We know that in addition to providing financial professionals with business-ready insights that help them act, one of the best ways we can support them is by making repetitive tasks easier. This month’s roundup of product releases focuses on the theme of taking recurring, important work and helping our customers build a system around these tasks that fits how they want to run their businesses. Because we know from our experience with the largest banks, broker-dealers, RIAs, wealth managers, BGAs, IMOs, trustees, and advisors that flexibility is everything; no two Proformex customers use our data and technology in the same way.
Introducing Task Management Workflows
We’ve completely reimagined the way you manage tasks in Proformex. Ditch the Outlook calendar reminders, the tediously-kept spreadsheets, or any other manual system you’ve cobbled together to keep yourself on track throughout the year. Instead, use our new Task Management Workflows to build out sequential reminders for your most common recurring tasks.
Set up a specific workflow that makes sense for your business one time, and until you change or archive that workflow, it’ll be set to fire on any given policy or contract that meets the enrollment criteria you choose.
How are customers using Task Workflows today?
One example comes from a large corporate trustee managing their ILIT business in Proformex who’ve seen great success building out a Task Workflow for annual governance audit reports. Now, every year when it’s time to review a trust-owned policy, the workflow will trigger a series of sequential tasks associated with everything you’re required to do as a fiduciary with that policy.
These tasks can be assigned to yourself or other people on your team so that anyone who’s supporting the annual review can be notified when it’s time for them to check the box on an open task. And for Admin Users, you’ll have both visibility of all open tasks across all ongoing workflows and users, so you know where additional support or reminders might be necessary and, because Proformex will store a historical archive of all tasks and when they were completed, an audit log of activity.
Another great example we’ve seen of Task Workflows is to support our lapse rescue programs. For instance, the home office at a large financial institution uses Task Workflows to notify themselves any time a policy enters lapse pending, with subsequent tasks then assigned to notify the appropriate person of this change in policy status and what to do next.
However you decide to use tasks to support your business, you can now pin a new Task widget to your homescreen to see all your upcoming and past due tasks at a glance. For Admin Users, you’ll also see a dashboard with tasks across all users so you know who’s staying on track and where you might need to step in with reminders or other support. No matter what it is you’re trying to manage with Task Workflows, we’ve built them with the configurability you need to fit them into your business, not the other way around.
Trust Template & Letter Generation Updates for Consistency
Several product updates released this month make activities necessary to managing trust-owned life insurance in Proformex more intuitive, accurate, and consistent.
- User-based letter templates: Configure your Proformex account to pull up specific default templates based on the Trust Officer assigned to the trust. Rather than starting from the library of all your saved templates, your team can pick up right where they need to and get to work with fewer clicks per letter and less risk of picking the wrong template.
- Name format changes: Our data placeholders are now responsive to owner type. Whether the owner type is individual, or trust, or corporation, you can trust that data placeholders in Proformex will pull only the appropriate information, formatted correctly, into the documents and letters you’re generating without the need for manual fixes.
- Grantor and beneficiary edits: When you’re in our trust letter generation interface, any changes you make to grantor and beneficiary names will now carry through in all future documents generated for that specific trust, saving your team time on correcting this information ad hoc for every document.
We know how important it is for documents to be accurate and consistent, and with these changes, we’re even better equipped to support that need. We take your fiduciary obligations as seriously as you do.
Bringing it all together
Repetitive tasks might feel like busywork, but they’re what keep client plans on track. Proformex pairs business-ready insights with a framework for completing tasks tied to key policy milestones and events, so nothing you need to be doing falls through the cracks. In doing so, we help financial professionals protect policyowners and beneficiaries everywhere. We’ll continue building toward that goal.
Ready to explore what’s new? Connect with your CSM or schedule a demo to see these features in action.