InsPro Technologies Announces Expansion of InsPro Enterprise
Ongoing development will provide insurers with a new life and annuity processing and product development alternative
Las Vegas, NV, May 24, 2010 – At the ACORD LOMA Insurance System Forum, InsPro Technologies (InsPro), a provider of comprehensive and flexible Life & Health insurance processing solutions, announced the development strategy for its InsPro Enterprise policy management and administration suite. InsPro Enterprise was first introduced in 2004 as an integrated platform supporting the entire product and policy lifecycle, and remains the only application suite built from the ground up to support both group and individual policies. The new development path will focus on expanding InsPro Enterprise to support an even wider range of life and annuity products. InsPro’s objective is to become the life and annuity industry’s provider of choice for innovative insurance solutions.
The expansion of InsPro Enterprise is designed to address the needs of life and annuity insurers looking for modern day technologies that offer the rich functionality and flexibility to replace their current legacy environment(s). Coupled with InsPro Enterprise’s proven library of product templates and business rule configuration tools, the system enables business analysts to quickly define and deploy new products to take advantage of windows of market opportunity and the constantly changing competitive landscape.
“InsPro entering the life and annuity space seems like a well timed, logical decision,” stated Chad Hersh, a Principal in the insurance practice at analyst firm Novarica. “Being firmly entrenched with a strong client base and proven delivery track record amongst health insurers, expanding the solution suite to cater to life and annuity insurers is an obvious next step.”
“As we evaluated our product direction plans it quickly became apparent that life and annuity insurers had very few solution alternatives incorporating modern technology,” commented Robert Oakes, InsPro Technologies President and CEO. “Insurance carriers are looking for modern solutions and analysts have been challenging vendors for years to put their best foot forward and bring these solutions to market. We see this as a tremendous opportunity to expand our market reach and fill an industry void.”
The current version of InsPro Enterprise is a proven platform supporting term and whole life, senior health (long term care, Medicare supplement, and critical illness) as well as group/ worksite lines of business. Expansion development is underway and will continue through 2011, enabling InsPro to support a wider range of life (universal life, indexed universal life, and variable universal life) and annuity (fixed, indexed, payout, and variable) products on InsPro Enterprise.
About InsPro Technologies
Based in Philadelphia and founded in 1986, InsPro Technologies is a provider of comprehensive, flexible, and innovative insurance management solutions designed specifically for Life & Health insurers, supporting both group and individual policies. Designed and developed based on proven and scalable web-based architecture, InsPro Enterprise offers an insurance-fluent configuration engine, enabling InsPro software solutions to be deployed in weeks for rapid time to value.
InsPro Technologies solutions are offered through standard software licensing, as a hosted solution, or via Software as a Service (SaaS) delivery. For additional information on InsPro Technologies and InsPro Enterprise please visit www.inspro.com.