Scenario for Managing Households

The following business scenario contains sample tasks performed by a sales representative; it covers insurance, healthcare, securities, and banking businesses. Your company might follow a different workflow according to its business requirements.

Household information supports sales and service decisions for segmentation and cross-selling. It also provides background information for the finance and insurance industries about a household and all of its contacts.

A sales representative uses the Household screen for identifying and capturing demographic and relationship information about the household, and for reviewing accounts and products associated with that household. From the Households screen, the sales representative creates a new household for a new bank customer. He then adds contacts to the household.

Some weeks later, the sales representative wants to review household information. He navigates to the My Households view and then selects the Summary view tab to review lists of contacts and service requests associated with that household. Next, using the Relationship Hierarchy view, the sales representative reviews the various parties related to the household.

Note: In the wealth management industry, a relationship manager, retail broker, or wealth manager has access to view the household's aggregated holdings within their financial accounts, the performance on these accounts, cash flows expected for the household for a specified period, and the household's current versus model portfolio allocations by sector and by asset class. For more information, see Viewing and Evaluating Household Portfolios.

In this scenario, end users are the sales representatives or relationship managers who manage household information in the field. They enter and review information to:

Add a household
Add a contact to a household
View household summary information
View household relationships
View household financial account, performance, cash flow, and portfolio allocation details