Magna’s Joint Offering With Proformex Helps Streamline Policies for Agents

In its ongoing quest to forge a mutually beneficial relationship with insurance agents, Magna has developed a joint offering with Proformex to make the company’s policy management software more accessible to create a digitized, efficient book of business. Founded in 2016, Proformex’s system provides powerful portfolio management by combining every policy into one digital resource.

Proformex currently monitors nearly 70,000 life insurance policies in its database, and the offer with Magna will grow that volume even more. By connecting with Proformex and digitizing their portfolios, agents who work with Magna can experience a host of advantages, including:

For agents who have found portfolio review to be cumbersome, the Proformex system creates higher efficiency and better service for their client base. When administrative tasks are eased, more time can be spent on identifying specific policyholder needs and helping provide resources to meet them.

With Magna, Proformex will be able to make its system available to more agents and combine its resources with Magna’s full-service life settlement support to help agents open new financial avenues for seniors.  By eliminating the complexities normally associated with life insurance policy management, Proformex can enable everything about life insurance analytics, reporting and storage to more efficiently meet the needs of policyholders.

“Proformex is excited to partner with Magna,” said Michael Pepe, the president and founder of Proformex. “We believe combining in-force policy monitoring and settlement evaluations will helps life insurance agents provide their clients both the intelligence and data they need to make informed decisions.”

Magna is even providing an incentive to encourage agents to try Proformex. Independent agents whose portfolio includes mostly older Americans with convertible term or universal life policies can qualify for a Proformex voucher to digitize those policies.

“We knew a joint offering with Proformex would help agents with mature books of business quickly digitize their books,” said Scott Harris, the chief marketing officer of Magna. “Giving agents the ability to quickly identify which life insurance policies may have life settlement value not only helps the agent, but also provides value to policy owners who no longer want or need their policies. Proformex’s tool is a must-have for agents who are ready to evolve from their spreadsheets or paper files to an online platform.”

Magna has been working in the life settlement market since 2004, and it is licensed to do business with advisors, agents and consumers in any state who wish to pursue a life settlement. A settlement can provide cash for the policyholder and convert a premium liability into an asset.

More information about the opportunity for agents to qualify for a free Proformex subscription can be found at

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