Video Transcript
The primary role of any insurance agent or advisor is to recommend appropriate products to meet consumers’ needs.
The fact that insurance compensation varies based on commission plans and products sold has industry regulators seeking the development of best interest standards.
New York was the first state to approve legislation to adopt a best interests standard, requiring insurance carriers to establish policies and procedures ensuring their policyowners’ best interests are maintained. Rather than offering advice based on producers’ financial incentives, agents must adhere to a higher standard of care, recommending insurance products solely because they are in the client’s best interests.
The monitoring of inforce policies helps ensure policyowners’ best interests remain intact. Proformex is a proactive life insurance management platform that monitors inforce policy performance and provides annual policy reports.
Toe learn more about how Proformex helps protect policyowners, visit our website.