Founded Year

2016

Stage

Convertible Note | Alive

Total Raised

$11.13M

Last Raised

$960K | 2 yrs ago

About Proformex

Proformex is a life insurance policy management system that ensures life insurance contracts are actively managed each year.

Proformex Headquarter Location

1001 Lakeside Avenue East Suite 1010

Cleveland, Ohio, 44114,

United States

+1 866 998 8654

ESPs containing Proformex

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTHMARKET STRENGTHLEADERHIGHFLIEROUTPERFORMERCHALLENGER
Fintech / Insurtech

Underwriting data platforms collect and organize the applicant and third-party data required by life insurance underwriters. They often bring together third-party alternative datasets like pharmaceutical records, credit scores, and motor vehicle records. Insurers can tap into these data sources to augment their own internal datasets and, ultimately, enhance the speed and quality of the underwritin…

Proformex named as Challenger among 15 other companies, including dacadoo, EasySend, and Micruity.

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Research containing Proformex

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CB Insights Intelligence Analysts have mentioned Proformex in 1 CB Insights research brief, most recently on Feb 12, 2020.

Expert Collections containing Proformex

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Proformex is included in 2 Expert Collections, including Insurtech.

I

Insurtech

2,399 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

F

Fintech

7,431 items

US-based companies

Latest Proformex News

Proformex and Ensight Team up to Transform Life Insurance Inforce Policy Monitoring

Aug 13, 2020

Ensight’s API platform advances transparency and oversight for insurance agents and financial advisors Ensight, the leading life and annuity digital sales acceleration platform for insurance carriers, distributors and financial professionals, announced it has partnered with Proformex, the market-leading inforce management platform. The company will integrate Ensight’s quoting API platform to enhance Proformex’s intelligent inforce policy monitoring, which provides insurance agents and financial advisors better oversight and visibility into inforce policy contract performance. Aug 13, 2020 The partnership is part of Proformex’s strategy to simplify the complexity and challenges of managing inforce business at scale, while providing actionable insights for its customers. Integrating the Ensight Quoting API enables Proformex customers to evaluate potential protection options for their clients during the policy review process without ever leaving the Proformex platform. The result is a solution that saves time and enhances overall policyholder service. “We’re excited about our partnership with Ensight,” said Mike Pepe, Founder and Chief Strategy Officer of Proformex. “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.” As Best Interest (BI) regulation continues to extend into the life and annuity market, ongoing policy servicing becomes increasingly important to complying with fiduciary standards. Over time, a policy’s death benefit, cash value performance and net surrender value can be negatively impacted by a range of factors. It is increasingly critical that financial professionals monitor a client’s overall policy health and, when necessary, compare the inforce policy against new potential protection options in the marketplace. Ensight’s life insurance API provides access to the broadest number of life insurance carriers, products and product classes in the U.S. life insurance industry today. The Ensight API supports over 22 leading life carriers, 200 products, and has the ability to quote across product classes (Term, GUL, Whole, IUL, VUL) for a common case design. It is also the only API able to support platform partners seeking to meet the emerging BI requirements. “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,” stated Bill Unrue , CEO, Ensight. “We are thrilled to partner with Proformex as they transition the industry from reactive to proactive inforce policy monitoring.”

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Proformex Rank

  • When was Proformex founded?

    Proformex was founded in 2016.

  • Where is Proformex's headquarters?

    Proformex's headquarters is located at 1001 Lakeside Avenue East, Cleveland.

  • What is Proformex's latest funding round?

    Proformex's latest funding round is Convertible Note.

  • How much did Proformex raise?

    Proformex raised a total of $11.13M.

  • Who are the investors of Proformex?

    Investors of Proformex include Paycheck Protection Program.

  • Who are Proformex's competitors?

    Competitors of Proformex include NIC.

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NIC

NIC, formerly Insured Connect, is an insurance technology company that leverages life and annuity data to connect Carriers with Policy Owners, helping them save money, increase revenue and meet compliance standards. NIC was founded in 2016 and is based in Westlake Village, CA.

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