Although BRD was the only pension company that did not pay a separate sales force, instead opting to use 1,500 of its employees, the fund succeeded in boasting the highest productivity on the private pensions market, after each BRD agent attracted 63 customers, four times the market average.
The performance of 260,000 agents that sold mandatory pensions differed considerably from one pension company to the next.
The most "diligent" agents were from BRD, with the bank's fund (BRD Fond de Pensii) being the only manager to announce from the outset that it would exclusively use the bank's employees to sell mandatory pensions, who will not get extra pay. Overall, BRD ranked ninth in the top ten pension companies.
ING Fond de Pensii (the market leader) can claim the second most industrious agents, after the fund attracted an average 27 customers per sales agent.
In comparison, agents from pension companies' sales forces attracted 17 customers on average. All statistics are calculated by ZF on the basis of data provided by pension firms, the National Pension Office (CNPAS), and the Private Pensions Commission (CSSPP).
The average of 17 customers/agent was surpassed by sales agents of Generali (22), Allianz-Tiriac (20), AIG (19) and BCR (19).
Out of the top ten pension firms the lowest productivity was registered by Omniasig agents (just 4 clients attracted per agent), with the weak performance accounted for by the relatively low level of fees the company granted for each signature. Aviva and Interamerican agents also performed below the market average.
According to statistical data, brokers and private pension intermediaries (external sales forces) on average registered lower productivity in comparison to internal agents across all 18 companies', namely 12 clients per agent.
The explanation? "Not all external sales force agents were active during the 4-month campaign," explains Mihai Seitan, general manager of pension broker FinCoP. In addition, market data shows, in the case of management firms, the percentage of active agents was far from 100%.
At the same time, the maximum number of external sales agents was reached in the last two months of the sales campaign, after pension firms had already registered most of their own marketing force within the first month.
Other differences in terms of sales performance are also explained by the geographical concentration of sales forces.
"Most agents fought for major cities like Bucharest, Cluj, Timisoara, Iasi and Constanta, where managers' own agents received more signatures than the external ones," says Seitan. However, external sales agents did perform better in other areas.
Sales performance
BRD boasted the highest productivity on the private pensions market, after each BRD agent attracted 63 customers, four times the market average
ING Fond de Pensii (the market leader) can claim the second most industrious agents, after the fund attracted
an average 27 customers per sales agent
Among the top ten pension firms, the lowest productivity came from Omniasig agents with just 4 clients/agent
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