Has anyone here set up FSC Insurance for a broker agency? It would seem that the FSC insurance set up is best suited for an Insurance Provider. Trying to see if anyone has any insight/best practices to offer. Thanks! #FSC
Okay so this may be a little complex to describe but I will try. We found the same issue implementing the Life Insurance for the Wealth Management use case of Insurance Agents/Brokers. We wanted to capture the many-to-many relationship between participants and coverages within complex policies. We also wanted to use base FSC objects if applicable as well, so....
- We used the InsurancePolicy as the base object and would define policy owners with that
- We used the InsurancePolicyAsset object and restructured it to contain Coverage Details for the different coverages and riders for the policy
- InsurancePolicyAsset has a many-to-many relationship with InsurancePolicyParticipant through the join object InsurancePolicyMemberAsset so with that we could define participants to their capacity in the specific coverages
- A couple workflows to ease data entry and tying the coverages to participants and that was our first phase development
Hope that helps. We banged our heads on many tables when we encountered this for the WM space. Love to hear if anyone else had similar experiences and different paths.
