"Quite frankly, I’m not sure how any financial advisor establishes fiduciary compliance without a system of record like Proformex. If it weren’t for the peace of mind it gives me knowing all my client-related documentation is in one place, I’m not sure I’d be comfortable selling life insurance and annuity products."
~ Pete Warren, Warren Private Wealth
Strong compliance processes that end after the purchase of life insurance or annuities are inadequate with changes in the regulatory environment and leave you exposed to liability. Insight into inforce holdings is critical to navigate new and evolving regulatory requirements. An inforce policy management platform like Proformex helps you comply with new legislation like that of the SEC’s Reg BI and other state-specific requirements like NY Reg 187.
Your recordkeeping will be tested whether by plaintiff’s lawyers, carrier audits, or regulatory audits. If you can’t prove the necessary due diligence was completed, you’ve already lost. The first and most critical step to maintaining compliance is having an established system of record for all relevant client and policy contract information. Securely storing and documenting data related to any recommendations or transactions with clients is the foundation of any good compliance process.
Managing client expectations over time is critical to mitigating risk exposure. The purpose built policy management and reporting tools within Proformex help manage and reinforce expectations. If the client isn’t surprised, it lessens the potential for dissatisfaction… and the risks to you. Establishing fiduciary compliant processes and procedures helps to mitigate your exposure to risk and can help prevent potential litigation.
Lack of timely, quality, easily accessible information continues to frustrate our industry – whether a bank, broker dealer, advisor, agent or client. Offering unprecedented access to inforce data helps keep everyone informed and ensures any changes made are data-driven decisions in the best interests of the client.
Use of consistent terminology, information layout, and reporting capabilities regardless of product or carrier facilitates staff efficiency. Anyone with experience selling life insurance knows that there is a ton of variance across products and carriers, and it can quickly become unmanageable to track down all the information you need (i.e. statements and illustrations) across these multiple sources of data. By leveraging one secure system of record to store all of that data, you’re saving yourself the time and trouble of tracking it down and organizing it manually.
As your portfolio of clients continues to grow, it is imperative to maintain high-level visibility over all the people, products, and assets under your care. Proformex offers macro-level views of your entire policy portfolio as well as client-level details of a specific policy which makes your portfolio much more manageable in a simple, sustainable way.
The old sales adage is true, “it’s easier to keep an existing client than it is to find a new one”. But how can you generate repeat business with your clients that will also uphold their best interests? Leveraging technology and automated alerts gives you the chance to be proactive in your ongoing client service strategy.
Quickly identify revenue generating options that clients can choose to execute like term conversions, improved pricing versus an existing policy, enhanced guarantees or more.
Focus time on the policies that need attention or present opportunities for clients using the built-in exception analytics. Our monitoring tools allow easy identification without getting lost in volumes of data.
Nobody ever asks for there to be less time in a day. Saving time on the most agonizing, time-consuming tasks associated with post-sale servicing for your clients’ life insurance policies and annuities contracts offers you the flexibility you need to spend your time where it matters most – direct interaction with existing and new clients.
Creation of policy reviews is notoriously inefficient with time delving into carrier websites, lengthy hold time for phone calls to carrier service centers, and the need to follow up on outstanding requests for information from a carrier. Simplify this process using Proformex’s standard annual policy review process.
Proformex automates requests for information to carriers to reduce the manual aspects of creating a policy review. It even tracks what has been requested. This frees up more time to prepare a discussion with your client to ensure the policy they own is still the one that makes the most sense relative to their needs.