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As difficult as life insurance can be for the average consumer to understand, it can be even more challenging for those well-versed in the industry to manage life insurance policies on an ongoing basis. There is so much administrative work that goes on behind the scenes to help deliver the right amount of coverage via the right types of products to the policy owner.
Admins working for life insurance agencies face a seemingly insurmountable task in their day-to-day work. Due to the hyper-complex nature of the industry and the countless product types available from a sizable number of carriers, it quickly becomes exceedingly difficult to stay on top of all tasks associated with the selling and managing of life insurance products.
Fortunately, there are a number of life insurance policy administration and management systems on the market that help admins work more efficiently and more effectively.
Life insurance policy administration software (aka life insurance policy administration system or life insurance policy management), at its most basic definition, helps insurers to manage life and annuity products. From developing and designing new policies to estimating costs and maintaining a system of record for policies sold to clients, these systems help admins working for insurance companies to streamline their job duties. It is an end-to-end solution for lifecycle management of individual and group life products. These systems can be implemented as part of a suite of insurance solutions, or it can operate as a standalone product.
There are a variety of benefits to implementing and utilizing a life insurance policy administration system. Some of the most important benefits are:
These key benefits, and other benefits not listed here, help admins to automate their work, deliver seamless experiences, and work more intelligently.
Some important features for insurers to look for in a life insurance policy administration solution include, but are not limited to:
Demand for insurtechs is growing exponentially as we progress in our digital-first landscape. Life insurance policy management solutions are certainly no exception to the rule.
According to market research conducted by Persistence Market, “’Life insurance policy administration system Market-Global Industry Analysis 2013-2017 and Forecast 2018-2026,’ the life insurance policy administration system market was valued at US$ 4,482.0 Mn in 2017, and is expected to register a CAGR of 12.0% from 2018 to 2026”.
It’s a rapidly growing market to meet the evolving needs of an industry that historically has been slow to adopt technology. But these insurtechs that were once ‘nice-to-haves’ are proving to become ‘need-to-haves’.
Although an inforce policy management platform is distinctly different from a life insurance policy administration system or a life insurance policy management solution, there are a number of overlapping features and benefits.
The most obvious similarity between the two different types of software is that both are single, omnichannel sources to store policy data. Regardless of carrier or distribution channel, both serve as a system of record for all policies sold by any given company leveraging one of these solutions.
However, Proformex is different in that it takes life insurance policy administration a few steps further. In addition to consolidating policy data in a centralized location for ease and immediacy of access, Proformex also enriches the data to provide robust analytics on the individual policy level, the portfolio level, and the agency level. Equipped with red-yellow-green light indicators, Proformex continuously tracks policy performance against five key parameters to allow insurers to quickly assess which policies need their attention most.
Proformex is also different than a PAS because it has pre-built alerts and notifications to surface both problems and opportunities within your book of business to you. Anything from a potential premature lapse to a good candidate for a life settlement opportunity, our system detects and automatically notifies you when we find something that might need corrective action, or could be a good touchpoint for you with your clients.
Leveraging the Proformex technology to automate the most time-consuming, tedious tasks associated with ongoing policy management – such as annual policy reviews – will save you time, save you money, and fuel growth for your business. To learn more about how Proformex has transformed the way life insurance is sold and serviced, schedule a demo.
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