Leverage Proformex's premium analytics to have a more comprehensive view of your policies and prioritize action
What premium analytics are available?
Proformex uses available premium information to derive new fields and insights about each policy's premium payment history and behavior. Proformex's premium analytic fields are available on Policy Details and the Life Policies page and include:
- Missed Premium
We determine if a premium payment has been missed using using the premium mode and last premium payment date. Given the frequency at which we may receive data feed update for a specific policy, we aim to take a conservative approach to ensure we don't incorrectly flag a missed premium. - Underpaid Premium
We determine if a premium has been underpaid by comparing the premium payment to the expected premium amount (using modal/annualized premium information). Please note each client's specific plan at any point in time could vary from the modal/annualized premium information available. - Planned Premium Increase Amount
We identify this planned premium increase amount if we observe the annualized/modal premium amount increase. - Date of Planned Premium Increase Amount
This date represents the data at which we've observed the annualized/modal premium amount increase. - Last Premium Seen
This is a derived field that we populate based on changes in other premium fields provided by the carrier. - Date of Last Premium Payment
This is a derived field that is populated when we observed a change to other premium fields provided by the carrier which would indicate a premium payment. - Days Since Premium Payment
This is a derived field that indicates the amount of time that has passed since the last observed premium payment.
Please note that all premium analytics are based on available data from carrier data feeds and may in some cases differ from clients' plans which might deviate from these sources. In other cases, these fields may remain blank if carrier data feeds are not updating this policy.
What can I do with Proformex's premium analytics?
Proformex's premium analytics fields are available on Policy Details and on the Life Policies page. These fields are intended to help identify policies that may especially be at risk of premature lapse and could require your attention.
Start by creating a new policy report that identifies policies that have an Underpaid Premium or Missed Premium for example.
Even if no policies immediately appear, save the report and add yourself as a watcher so that you can receive a notification should any appear!