Policy Reports: Best Practices

The Filter options from the Life Policies and Annuities pages provide almost endless ways to sort and analyze your policies, with the ability to save them as Reports. Read on for some suggestions on how to use this powerful tool and get started.

One of the most powerful tools in Proformex is the ability to filter and search your data from the Life Policies and Annuities pages.   Using these tools, you can apply over 50 different filters, in multiple ways, to get to a set of policies which are important to you.  Click here  for an in-depth article on how to use the filter and search tools.  Click here to learn all about Reports.  

Read on for suggestions on how start using these tools to help your clients and your business.  

Suggested Reports

You can use the suggested filters and columns below from the Life Policies and Annuities page to create Reports which hone in on a specific set of policies.  We've got some key Report suggestions to get you started.  

1. VUL Policies to Evaluate

VUL policies are uniquely subject to market fluctuations and the older they are- the more likely to have experienced changes which impact their death benefit and cash value.  Use the following filters and columns to create a Report to periodically evaluate these policies. 

Filters to Apply:  

Optional Filter: 

Suggested Columns to Include:

• Product Name
• Annualized Premium
• Insured
• Owner
• Cash Value
• Surrender Value
• Lapse Age

2. Replacement Leads

Policies change as they age.  This suggested Report keys in on policies which may have negatively changed and which may be best suited for new coverage.  

Filters to Apply:  

Suggested Columns to Include: 

• Annualized Premium
• Surrender Value
• Cash Value

3. Pending Term Conversions

With this Report, you will always have a list of policies that are about to hit their Conversion Period end date, allowing you to confirm with the Owner that they are prepared to pay annually renewable premiums, end coverage or replace their coverage.  

Filters to Apply:

Suggested Columns to Include: 

• Product Name
• Owner
• Insured
  
  

4.  Agent Book of Business

This Report is designed to allow you to quickly generate a book of business for any particular Agent.  Further customize the report by including filters which are important to your business.  

Filters to Apply:  

Alternative Filters:

5.  Outliving Policy Maturity

This Report is designed to catch policies where there is a possibility of tax consequences related to the Insured's risk of outliving the policy due to mortality table changes in the industry.  

Filters to Apply: 

Suggested Columns to Include:

• Lapse age
• Maturity Date
• Cash Value
• Surrender Value

6.  Overfunded Report

This Report identifies policies which may be overfunded and therefore possible candidates to move into a paid up policy.  

Filters to Apply: 

Suggested Columns to Include:  

• Insured Age
• Issue Date

7.  Information Needed Report

Since Reports can be filtered to include policies with missing or blank information, you can use Reports to identify gaps in information.  Once you decide which data is most important to your, you can use the Filters to identify the list of policies, then use the bulk action of changing their Activity Status.  Then you can save a Report which will always have a list of the policies which need action.    Share the Report with your support team so they can fill in the missing info.   

Suggested Filters to Apply:

8.  Outreach Report

Do you time outreach to your clients based on the Anniversary Date of their policies?  Or perhaps you reach out to clients on their birthday?  Create a Report so your list is always available.  Share the list with your support team so they can reach out accordingly.  

Suggested Filters to Apply:  

9.  Action Needed Report

If your process includes setting the Activity Status on a policy, create a Report which includes the Activity Statuses.  When you are ready to work on the policies, go to your Report.  You can also share with your support team so they can complete the actions needed.  You can then create a Report with Activity Status = Done so you can follow up once your team has completed the Activity.  

Suggested Filters to Apply:  

 

10.  Policy Contacts

Save a Report from Life Policies with your key policy contact information so you can always access your client's information.  

Suggested Filters to Apply:  

With all Reports, we recommend including the basic columns of:

     Policy Number
     Carrier
     Product Type
     Issue Date
     Death Benefit
     Policy Status
     Agent