overview

The Proformex Platform

The Proformex Platform simplifies complexities typically associated with ongoing policy management by combining powerful technology with an easy to use interface, putting portfolio oversight and control at your fingertips. 
 

Controls can be individually set according to the unique goals and objectives of each policy or across the entire portfolio. This allows all policies to be properly managed within the desired parameters and minimizes the need for manual policy administration.

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Dashboard

Our consolidated dashboard provides the insight and analytical tools to quickly identify at-risk policies and new business opportunities within your existing client base. The solution works for all policies regardless of distribution channel or when a policy was written.

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Policy Data Aggregation

After initial policy data is entered into the software, Proformex takes over proactively requesting policy data and documents directly from carriers. In addition to carrier data feeds, our proprietary ordering and document-scanning technology enables us to aggregate key data points from statements and illustrations that are not often available through standard carrier data feeds – providing a holistic view of performance-related data for each policy.

Policy Monitoring

For each policy, Proformex tracks five key parameters which significantly impact policy performance and analyzes them against customizable policy guidelines to proactively identify lapse risk, death benefit erosion, premium changes and more. Other factors, such as term expiration or conversion and premium financing opportunities, are also monitored. When the system detects that a policy has fallen into an undesired range of performance, the system generates an automated alert that the policy needs to be actioned.

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Consolidated Portfolio Alerts

Proformex makes managing groups of policies easier with consolidated portfolio analytics and alerts. Important policy analytics are displayed on the homepage for at-a-glance updates, and additional widgets for Policy Management, Policy Alerts and Policy Monitoring allow you to quickly view actionable lists such as open notifications, policies anniversaries, or upcoming premium reminders. It’s easy to drill down into policy level information with a single click. And the intuitive, color-coded system makes it easy to spot policies that have fallen into an undesired range at a glance.

PortfolioAlerts

Management Reminders

Proformex can send system generated messages, such as premium payments due, performance alerts and reports available.

Document Repository

Copies of insurance policies, annual statements, inforce illustrations and all other policy related materials can be archived in folders within Proformex. These documents are safely stored and always accessible.

Policy Review

Our reporting capabilities are divided into two distinct tiers which, combined, give you the most comprehensive view of policy performance.

policy reporting

Governance for Fiduciaries and Trustees

Our Governance add-on module provides fiduciaries and trustees a turnkey solution and support services for ongoing policy management for individual, corporate or trust-owned policies. The module contains trust-specific features such as automating premium gift reminders, generating Crummey Letters for ILIT’s, and requesting premium payment verification from carriers to enable best practices and reduce fiduciary risk and liability exposure.

Which Proformex Subscription Should I Choose?

Proformex offers two subscription models to meet the needs of agents, advisors and fiduciaries.

Feature Basic Premium Professional
Data Collection      
Form Requests     X
Policy Statements X X X
Premium Verfications     X
Beneficiary Changes     X
Ownership Changes     X
Address Changes     X
Death Claims     X
Document Upload X X X
Foldering   X X
Policy Grouping   X X
Policy Data      
Policy Details X X X
Go Forward Death Benefit IRR X X X
Year over Year Tracking X X X
Owner Information X X X
Beneficiary Information X X X
Insured Information X X X
Policy Documents X X X
Policy Notes   X X
Policy Tasks   X X
Illustration Ordering      
Request Current Illustration X X X
Request Alternative Illustration(s) X X X
Automated Request Scheduling X X X
Policy Monitoring      
Tracked Data Points X X X
Lapsed Age X X X
Death Benefits X X X
Premium X X X
Credit Rating X X X
Comdex X X X
Editing      
Monitoring Guidelines X X X
Policy Details X X X
Policy Report Tool   X X
Coverage Assessment Tool   X X
Reporting Services      
Policy Review   X X
Coverage Assessment     X
Notifications      
Premium Reminders   X X
Premium Gift Reminders     X
Carrier Request(s)   X X
Performance Monitoring   X X
Carrier Comdex Change   X X
Crummey Letters     X
Interval-based Triggers   X X
Action-based Triggers   X X
Analytics      
All Policies X X X
Reviewed Policies YTD   X X
Alerts X X X
Drill down by:      
Carriers X X X
Product Types X X X
Ownership Types X X X
Policy Beneficiary X X X
Policy Anniversary X X X
Premium Payments X X X
Premium Gifts     X
Insurance Agents X X X
Trustees     X
Trust Beneficiaries     X
Request Alternatives      
Modify Policy     X
Replace Policy     X
Sell Policy     X
Finance Policy     X