InsPro Technologies Expands InsPro Enterprise™ Platform with Fixed and Indexed Annuity Product Support
Emergence of annuities as a preferred portfolio component for seniors is increasing need for tightly integrated insurance administrative systems’ support
Eddystone, PA – March 20, 2013 – InsPro Technologies LLC, the innovative provider of a dynamic, out-of-the-box insurance policy administration system, today announced the expansion of its Senior Market portfolio with the addition of fixed and indexed annuity product support. Fully integrated with InsPro Enterprise, the new capability supports the most popular annuity products sold today.
The rapidly growing senior population, together with an anticipated increase in government incentives such as the Pension Protection Act of 2006 and the Treasury’s proposed guidance package on lifetime income, is spurring demand for annuities in the senior market. With annuities increasingly incorporated in diversified senior portfolios, insurers and administrators are challenged to offer – and effectively manage – a wide range of fixed and indexed annuity vehicles.
“The lack of integrated, single-system support for fixed and indexed annuities leaves insurers serving the growing senior market at a distinct disadvantage,” noted Bob Oakes, President and Chief Executive Officer, InsPro Technologies. “Going forward, the competitive edge will go to those who can efficiently launch a full range of senior–focused products, and provide integrated administrative support across all products. We’re pleased that two of our customers are planning to move their annuity blocks onto InsPro Enterprise this year, and we’re confident that the addition of annuities to our product portfolio will prompt a broader segment of insurers to consider InsPro as their enterprise policy administration system.” Unlike most systems, InsPro supports Group and Individual Life, Health, Annuities, and Hybrid products on a single, web-based system, and allows for quick deployment of a full range of senior-focused products.
With a configurable fixed and indexed deferred annuity product design, InsPro Enterprise enables business users to add multiple product variations without custom modification. In addition, clients can design pure fixed, pure indexed and fixed/indexed combination annuities, design the allowed fund allocation combinations, and select the indexes and index crediting strategies.
Annuity Product Support Includes:
- Systematic withdrawal programs for required minimum distributions and systematic subsequent payments that can be tied to maximum statutory IRA limits;
- Support for guaranteed lifetime withdrawal benefits and other organized withdrawal plans such as penalty-free withdrawals, interest only withdrawals and substantially equal periodic payments under sections 72T and 72Q;
- Easy-to-add additional benefits and riders with or without charges;
- Support for non-qualified, qualified and IRA annuity products with complete IRS tax reporting calculations and extracts;
- Support for beneficiary annuities – spousal continuation, spousal and non-spousal beneficiary annuities and five-year rule inherited annuities;
- Penalty-free withdrawal rules, surrender charges and market value adjustments that are easy to configure in product design;
- A flexible multi-tiered rate structure, immediate bonus, loyalty bonus and nonforfeiture value calculations.
InsPro Enterprise™ offers a comprehensive Senior Market solution with support for Long Term Care, Medicare Supplement, Specified Illness, Critical Illness, and now the newly launched Fixed and Indexed Annuities. The launch of these initial annuity offerings establishes a solid foundation for future annuity and universal life product support.
About InsPro Technologies Corporation
A subsidiary of InsPro Technologies Corporation, InsPro Technologies LLC offers true, out-of-the-box functionality with InsPro Enterprise, a dynamic policy administration system that helps insurers and TPAs market new products quickly, improve customer service, and reduce operating costs. Fully loaded with prebuilt, product-specific templates driven by simple, intuitive Wizards, the system ensures that 85% or more of what clients need is already in place.
Highly configurable by the business user, InsPro Enterprise supports Group and Individual Life, Health, Annuities, and Hybrid products on a single, web-based system. With extensive domain expertise in Medicare Supplement and Long-Term Care, as well as Accident and Health and Life Insurance products, the Company intends to add Universal Life products to its platform in 2013. InsPro is a US-based company, headquartered in Eddystone, PA. For additional information on InsPro Technologies, please visit www.inspro.com.
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 and products supported, 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 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.
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Sandra Taylor, Ph.D.
Chief Marketing Officer
InsPro Technologies LLC
The Garfield Group