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White Paper: ROI of Policy Reviews with Proformex

Feb 12, 2019 7:26:00 AM

Annual policy reviews are time-consuming and costly. Imagine how you could reallocate your time and resources and put them to better use if you had a way to automate the policy review process. 

Lucky for you, that's exactly what Proformex does! Our platform eliminates all the manual work that compiling policy reviews requires and helps you deliver a better, more consistent reporting experience to all your clients. 


Proformex ROI: Policy Reviews

Are you spending too much time and money on policy reviews?

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Reviewing life insurance policy performance is an essential part of ensuring that policyowner expectations are met, but it’s a time consuming and costly process.

Before a policy review begins, certain contract information must be verified, such as:

1. When is the policy anniversary date?

2. How much coverage is required?

3. How long is the coverage needed?

4. How are premium payments structured?

Once policyowner expectations are confirmed, annual policy values and in force illustrations need to be requested from the carrier. After carrier documents are received, a thorough review is required in order to create a client-ready report.

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. 

Our Policy Review Process:

1. Establishes individual policy performance parameters

2. Automates annual statement and illustration ordering

3. Archives carrier documents

4. Imports statement and illustration data

5. Provides year-over-year monitoring of individual policy performance

6. Generates client-ready reports

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

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