Product Profile for Life (PPfL) Management – Best Practices

84 views April 26, 2018 June 4, 2018 0

Best practices on how to handle transition/sunsetting of products to not disrupt current orders

  • New Product Profiles for Life (PPfL)
    • Here we consider new to be didnt exist before or contains material changes to an existing product profile
      • Best Practice: Carriers should give the new PPfL a unique Product Code and Plan Name
        • Plan Name difference is necessary so it can be identified differently during product selection
    • Note the CUSIP can be the same on multiple PPfLs.
  • Product Profile for Life Changes/Updates
    • Product Code change is very important to differentiate versions of the same Product/CUSIP.
      • Best Practice: If adding state(s), keep the Product Code and Product Name the same.
      • Best Practice: If changing the product materially (i.e. remove states, add/remove riders, min/max amounts, age limits), carrier should change Product Code and Product Name (Plan Name).
    • If they are putting a new product out with the same Product Code and Name, they can also use Effective and Expiration dates to gracefully stop allowing the old product to be selected and start allowing the new product to be selected.
      • The Affirm system determines whether to replace an existing PPfL based on the following PPfL attributes i.e. if these values match the PPfL will be replaced once fully promoted by all receiving distributors
        • Carrier Codes
        • Product Codes
        • Effective Date

Was this helpful?