Stephen Lance Joins Proformex

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Stephen Lance Joins Proformex

 

Experienced SaaS startup sales strategist brings his expertise to the nation’s fastest growing life insurance technology software company

 

CLEVELAND, Ohio – June 16, 2020 – Proformex, creator of a proactive life insurance policy monitoring platform designed to give insurance agents, advisors and fiduciaries better oversight and visibility into the performance of inforce life insurance and annuities, today announced that Stephen Lance will be joining the team as its Vice President of Sales.

 

Lance has more than 25 years of Silicon Valley startup experience in various leadership positions with companies such as ParcPlace, ValiCert, and Intralinks. Additionally, he served in a sales leadership role working for Steve Jobs when NeXT was sold to Apple. At each company, he focused on creating highly profitable software IPOs while maintaining a customer-centric mentality.

 

“I am delighted to be joining the highly-motivated team here at Proformex and join their efforts in fundamentally improving the way agents and advisory customers service their clients and run their business,” Lance said. “The company’s growth so far has been remarkable, and I am eager and prepared to help take it to the next level.”

 

In his new role with Proformex, Lance will focus on further developing a customer-first, forecast-reliable, and growth-oriented sales organization. Like he did in previous positions, he will promote a positive culture of attainment and develop top performers to achieve our ambition to fundamentally improve inforce management for the industry.

 

Proformex CEO Kris Beck said: “We are incredibly proud to have Steve join team Proformex. With his demonstrated history in scaling software sales teams from startup to multimillion-dollar exits and IPOs, we think he is a perfect fit. I welcome his leadership and look forward to seeing the impact he will make on our company.”

 

About Proformex

Proformex is the industry leading life insurance inforce policy management solution for producers, financial advisors, trustees, and distributors. Our carrier and distribution agnostic platform enables customers to securely store, manage and analyze their entire inforce book of business in one place. Designed to proactively alert users of potential problems with their client’s inforce policies, Proformex protects policies against lapsing, degradation and asset erosion.

 

Media Contact

David Morris

(855) 341-1331

dmorris@proformex.com

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Shared Claims Software is the Future

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By Direct Claim Solution (DCS)

So, you are considering a new claims software system. Your organization wants something great. You imagine a system that enables users to reduce costs and cycle time and increase throughput dramatically.

 

You also want to improve the vendor process and workflow efficiencies. You expect your new system to be in place for the next 20 to 30 years. With that in mind, it should be adaptable for growth as well as the inevitable changes.

 

Here’s the question. Are you thinking about extending access to your service providers using a shared claims software system?  If not, why not?

What is a Shared Claims Software System?

A Shared Claims Software system allows an organization to extend direct access to external stakeholders. That’s right. In addition to optimizing the efficiency of internal staff and management, a shared system makes your service providers better. It does this by simply allowing users that are external to the organization to have login credentials and a set of defined permissions to view, add, edit or extract information.

 

In a shared system, specific workspaces that you populate and view are shared directly with others. Because risk and insurance involves a large number of vertically aligned service providers in the chain, a shared solution is a highly effective way of bringing many specialists together to a common location for information exchange. To create such a solution, the system designers must possess in-depth knowledge of each user’s contribution within the big picture workflow.

 

The key advantage of a shared solution for a claims department is that a common workspace eliminates the need for internal staff to request reports, receive and process reports and then re-type summary information. For many claim professionals, those tasks take up 80% or more of their entire workday. Worse yet, much of the effort is not ‘value-added’ because it is heavily administrative and only partly analytical.

 

There is a better way. In having direct access to the system, service providers such as defense counsel, damage appraisers, and assigned experts can deliver their work-product in the exact format and order preferred by you “their customer.” Direct access eliminates the need for processing, interpretation, and transcription from an externally provided document. It’s a direct pour into the claim mold.

 

The key disadvantage is that external service providers have access to your system. But never fear, this is where smartly designed software offers one of its most valuable tools. That is the two-pronged security feature of data isolation and user permissions. In data isolation, claim records not assigned to a vendor are not accessible.

 

Further, a “Rights and Permissions module” defines what pages and functions can be seen and operated by users based on that user’s assigned role. Limitations can be set such that external users may only view and edit certain areas of the system such as the litigation or subrogation screens. A rogue external user can be prevented from modifying data in places that should not be modified. And, a single question on the user-setup page tells the system who is “internal” and who is “external.”

 

External users can be “walled off” from viewing claim records that are not within their responsibility. With these security features, access is a highly manageable risk.

The Use Case for Litigated Claims

A perfect example of the benefits of sharing is seen in the litigation handling context. Litigated claim files rightfully garner a lot of attention. These are files that result in an exponentially higher cost in terms of time, energy and money. They often involve several outside service providers to assist with coverage issues, fact investigation, witness statements, legal research, and valuation.

 

Companies spend massive dollars on discovery and settlement efforts for litigated files. These matters typically have the longest cycle time and largest negative financial impact on results. So, how can a shared system minimize the blood-letting on a litigated file?

 

First, it is important to understand that a shared system does not change the respective roles and responsibilities of the parties involved. There is still a claim professional responsible for the overall handling of the claim file to resolution. That claim professional assigns and manages all service providers working the case.

 

Service providers perform a variety of functions from investigation and legal research to appraising damage and theorizing causes. Service providers conclude their work with reports that include findings, opinions, and recommendations.

 

The Problem – Excessive costs of information exchange between claims professionals and service providers. These costs are evidenced by rising headcounts, increasing pending claim volume, and increasingly poor quality of claims handling amid a level inflow of claims.

 

Current Process – The industry is predominantly using litigation report templates and emails to communicate. The defense firm (service provider) typically has dozens of clients, and each client has its own version of the “proper” litigation report template.

 

Claims professionals send email notifications to defense counsel to request overdue reports and grant extensions of time. Few claims professionals can keep up with their litigation caseload. Their requests for information and subsequent review of that information is often severely delayed. Defense attorneys are often unable to keep up with reporting deadlines and either fail to submit reports or submit them untimely for various reasons.

 

Additionally, defense firms are unable to keep up with the template differentiation across clients and subsequent changes in those templates as dictated by each insurance company from time to time. In this kind of slow traffic, claims start to turn sour for everyone involved.

 

Shared Software as A Solution – With a shared system, the claims professional directs the system administrator to add the service provider as a “vendor” on the claim record. Once complete, that service provider defense attorney can directly access the litigation management screen and other select features within a cloud-based system. Fields and content can be populated by the defense attorney with key information summarizing investigations, legal research, and valuation of the claim along with procedural developments in the case. Demands by plaintiffs can be tracked, and recommendations can be entered directly into the claim system.

 

This direct access eliminates the need for the defense attorney to locate the most up-to-date litigation template, and then complete and send for review. In turn, the claims professional must receive the report and translate or interpret key data into respective claim system fields. The shared solution brings the voice and the eyes of everyone involved in the same location where collaborative claim analysis can be accomplished.

ApplicInt’s End-To-End Digital Solution Accelerates The Drop Ticket Process

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ApplicInt is an innovative technology leader with the only end-to-end digital solution that includes multi-carrier quoting, eApp, integrated call center platform and digital paramed. The CallComplete solution snaps easily into any carrier’s call center. It has scripted reflexive interview questions for Part One and Part Two. Also, CallComplete can be used remotely as a fulfillment process for ExpressComplete term ticket or any third party ticket platform. Forms, including unique special authorizations required for plus-25 percent of APS records, are signed with voice or eSignature. It also uses data from Rx, MIB, MVR, and accelerates additional requirement ordering like an APS. ApplicInt has added four new modules that result in more accuracy and faster cycle time:

 

·        eLab Slip: Electronically collects Lab Slip Information.

·        ONE Touch: Cuts time to obtain a special authorization up to 90 percent for medical records.

·        Warm Transfer Complete: Client and data seamlessly transferred to call center by examiner.

·        Identity Complete: Securely verifies signers identity.

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The Battle For The Dashboard

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November 2019

By: Steve Morelli 

InsuranceNewsNet Magazine

 

Ask Doug Massey why it has been so difficult to create seamless and effective insurance technology and he will take you on an Uber ride from hell — metaphorically speaking, of course

 

Massey knows all about the ride because his career has followed the route of insurance tech itself in the early 1990s, when he started a property and casualty quote engine company as a college student. Later, he worked with leading insurance tech companies such as Ebix.

 

Massey is now the executive vice president for sales and relationship management with Insurance Technologies, which, as the name implies, is a key player in insurance tech. And he said the company is finally closing in on a eureka moment when it all comes together into a seamless insurance tech nirvana.

 

But we are in an age when we can get dinner delivered by drone with a click of the thumb, so why is the life insurance and annuity industry’s tech seemingly stuck?

 

Ah, step inside Massey’s exasperating Uber for an explanation.

 

“Let’s assume I’m using my Uber app and I want to do a ride, but it’s the way insurance works,” Massey began. “I’ve got to open up my Google Maps or my Apple Maps. So, I’ve got to find my location. I have to set a pin for my location. Then I say, ‘OK, well I’ve set my pin for my location. Now I want to share that over to this Uber app.’”

Life Inforce Policy Management Automation

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November 2019

By: Ken Leibow 

Broker World Magazine

 

It’s finally here—online tools for life insurance agents and clients to do basic tasks like change beneficiaries, look up paid-to-date information, see account values, and address changes without having to fill out a form or call a customer service phone number. It’s no longer a one-off but being implemented by most life insurance carriers today. You are also now seeing Artificial Intelligence (AI) chat tools for clients to get the information on their policies or to answer basic insurance questions on demand. Readily available for agents is new technology leveraging Big Data Analytics to analyze a policy resulting in new sales opportunities with products that better fit your client’s needs.

 

Policy Review
As an agent, you should do a review with your client on their life insurance policies at least once a year. Policy review should also occur when there is a life changing event or a family’s situation has changed, which could result in the need to increase or decrease coverage. Interest crediting rates on certain policies are much lower today than when the policy was first purchased. This can affect the future performance of your client’s policy, which could result in having to pay additional premium dollars to meet your client’s needs. Because people are living longer or if your client’s health has improved, then they may need to make an adjustment on their policy. On permanent insurance like universal life policies, loans and withdrawals and other changes to the policy, like premiums not paid as planned, may have impacted the current performance. Of course, if premiums have increased then you should do a policy review with your client. If the client is an owner or co-owner of a business and that business has grown or changed, then that is a compelling reason to do a policy review. Occasionally a life insurance company’s ratings or financials have changed, which may no longer meet your client’s risk tolerance.

 

The objective of the policy review is to do a thorough analysis of current insurance holdings vs. current needs. There are also industry and product changes to consider as well. I would recommend to carefully look at older life policies because of the way life insurance is designed today—the current changes in pricing, and how it’s medically underwritten, may have a significant difference in 2019 compared to five, 10 or more years ago. Also, you need to be up to date on the current tax, business and estate law changes. Higher life expectancies (mortality tables), lower interest rates and dividend crediting rates affect performance. There are new products on the market today to consider like indexed universal life products. Look at your client’s goals: If their goals are the same, is there a better insurance product for them today? If their goals have changed, then what’s available today to best meet those financial needs? For living benefit needs there are linked benefit products to consider. Should your client consider a way to financially maximize a policy he no longer needs by looking at a life settlement option?

Connected Insurance Report: Industry Weighs in on Future of Technology in Insurance

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To some, it is magic. To insurance, it is reality. The ability to accurately discern the past and predict the future based on nothing but data points and the long-lived experience of actuaries and adjusters has served the industry well up to now, allowing insurance to become the multi-billion-dollar industry it is today. The past few years, however, have witnessed in a dramatic shift to this picture, prompted by the advent of the Internet of Things: technologies that collect, record and transmit live, granular data about their environment.

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This increase in the quality and quantity of available data is already having some profound effects; the process of writing policies can now be far better informed by what is known about the risk level of an individual or entity, as opposed to simply what is known about the claims generated by an entire class of risk. Consequently, it is now possible to assess claims more accurately and efficiently, and even prevent them arising, based on high-quality, objective data.

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This, in turn, has created the need for changes in how insurers and customers interact both before and after a claim, as well as the internal structure, operations and hiring processes of the carriers themselves. Already operating in an environment of squeezed profits, high regulation and low consumer trust, the industry is witnessing something of a perfect storm at present. The tools for insurance carriers to stay relevant and appeal to today’s consumer do now exist, but uncertainty over how best to implement such profound strategic transformation is holding many back.

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To provide a comprehensive overview of the progress and prospects of Connected Insurance, Insurance Nexus have produced the Connected Insurance Report, an in-depth study of the progress of insurance technology globally, today, and in the future. The Connected Insurance Report is based partly on a survey of over 500 people working in insurance and related industries, as well as the exclusive insights of 20 renowned thought-leaders, including Matteo Carbone (Founder and Director of the IoT Insurance Observatory), Cecilia Sevillano (Head Smart Homes Solutions, Swiss Re), Boris Collignon (Vice President Strategy, Innovation and Strategic Partnerships, Desjardins General Insurance Group) and more. 

Access the Connected Insurance Report today for in-depth insights, analyses and case-studies on the technology-led transformation of insurance, including:

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·     How the Benefits of Technology Confer to Insurance: more data, fewer claims and less costs. Discover how the application of technology to insurance is changing the relationship between insurers and insureds and where extra value can be created

·     The State of Play of Technology in Insurance Today: what progress has been made so far across the different lines of insurance? Which lines are most developed and where is ripe for transformation?

·     The Practicalities of Embedding Technology in Insurance: from proving the business case to organizational restructuring and digital transformation, explore how carriers have demonstrably succeeded in leveraging the benefits of insurance technology

·     Making Sense of The Insurance Tech Stack: Provide value to customers by maximizing the worth of all data throughout the value chain. While challenges to each entity and line of business are unique, discover and overcome the principal challenges to embedding technology as reported by the industry

·     The Long-Term Opportunities: From claims prevention to customer engagement, what will the technology-led future of insurance like? Discover what is on the management “to-do list” to ensure readiness for the era of “insurance 2.0”

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Access the Connected Insurance Report today

The Connected Insurance Report was researched and produced by Insurance Nexus and is collaboration with the IoT Insurance Observatory. It is the first of its kind to conceive of insurance IoT holistically, as a paradigm shift necessitating changes in insurer business models, organisational structures and technology stacks. Insurance Nexus surveyed the experiences of more than 500 insurers and reinsurers to assess where they sit in the connected insurance market and to extract the challenges they face and their stories of success.

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Along with a panel of 20 industry leaders who have been operating at the sharp end of the IoT revolution, Insurance Nexus looked at these hurdles and opportunities and pulled them apart to provide readers with the case studies with actionable insights to help guide decision-making as the industry tackles its own strategic milestones.

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Contact

Mariana Dumont

Head of USA Operations

Insurance Nexus

Phone: +44 (0) 207 422 4369

Toll Free: 1 800 814 3459 Ext: 4369

Email: mariana.dumont@insurancenexus.com

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Insurance Nexus is part of FC Business Intelligence Ltd. FC Business Intelligence Ltd is a registered company in England and Wales. Registered number 04388971, 7-9 Fashion Street, London, E1 6PX, UK

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Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, we provide the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

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