired down to the ZIP Code level. IXI’s direct-measured variable annuity coverage now exceeds 80%.
Using IXI’s data, the firm was able to implement money-saving decisions within the first year:
- Collapsed three territories, creating savings of more than $400,000 in costs annually
- Redeployed resources to territories with higher demand and lower penetration
- Adjusted its performance management system to evaluate wholesalers on both sales and market share within custom territories