18.0009 - Rebranded Video - The Proformex Experience_v2

The Issue

You may serve as a trustee or a fiduciary for clients with individual, corporate, or trust-owned life insurance. You know under OCC guidelines it is your fiduciary responsibility to actively manage life insurance just as you would stocks, bonds or any other financial asset. You want to do what is best for each and every client, but you don’t have the resources or time to manage each existing policy manually over the lifetime of each client.

The Proformex Solution for Fiduciaries

Proformex Professional is the turn-key solution you need to actively monitor the performance of your clients' life insurance policies and provide them with the best possible outcomes while following best practices to reduce your liability exposure. With Proformex Professional, you get:

  • A turn-key policy management solution for all of your clients' inforce life insurance policies in a single place regardless of ownership structure, product type, carrier, or agent association
  • The ability to easily identify at risk policies with our Portfolio Analytics dashboard and drill down to see individual policy performance data
  • Client ready Policy Reviews and Coverage Assessments to provide peace of mind that the current policy is meeting or exceeding your clients’ needs
  • Automated notifications and documentation to help you effortlessly manage Crummey letters, premium reminders and payment verifications
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How Does it Work?

Data Collection & Storage

Once the initial policy data has been populated in the system, Proformex Professional takes over, keeping track of critical anniversary dates and proactively requesting statements and illustrations from carriers for each policy every year. The system stores historical documents in an organized folder structure and notifies you if the requested documents are not received.

Fiduciary/Trustee Responsibilities

Never again will you worry that you are not fulling your fiduciary responsibilities — Proformex Professional automates common tasks such as sending premium gift reminders, generating Crummey Letters for ILITs, and requesting premium payment verification from carriers.

Policy Monitoring

The system tracks five key performance parameters of life insurance policies – lapse age, death benefit, annualized premium, internal crediting rate and the carriers Comdex rating – and allows you to set monitoring guidelines which trigger alerts if any of the five parameters fall outside of your client’s preferred limits.


Policy Alerts

The system generates consolidated alerts which identify policies that are projected to lapse, have their term conversion period expire, or which could be potentially sold or financed.

Policy Reviews

Proformex Professional gives you annual Policy Reports and Coverage Assessments for each policy in the system, providing you with insight into how the current policy is performing, any additional cost requirements to extend the length of the current contract, a cost and benefit summary for up to three replacement products, and the probability of receiving more than the cash surrender value through a sale of the policy. With this information at your fingertips, you can give your client the information they require to make the right decision for their life needs.

Portfolio Analytics

See both the forest (your overall book of business) and the trees (the individual policies) with equal clarity using the analytics built into Proformex Professional. Drill down by policy type, ownership type, anniversary, premium payments, agents, trustees, beneficiaries and more.

Notifications & Carrier Form Requests

Proformex Professional allows you to set interval- and action-based notification triggers to fit your specific requirements and request Carrier Forms, such as ownership change forms, beneficiary change forms, and death claim forms, as needed.

Which Proformex Subscription Should I Choose?

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

Features Professional Premium Basic
Multi-carrier, Multi-distributor Policy Database
Client Contact Management
Document Management
Statement & Illustration Ordering
Policy Monitoring Dashboard
Policy Performance Alerts
Portfolio Analytics
Policy Notes
Policy Tasks
Customizable Policy Reviews  
Internal User Reminder Notifications  
External Client Reminder Notifications  
Custom Folders for Multi-policy Clients  
ILIT Trust Administration    
Premium Gift Reminders    
Crummey Notifications    
Customizable Crummey Letters    
Trustee Log-in Access & Dashboard