InsPro Technologies Corporation Announces Signing of Three New Clients in Four Month Window

Ongoing reinvestment and enhancement of solution platform demonstrates commitment to industry and helps build system adoption momentum

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Orlando, FL, May 16, 2012 – From the ACORD LOMA Insurance Systems Forum, InsPro Technologies Corporation (OTC Bulletin Board: ITCC), a leading software innovator of flexible, comprehensive insurance solutions supporting a wide range of group and individual products, today announced that three new clients have licensed the InsPro Enterprise application suite over a four month period. In addition to InsPro Enterprise’s inherent depth of functionality and breadth of product support, new release enhancements and substantial reinvestment into additional product support initiatives have also positively influenced prospects’ decision processes.

The latest release of InsPro Enterprise included configuration engine updates as well as enhancements to the majority of solution components (Product Configuration Workbench, New Business and Underwriting, Policy Administration, Claims, Document Management, and the InsPro Data Mart). In addition to releases available through InsPro’s maintenance program, significant reinvestment into InsPro Enterprise is underway for annuity product support early next year and universal life support to follow thereafter. The culmination of these efforts is a further streamlined customer experience along with building upon and broadening existing functionalities.

InsPro Technologies, LLC President and CEO, Bob Oakes said, “Combining the feedback from our clients, our ongoing market research, and the skills of InsPro’s forward-thinking development and product management teams enables us to continue to expand and enhance InsPro Enterprise to deliver even more business value to our users. The product has evolved and matured over time, earning its reputation as a top-tier policy administration suite, but we are far from resting on our laurels. We look forward to taking InsPro Enterprise to the next level with annuity and universal life product support.”

Jim Rourke, InsPro Technologies, LLC Senior Vice President, Sales & Marketing added “Our past four months have been exceptional, and the industry’s adoption of InsPro Enterprise is a direct result of our commitment to enhance the product and deliver timely releases without compromising the quality of our software or services. The introduction of Annuity and Universal Life support will allow us to offer additional hybrid products, which we believe makes InsPro Enterprise’s breadth of product support and depth of functionality unrivaled for a single solution platform.”

Out-of-the-box ready product templates, easily cloned products and offerings, and flexible business rules driven system configuration empower InsPro Enterprise business users to quickly take control of the application suite. This quick-to-value approach affords InsPro clients accelerated new product introductions and opportunities to efficiently consolidate multiple lines of business to a single InsPro processing platform.

About InsPro Enterprise

The InsPro Enterprise suite includes Product Configuration Workbench, New Business and Underwriting, Policy Administration, Billing and Collections, Agent Management and

Commissions, Claims, Document Management, Web Portals, and Data Analytics. InsPro Enterprise was designed as a single technology solution to manage all insurance processing requirements and built from the ground up to support both group and individual policies. The InsPro Enterprise design provides carriers the option to deploy the solution as an end- to-end straight through processing suite or on a modular componentized basis to address immediate areas of concern.

About InsPro Technologies Corporation

Through its subsidiary, InsPro Technologies, LLC, InsPro Technologies Corporation offers InsPro Enterprise software, an end-to-end; web-based policy administration system used by insurance carriers and third party administrators. By managing the entire product and policy lifecycle on a single integrated platform, customers are afforded opportunities to accelerate new product introductions, lower IT support costs, increase customer retention, and improve operational performance. InsPro’s 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, LLC and InsPro Enterprise please visit www.inspro.com.

Forward-Looking Statements

In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding current and future capabilities, quality and growth potential of our technology platform, including related services, and providing the financial support and other resources needed to demonstrate the strength of this growing technology business and to continue to reinvest in the product. Forward-looking statements provide InsPro Technologies current expectations or forecasts of future events. Moreover, InsPro Technologies Corporation cautions readers that forward- looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from the statements made, including risks described in InsPro Technologies’ most recent Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K filed with the Securities and Exchange Commission and available on the Securities and Exchange Commission’s website at www.sec.gov. InsPro Technologies Corporation does not undertake any obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.