What is a Product Line?
Product Line refers to the major line of business sold by financial and insurance professionals. For example, imagine you have a core product at the center and its variations or different versions branching out from it. Each version might cater to slightly different needs or preferences but still share common features or characteristics.
Let's use Life Insurance as our example. Life Insurance can include several different terms, benefits, and carriers; but, whether it is a Term 10, Whole Life, or an IUL, they all offer financial protection and security for the policyholder's loved ones in the event of their death.
Some common examples of Product Lines include:
Life Insurance
Annuities
Assets Under Management (AUM)
Add Product Line
From the left-side main menu, click the Settings tab > Advanced Setup
Select the Product section > click Product Lines
From the Product Lines page > click +New button
Complete the New Product Line form
Name
Description
Production Calculation
Total Transactions
Count Products
Production Calculation Description
Referred To As
policy
account
Default Statement Frequency
None
Monthly
Quarterly
Biannually
Annually
Click Save.
*Referred to as. The most common choices for this field are “policy” or “account.” For example, policy generally refers to products provided by insurance carriers. Account refers to accounts opened with financial institutions. Input desired value as singular and lowercase (ex. policy, account, contract etc.)
Edit Product Line
Merge Product Lines