The Challenge
The Thompson Agency, Inc. needed a solution to help manage their growing book of life and annuity business. Historically, this has been an area in the industry where technology is lagging, so they were optimistic when they found Proformex that it could be the solution they’d been looking for all along. Little did they know how quickly they’d get to see firsthand the value Proformex provides to BGAs, advisors, and ultimately, the clients who rely on their life insurance coverage every day.
The Solution
Shortly after coming on board with Proformex in August 2022, The Thompson Agency team received a notification through Proformex that an AIG policy had entered lapse-pending status. The sales rep from Thompson reached out to the writing agent immediately to let him know the policy would need to be paid within a short time frame or risk lapsing. The agent, who had been a large producer with Thompson in the past, was very appreciative and said he would immediately reach out to the client to let him know that he needed to pay the premium in short order.
After about a week or so, the agent got back to the sales rep from Thompson to let him know that the client had paid his premium. While they were on the phone, the sales rep informed the agent that the client had until April of 2023 to convert to AIG’s more competitive permanent products. Although conversion had been under consideration for this client, the agent was unaware of the conversion deadline for more competitive products (10 years with AIG).
The agent initially went to the client in early October to go over the options with conversion. After running through multiple scenarios using both AIG’s GUL and IUL products, the client decided to hold off until it got closer to the conversion deadline. However, this did allow the agent to fully understand what AIG was offering as far as the two products taken into consideration – Secure GUL and the Value+Protector.
The Result
The agent ended up submitting the conversion application a day before the conversion deadline. The client ended up agreeing to pay a $12,494 per year premium for $460k of death benefit. The target on the case is $9,329. Thanks to the initial lapse-pending alert from Proformex, not only was the client able to keep their coverage inforce, but they also were ultimately able to convert to a new product that better fit their needs. And for Thompson, they were able to successfully re-engage with a producer who hadn’t been actively writing with them for a while.
“If it weren’t for the notification from Proformex, we probably would have missed this opportunity to create a better outcome for the client and reengage with one of our producers,” said Peter Zinnen, President of The Thompson Agency, Inc. “What could make this an even better success story is the fact that this could set us down the path of working with this agent again. It was a win for everyone across the board!”
About The Thompson Agency, Inc.
The Thompson Agency is a multi-company brokerage general agency serving Independent Agents and Financial Professionals throughout the northeast and beyond, now in their 61st year, specializing in Competitive Life Insurance, Impaired Risk Cases, Long Term Care Insurance, Disability Insurance, Fixed & Indexed Annuities and Identity Theft Protection. Their team brings the market to you and stays out in front of industry trends and developments.
About Proformex
Proformex is a data and technology platform purpose-built for financial professionals and institutions to manage life insurance and annuity assets. With deep data and technology expertise, Proformex connects customers to critical information about their life insurance and annuity businesses and helps them make better informed, data-driven decisions. With Proformex, financial professionals have the technology tools needed to proactively manage life insurance and annuities and enhance value for their clients.