InsPro Technologies Positioned in the “Challengers” Quadrant of the Magic Quadrant for North American Life Insurance Policy Administration Systems
Evaluation Based on Completeness of Vision and Ability to Execute
Eddystone, PA – August 20, 2013 – InsPro Technologies LLC, the leading provider of an innovative policy administration system that helps insurers and TPAs market new products quickly, improve customer service, and reduce operating costs, today announced it was positioned in the “Challengers” quadrant of Gartner, Inc.’s recently published report, ”Magic Quadrant for North American Life Insurance Policy Administration Systems1.”
This Magic Quadrant assessed policy administration system companies for individual and group life and annuity products sold to Tier 1 and Tier 2 North American life insurers. Vendors were evaluated on their “ability to execute” and their “completeness of vision.” The “ability to execute” dimension covers system architecture and flexibility; overall viability; sales execution/pricing; market responsiveness and track record; marketing execution; customer experience and operations. The “completeness of vision” dimension covers market understanding; strategy (marketing, sales, product, industry, geographic); business model and innovation.
“Insurers are committed to deploying the base system from the vendor with minimal modifications, and are demonstrating more willingness to modify their own workflows to stay with out-of-the-box functionality. In nearly all cases,” noted Steven Leigh, Principal Research Analyst for Gartner, and author of the report, “insurers are also looking for solutions that have extensive configurability, or strong separation between base and client code so that base code modifications are not necessary.”
“We consider Gartner’s positioning of InsPro in the ‘Challengers’ quadrant as validation of our surging sales momentum over the last eighteen months during which we signed six new clients, four of whom are already in production with InsPro Enterprise,™” said Robert Oakes, President and CEO of InsPro. Oakes continued, “These insurers and TPAs value the fact that our system is uniquely engineered to be highly configurable by the business user, so that products can be set up, modified, and launched quickly. They also appreciate that for 25 years, we have demonstrated our ability to execute, evidenced by our 100% success rate in both implementations and conversions. We will continue to invest in innovation and deliver exceptional speed-to-market capability to our clients.”
About InsPro Technologies Corporation
Through its subsidiary, InsPro Technologies LLC, InsPro Technologies Corporation, 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 multiple product lines as well as 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, Life Insurance, and Annuity products, the Company intends to add Universal Life products to its platform. 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.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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Sandra Taylor, Ph.D.
Chief Marketing Officer
InsPro Technologies LLC
The Garfield Group
1 Gartner, Inc. “Magic Quadrant for North American Life Insurance Policy Administration Systems,” Steven Leigh, June 19, 2013.