Voya 2013 Annual Report Download - page 23

•TPAs. As of December 31, 2013, over 1,300 TPAs are selling and/or service partners for our small-mid
corporate markets business, working with a variety of vendors. While TPAs typically focus on
providing plan services only (such as administration and compliance testing), some also initiate and
complete the sales process. TPAs also play a vital role as the connecting point between our wholesale
team and unaffiliated producers who seek references for determining which providers they should
recommend to their clients.
Affiliated Distribution:
•Affiliated Representatives. ING Financial Partners, our retail broker-dealer, is one of the top ten broker-
dealers in the United States as determined by total number of licensed representatives. As of
December 31, 2013, we had nearly 2,400 affiliated representatives. These representatives support sales
of products for the Retirement segment as well as other segments, with a subset that are primarily
focused on driving new and existing sales in education, healthcare and government market plans (full
service) through increasing enrollments for existing plans, educating existing participants and selling
new plans.
•Direct Sold by Field Force. While we typically rely on third-party distribution partners for the majority
of sales for our Institutional Retirement Plans business, our wholesale team also interacts directly with
plan sponsors in the education, healthcare and government markets. Typically, our field force interacts
with a consultant hired by the plan sponsor. In order to present our offerings to these large clients, we
work with numerous consultants at over 55 different consulting firms as of December 31, 2013.
•Direct Sold by Large Corporate Market or Stable Value Sales Teams. We have dedicated sales teams
that work directly with large plan corporate market and stable value clients. The stable value
investment only business can occur in either recordkeeping only plans or within other vendors’ plans.
In the large corporate market and for our stable value products, the majority of our direct interaction
occurs with more than 20 different consulting firms as of December 31, 2013, who provide services to
our large clients. Some of these firms are also utilized in the Tax Exempt Market.
Competition. Our Institutional Retirement Plans business competes with other large, well-established
insurance companies, asset managers, record keepers and diversified financial institutions. Competition
varies in all market segments as very few institutions are able to compete across all markets as we do. The
following chart presents the current competitive landscape in the markets where we offer our Institutional
Retirement Plans and stable value products:
Market Segment Competitive Landscape Select Competitors
Small-Mid Corporate Dominated by insurance based providers, primarily with
third-party administration relationships
John Hancock
Principal
K-12 Education Dominated by a small number of insurance based
providers
AXA
VALIC
Higher Education 403(b) providers, asset managers and some insurance-
based providers
TIAA-CREF
Fidelity
Healthcare /Other Non-Profits 403(b) providers, asset managers and some insurance-
based providers
TIAA-CREF
Fidelity
Government Primarily insurance-based providers but also asset
managers and 457 providers
Nationwide
Great West
Recordkeeping Asset managers, business consulting services, payroll
firms and insurance based providers
Fidelity
AON Hewitt
Product Offering Competitive Landscape Select Competitors
Stable Value Insurance companies and banks Prudential
MetLife
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