Your clients expect their inforce life insurance policies to perform according to the original objectives defined at purchase. Monitoring inforce policies has traditionally been a manual, time-consuming and costly endeavor, and agents often lack the resources to sustain that effort over the long lives of these products. Left unmanaged, policies are put in danger of performing poorly resulting in premium increases or lapsing – which is an unwanted surprise for you and your clients.
Proformex makes monitoring your clients’ policies simple, easy and cost-effective, allowing you to focus on what matters—providing your clients with the best possible outcomes on their inforce policies. With both solutions, you get:
Once the initial policy data has been populated in the system, Proformex takes over, keeping track of important anniversary dates and proactively requesting statements and illustrations from carriers for each policy every year. The system stores historical documents in an organized folder structure and notifies you if the requested documents are not received.
Easily order inforce, projected or alternative illustrations right from the system interface, either on-demand or on a set annual schedule. Our proprietary ordering and document-scanning technology aggregates key data points from statements and illustrations that are not often available through standard carrier data feeds.
The system tracks five key performance parameters of life insurance policies – lapse age, death benefit, annualized premium, internal crediting rate and the carrier's Comdex rating – and allows you to set monitoring guidelines which trigger alerts if any of the five parameters fall outside of your client’s preferred limits.
Proformex sends automatic alerts for policies that are projected to lapse, have their term conversion period expire, or which could be potentially sold or financed. You can also set up automated notifications for your clients for common tasks such as premium reminders or requesting premium payment verification from carriers.
Proformex divides reporting capabilities into two distinct tiers, making it quick and easy to create the precise reports you need for any task.
See the big picture of your overall book of business and the fine details of individual policies with equal clarity using the analytics built into Proformex. View data points such as number of policies, death benefit, cash value and cash surrender value, and cross-section by policy type, ownership type, anniversary, premium payments, beneficiaries and more.
Proformex offers three subscription models to meet the needs of agents, advisors and fiduciaries.
|Multi-carrier, Multi-distributor Policy Database||✔||✔||✔|
|Client Contact Management||✔||✔||✔|
|Statement & Illustration Ordering||✔||✔||✔|
|Policy Monitoring Dashboard||✔||✔||✔|
|Policy Performance Alerts||✔||✔||✔|
|Customizable Policy Reviews||✔||✔|
|Internal User Reminder Notifications||✔||✔|
|External Client Reminder Notifications||✔||✔|
|Custom Folders for Multi-policy Clients||✔||✔|
|ILIT Trust Administration||✔|
|Premium Gift Reminders||✔|
|Customizable Crummey Letters||✔|
|Trustee Log-in Access & Dashboard||✔|