Since many policies have a grace period during which a Lapse Pending status may change, it is helpful to know how long a policy has been in Lapse Pending status. Read on to learn more.
Knowing that a policy may soon lapse is important- but sometimes it is information that can quickly change, so by the time you reach out to your client, the policy's status may have changed. This is especially true with policies which are paid monthly.
Proformex notifies Users when policies enter Lapse Pending status. Often this information is included on a policy data feed which may not be updated daily- it may only be updated weekly or monthly. We have added a filter in Life Policies for 'Days in Lapse Pending' to help you understand how long they have had that status so you can best decide how to proceed.
Days in Lapse Pending
To use the filter, go to >Life Policies from the > Business tab in the top left of the navigation bar:
Use the 
button to open the Filter table. Select 'Days In Lapse Pending' as the field, select your preferred Operation and input a value:
Then use the gear 
option on the top right of the table and make sure to include 'Days in Lapse Pending' and 'Feed Update' as a columns in the table. This will let you know if a policy has a feed and give you information on how old the feed is so you can proceed accordingly.
Use the 'Save As' option to save this filter and column combination as a Report, which you can add to your home dashboard or pull up quickly for you to monitor.
We'd love to hear from you- let us know your favorite filter - column combinations or if there are options which you would like to see. Our best ideas come from our Users! Contact your Customer Service Representative with your suggestions and experiences.