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.
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:
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 The system stores historical documents in an organized folder structure and notifies you if the requested documents are not received.
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.
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.
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.
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.
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.
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.
Proformex offers three subscription models to meet the needs of agents, advisors and fiduciaries.
|Multi-carrier, Multi-distributor Policy Database||✔||✔||✔|
|Client Contact Management||✔||✔||✔|
|Statement & Illustration Ordering||✔||✔||✔|
|Policy Monitoring Dashboard||✔||✔||✔|
|Policy Performance Alerts||✔||✔||✔|
|Customizable Policy Reviews||✔||✔|
|Internal User Reminder Notifications||✔||✔|
|External Client Reminder Notifications||✔||✔|
|Custom Folders for Multi-policy Clients||✔||✔|
|ILIT Trust Administration||✔|
|Premium Gift Reminders||✔|
|Customizable Crummey Letters||✔|
|Trustee Log-in Access & Dashboard||✔|