InforcePRO Announces Industry’s First Universal Life Insurance Policy Management Solution
Austin, TX (PRWEB) October 18, 2016 -- InforcePRO, life insurance technology disruptor and provider of online policy management software, today announced the addition of universal life insurance policy management to its groundbreaking InforcePRO solution.
The Austin-based start-up pioneered the use of cloud technology and data analytics to solve the highly publicized, industry-wide challenge facing the 700,000+ independent agents and brokers in the US and Canada – the ability to properly service their 200,000,000+ life insurance policyholders. InforcePRO solves the issues caused by inefficient legacy systems and processes, and eliminates multi-step/multi-vendor, time-intensive manual work. It replaces this outdated and manual approach to policy management with an easy-to-use, automated and intelligent online solution that dramatically simplifies the agent’s ability to analyze and prioritize every in-force policy under their management.
Today’s announcement builds on InforcePRO’s previous ability to manage term life insurance policies – with over three million policies currently under management - and adds support for the more complicated and costly universal life (UL) insurance or permanent insurance. This version of InforcePRO supports both Guaranteed Universal Life (GUL) and Current Assumption Universal Life (CAUL).
“Universal Life is a complex product, which can ultimately be extremely valuable to clients if it is managed proactively and regularly, however, since this type of life insurance is typically index-linked, many have been affected by the low interest rates of the last 10-15 years,” said Cameron Jacox, co-founder of InforcePRO. “In fact, our internal research shows that between 50%-75% of policies now require premium increases in order to achieve their original goal. With InforcePRO, agents and brokers can easily review the performance of every single UL policy they manage, quickly uncover issues and/or new offerings that might better support their clients’ needs, and in doing so, provide great service.”
“InforcePRO has really kept us focused on making sure existing term and universal life policies are getting the attention they not only deserve but are required, said Marty Higgins, president of Family Wealth Advisory. “We are now way ahead of the carrier’s notice of term expiration and more importantly, permanent policies that were previously underfunded and in danger of lapsing, especially on orphan accounts. The permanent policy analysis is spot on, and the ability to easily provide an alternative proposal is key.”
Key benefits of InforcePRO for Universal Life:
One-Stop-Shop Dashboard: Agents, advisors and brokers maximize efficiency using a single, web-based view of all in-force policies they manage across all relevant carriers. The policies are prioritized based on needs or opportunities, flagging those with greatest urgency.
Universal Life Policy Analysis: InforcePRO’s analytics engine compares original policy goals to current carrier illustrations and alerts agents to potential issues such as early lapse or the need for increased premiums – turning a multi-day, manual activity into on-demand access to actionable intelligence.
Automatically Generated Client-Ready Reports: InforcePRO automates the request and download of illustrations from specified carriers to analyze options and report on the top alternative products that may better match each client’s goals using 1035 exchanges – making it easy for agents to both provide great service and optimize their revenue and profitability.
About InforcePRO
InforcePRO is a breakthrough cloud-based life insurance policy management solution that has been developed by insurance and technology experts who are passionate about how technology and data analytics can dramatically raise the bar for the life insurance industry – for policyholders, agents, brokers and carriers. The Austin-based, venture backed start-up is the only post-issue life insurance software company in the market, and has grown to reach and monitor millions of policies for hundreds of distributors, financial institutions, and carriers. By putting policyholders first, InforcePRO is leading the industry to foster more robust and profitable policyholder relationships, while driving game-changing, technology-led efficiencies. http://www.inforcepro.com
# # #
Media Contact: Rick Stevens Rick(at)inforcepro(dot)com 888-433-2254
Richard Stevens, InforcePRO Software, http://www.inforcepro.com, +1 888-433-2254 Ext: 715, [email protected]
Share this article