This past week, Proformex was featured in an article both in the Plain Dealer and on cleveland.com. The article, titled "Proformex of Westlake looking to move offices downtown", reads as follows:
WESTLAKE, Ohio -- Proformex, based in Westlake, has developed a new automated life insurance software platform that will provide peace of mind to policy owners, as well as to agency firms that manage those insurance policies.
Through a detailed warning system and visual guide, Proformex provides up-to-date information to insurance agents who oversee a large number of cases.
Think of it like a weather forecast and live radar application, but with a future outlook that can predict bad insurance weather patterns years in advance. Gone are the days of worrying about fiduciary responsibility and life insurance agents making grievous errors on your policy without your knowledge. Proformex software users and agencies can receive updates and warnings of when a potential change is required, or when certain standards are not being met by the consumers insurance provider.
A digital conversion is on the horizon for coverage firms and Proformex CEO Kris Beck is excited.
Kris Beck at Proformex in Westlake
“We've recently raised $3.1 million seed round to build out new products and market presence,” Beck said.
While working as an insurance agent at The Toil Group in 2010, Michael Pepe, the founder of Proformex, had used a beta version of Proformex that he'd personally developed to manage his own caseloads. Since then, a more advanced version of the software has been written and it seems more investors are paying close attention to the untapped insurance management software marketplace.
Michael Pepe of Proformex in Westlake
“Jane VC looks for the best female entrepreneurs leading the highest potential startups; with Proformex, we had to look no further than our own back yard. Proformex has everything we look for: a huge market opportunity, a team with deep industry expertise, customers who evangelize the product, and a visionary female CEO with a track record of growing and scaling tech companies,” said Jennifer Neundorfer, founder Jane VC.
Nearly 80 million U.S. citizens pay for some type of life insurance policy for themselves and their families. But, not all agencies that oversee policies are equipped to manually sift through large caseloads on their desk, while at the same time, paying close attention to the individual customer.
Proformex, currently with 24 employees, is set up for life insurance agencies to equip themselves with the tools they need to keep accurate and up to date meta-information on their clients at all times. Information can get lost easily, insurance agents may end up mishandling information or even fail to address a mistake or update in a timely manner. Clients who subscribe to firms that use this software will be better protected and less likely to roll into mishaps on the insurance agent side of the spectrum.
The software platform cross-references five primary data points for each client. Those benchmarks are Lapse Age, Death Benefits, Premiums, Crediting Rates and Comdex. Their system also notifies an insurance agent of any policy specific requirements, as well as offering a detailed visual experience with the motto “Protect, Inform, Exceed.”
Proformex is in the process of moving their office to downtown Cleveland.
R Louis Schneeberger chairman at Proformex in Westlake
“With our expected continued growth, we're planning to double that number in the next 18 months. With tremendous growth, we've completely outgrown our space, and are actively seeking new space that will be aligned with our strategic initiatives,” Beck said.
Click here to read article on Cleveland.com
