WESTLAKE, Ohio, – October 4, 2018 – Proformex, creator of a proactive life insurance policy monitoring platform designed to give insurance agents, advisors, fiduciaries and trustees better oversight and visibility into the performance of inforce life insurance policies, today announced that it has officially closed on $3.1M in funding from the summer seed round. Investments were collected from several strategic investors who have connections into the life insurance industry and ancillary verticals.
The proceeds will be used to bring its technology platform to market quickly and address customer related improvements. In addition, the sales and customer support teams will be expanded, and the company will be moved to a larger, more centrally located office space to accommodate the rapidly growing team.
Since its inception in 2016, Proformex has quickly established itself as a key market differentiator and a leading solution to the ongoing issue of inforce policy management. By leveraging technology and automation, Proformex empowers its users with the support and tools needed to manage all clients’ inforce policies, both individually and comprehensively, in a secure, digital platform.
“Proformex is quickly transforming the life insurance industry, bringing much needed technological advancement as a solution to a long-standing problem,” said Lou Schneeberger, Executive Chairman of the Board. “Our investors and customers believe in the power of our platform and are eager to see it help make our industry more efficient one partner at a time.”
“This funding presents Proformex with an incredible opportunity to stay ahead of industry trends and continue our diligent development work to ensure our platform is not just meeting but exceeding all customer expectations,” said Mike Pepe, CEO and Founder of Proformex. “We are excited to share our journey with our like-minded investors who aim to help us deliver the best inforce policy management product in the marketplace for our customers and expand our team of technology and insurance experts.”
To learn more about Proformex, visit our website or call 866.998.8654. Or, check out our SVP of Key Accounts and Integrations, Chad Neifer, at ACORD 2018. Mike Pepe will be joined by the rest of our team at NAILBA 37 to present on our solution as well. Stop by booth #325.
Headquartered in Westlake, Ohio and founded in 2016, Proformex is the provider of on-demand, SaaS solutions to life insurance policy owners, beneficiaries, insurance agents and fiduciaries. Designed to proactively alert customers of potential problems with their life insurance policies, Proformex protects policies against lapsing, degradation and asset erosion. By monitoring five key contract parameters – lapse age, death benefit, premium, crediting rate and Comdex – Proformex offers better portfolio oversight and control.