There are several factors that will impact the policies and annuities which are available and updated on a data feed. Read on to learn the reasons policies or contracts may be 'missing' from your data feed.
The contract is no longer inforce.
The vast majority of carriers provide an inforce data feed- therefore policies or contracts which, for any reason, are no longer inforce are not included on the feed. We find that this reason is the most popular reason policy data isn't included.
If you are able to provide Proformex with a list of policies which are no longer inforce, your Customer Success Manager can work with you to quickly change the status of those policies.
Carrier feed does not include a specific policy type.
Not all carriers send data feeds for all product types. Genworth, for example, does not provide a feed for term products.
Policy or contract was written through a carrier which has since been acquired by another carrier.
Generally, policies written through carriers that have been acquired or have been sold, will not be included in the data feed from the new carrier. For example, Empire General and West Coast Life policies are not included in the Protective data feed. Often the purchasing carriers do not integrate the data systems of the company acquired, so the policies they’ve purchased are stored separately from the data feed Proformex receives.
General Agent/Brokerage General Agent is not listed on the firm hierarchy for the policy or contract on the carrier's records.
For each contract, the carrier has a hierarchy of individuals/firms who are authorized to receive information on the given policy. Often a GA/BGA may have record of the policy within their database, but is not listed as the writing general agent for that policy at the carrier or is not listed at the correct level within the hierarchy to authorize the data feed. Often, over the course of their existence, GA's/BGA's implement and use multiple selling contracts with carriers and each different contract results in a different hierarchy which will affect if a feed is received, so you may receive a feed for one block of business but not for another.
Age of the policy.
If a policy is older and was written before the carrier kept records in certain digital formats, the policy may not be available on the data feed.
Proformex works with BGA/GA's to complete and submit the forms needed to set up a data feed. Please reach out to your Customer Success manager to review your current set up and determine if your firm may have additional feeds available.