The startup company is a pioneer in the use of cloud technology and data analytics that can allow more than 700,000 agents and brokers in the US and Canada to properly service their policy holders. Unlike the cumbersome legacy systems that require multi-step/multi-vendor manual work, the company’s policy management platform has been described as “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.”
InforcePRO has long been capable of managing life insurance policies – it currently manages over three million policies – but the latest development adds support for the more complicated and costly product that is universal life (UL) or permanent insurance. The updated version of InforcePRO supports both Guaranteed Universal Life (GUL) and Current Assumption Universal Life (CAUL).
The InforcePRO product for UL offers several benefits, including a single, web-based dashboard display of all in-force policies they manage, sorted and flagged based on priority and urgency; a policy analysis functionality that compares original policy goals to current carrier illustrations, thus alerting agents to potential issues; and automated requesting of illustrations from specified carriers, which allows the generation of reports showing the top alternative products that match each client’s goals.
“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. “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.”
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InforcePRO, an Austin-based life insurance technology disruptor and provider of online policy management software, has added universal life insurance policy management to its InforcePRO solution software.