Did you know that there is a critical best practice process for mapping insurance datafeeds to ensure everyone on your site has access to the insurance policy data that they need?
While a simple one-to-one relationship between a policy owner and a life assured client maps easily, things get tricky with corporate owners. Some insurance datafeed providers use a single ID for a corporate entity that owns multiple policies across different advisers and different life assured clients.
➡️ Think of a Trading Company (Pty Ltd) used for Key Person Insurance. The company who owns the policy might be the client of one adviser while the insured founder or CEO is the client of another adviser.
➡️ Or a SMSF Corporate Trustee where the company is technically the policy owner. The feed will often use the company’s identifier, even though the life insured is an individual member of the fund and might be serviced by another adviser.
➡️ Or the most common example - a Master Trust or Retail Super Provider: In some group insurance or retail super scenarios, the "owner" is technically the trustee of the large public offer fund.
Identifying and correctly mapping the corporate entity will ensure that data flows through to the correct client and responsible adviser.
Follow these best practice steps here to ensure your data ends up where it is supposed to: Corporate Policy Owners
💡Tip: This process is required for managing feeds that are not supplying a 1:1 relationship. The datafeed administrator will need to be aware of the corporate policy owner details - they can confirm this with the Insurance Provider.
