There are several ways to get policies into your Proformex platform: manually, in bulk, and via a data feed. Read on to learn more.
How to Manually Add a Policy
You can add a policy one at a time into your platform. From the >Business section in the top tool bar, select >Life Policies
From the Life Policies screen, find the Add Policy button in on the top right of the page:
Once you click Add Policy, a modal box will open up. Enter the required information and click Add Policy.
The modal will close and you will be redirected to the >Policy Information > Details page for the policy. Here you can add any additional information you have for the policy, such as death benefit amount, premium information, policy contacts, notes, etc. If you have Servicing options for your firm enabled, then you can also set up various Servicing related options such as policy guidelines and Scheduling Document Requests.
The policy which was just added will now be visible to the User which added the policy as well as any Account Admins in the Firm. This is often the best way to add policies as they are sold.
How to Add a Group of Policies via Bulk Upload
Your Customer Success Manager can work with you to upload a group or block of policies into your platform via an excel spreadsheet. Once the CS Manager receives a completed spreadsheet, they will be able to upload the file into your system and all the policies will be accessible once the upload is complete. You will need to provide much of the same information required above, along with Ownership type, owner name, and insured information.
This is the best option for Firms which already have policy numbers in a CSV or excel file or for firms which can export this type of file from a system.
How to Add Policies via a Data Feed
Data feeds are available to firms at the GA/BGA level. Proformex can receive data from over 20 different carriers, and the requirements to initiate each feed vary between carriers. Most require a Letter of Authorization on the GA/BGA firm letterhead and need to be signed by a principal of the GA. Some carriers require firms to have a certain number of policies currently inforce in order for a GA to be eligible to receive a feed. Your Customer Success Manager will work with you to review your carrier profile and submit the required forms. Once the forms are submitted, it usually takes 2-6 weeks for the data feed to be live in your platform.
Data feeds are a great option for GA/BGA firms. Please note that the data feed is an inforce data feed, so terminated, lapsed or paid out policies will not appear in the feed. The correct licensing structure must also be in place for the policies to be received.
Please contact your Customer Support Manager to discuss the best way to get your policies into Proformex.