Using Proformex’s Configurable Notifications and Custom Reporting to Identify 2 Cases Leading to $89k and $5k in Premium
The Challenge
Lack of Tools
Without a system in place to provide easy access to current, accurate
information on life insurance policies, LIBRA Insurance Partners knew they
could be missing out on potential engagement opportunities. They wanted to
find a tool that could proactively notifiy them on important policy
events like term conversions, policies entering lapse pending, and more.
The Solution
Configurable Notifications and Custom Reporting with Proformex
The LIBRA Insurance Partners team relies on Proformex’s
configurable notifications on key policy events as well as custom reporting to
identify cases that may need some attention. In one instance, a member of the
LIBRA team received a term milestone notification for a policy where he was
the original writing agent but hadn’t been in contact with the client in some
time. After receiving the notification, the advisor discovered the client had
been diagnosed with cancer. Thanks to the policy’s conversion option and the
timely notification from Proformex, the advisor was able to convert the policy
without underwriting, securing extended coverage for the client and
protecting them at a critical time.
The Result
Continued Coverage for the Client and New Premium for the Advisor and LIBRA Insurance Partners
Thanks to timely notifications and custom reporting, the LIBRA Insurance Partners team can quickly get to the cases that need attention most and take action. In the case where the client had been diagnosed with cancer, that individual may not have been able to continue coverage if the term conversion window had been missed. But ultimately the client was able to stay covered and the advisor and Libra Insurance Partners generated new premium.