Field merges would always bring in the "actual" value stored on the field. The picklist display field would only really appear if you're using it in a form or accessing the record via the UI.
Would you be able to detail how this information flows into your CDO? Otherwise right now the "quick" and dirty way is to either use CDO data services to run it into a program builder / canvas asset to do a "lookup" and update an "email field merge" field in your CDO. I'm also half guessing it's very appropriate for a contact to have more than 1 insurance policy "inquiry", so is this always going to be running after a particular form submit?
If it is from the form submit, and the submit creates a new CDO record every time - you can configure a CDO Services step for "new records" that always adds them to a program canvas, run an update rule that looks up on the insurance code and inputs an english value into a separate field, then add the linked contact into the appropriate email campaign.
Please let me know if this got some gears running, if not, would love to know more about the process so I can give you more distinct instructions.
Hong Tai Lee
The info flows into the CDO via the SFDC sync with Eloqua. It can come from a form submit but can also come from manual entry, via our sales agents. There is a Record Type on the SFDC Insurance Quote object which maps to the Prospect-Product Interest field on the CDO in Eloqua.
I was thinking the same thing in regards to the latter solution. Essentially, an update rule/lookup table solution on the program with the CDO record service feeding it and I've started to build that out. CDO Processing Step screenshot below:
Update rule screenshot below:
My plan was to just update the Prospect-Product Interest field in the update rule and then build a Field Merge off of said field. Is there a better way to do this? I got slightly confused when you said "and update an email field merge field in your CDO". Not sure if that matters since I'd like to go for the second solution you proposed.
Apart from what HongTai proposed you could just use Dynamic Content instead of Field Merge (if there are many options in this picklist, I would consider using API to upload the pairs). It might be just the easiest solution to your problem - but changing CDO might be better for long-term, depending on your data model planning.