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Proformex ROI: New Business Opportunities

Feb 5, 2019, 7:54:00 AM

 Are you missing out on new business opportunities with your current clients? Don’t wait until your annual reviews with your clients to find potential sales. Learn more about how Proformex can help you quickly identify these opportunities for easy sales.

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Proformex ROI: New Business Opportunities

Are you missing out on new business from your current clients?

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It’s a fact that it takes much less effort to sell to current clients than it does to new clients. So why aren’t more insurance agents minding their books of business?

The answer is simple. Since it’s expensive and time consuming to monitor in force life insurance policies, most insurance agents have had to take a reactive approach and simply wait and hope that their clients reach out to them.

A recent study of in force policies shows that there is a huge potential for new life insurance sales to your existing clients:

  • 41% of policies will lapse before the desired coverage duration
  • 13% of term policies have a conversion deadline in the next 12 months
  • 9% of policies are set to lapse or term run out within the next 5 years
  • 1% of policies are set to lapse or term run out within the next 12 months
  • 20% of policies have potential to be sold through a life settlement

Insurance agents who are proactive in minding their book of business will be able to convert more of these opportunities into sales.

Proformex is an in force policy management platform that automates the entire review process, saving time, reducing cost, and delivering a more consistent policy monitoring and reporting experience.

To learn more about how Proformex can help, visit our website.

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