By using Ensight’s Quoting API, Proformex customers can evaluate protection options for their clients during policy review process
Ensight, a sales platform provider for insurance carriers, has partnered with Proformex to offer life insurance inforce policy monitoring.
Through the partnership, Ensight’s quoting API platform will be integrated into Proformex’s inforce policy monitoring solution, thereby offering insurance agents and financial advisors better oversight and visibility into the performance of inforce policy contracts.
The partnership is part of Proformex’s strategy to simplify the complexity and challenges in managing inforce business at scale, while providing actionable insights for its customers.
By integrating Ensight’s Quoting API, customers of Proformex can now evaluate protection options for their clients during the process of policy review, without leaving the Proformex platform. The service is claimed to save time while enhancing policyholder service.
Proformex stated that with Best Interest (BI) regulation extending into life and annuity market, the servicing of ongoing policy has become crucial to comply with fiduciary standards.
Hence, financial professionals need to monitor their client’s overall policy health and when required, need to compare the inforce policy against new potential protection options available.
Proformex founder and chief strategy officer Mike Pepe said: “We’re excited about our partnership with Ensight. The ability for our customers to access automated product quoting from Ensight directly in the Proformex platform is gamechanging to make policy reviews fast and easy for our customers.
“This relationship strengthens our mission of being a partner across the life insurance ecosystem while we reimagine how all policies are serviced after they’ve been sold.”
Ensight’s API can quote wide range of life insurance products from across the US
Ensight claims that its life insurance API offers access to a wide range of life insurance carriers, products and product classes across the US life insurance industry.
It claims to support more than 22 life carriers, 200 products and can quote across product classes such as term life, guaranteed universal life (GUL), whole life, indexed universal life (IUL), variable universal life (VUL) and can also support partners who seek to meet with changing requirements of the BI.
Ensight CEO Bill Unrue said: “Like Ensight, Proformex is a leading insurtech enabler helping transform a critical area of the life insurance policy lifecycle. While we focus on transforming the sales experience, from illustration design to advisor-client discussion at the point of sale, Proformex is enabling customers to securely store, manage and analyze their entire inforce book.
“We are thrilled to partner with Proformex as they transition the industry from reactive to proactive inforce policy monitoring.”