InsPro Technologies Ranked 140th Fastest Growing Company in North America on Deloitte’s 2012 Technology Fast 500
Attributes 694% Percent Revenue Growth to Next Generation Policy Administration Platform that Provides Clients with Unequaled Benefits
Radnor, PA, November 15, 2012 — InsPro Technologies today announced it ranked number 140 on Deloitte’s Technology Fast 500TM, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. InsPro Technologies’ revenue increased 694 percent during this period.
InsPro Technologies has established itself as a proven leader in the insurance software market, offering insurance carriers and third party administrators (TPAs) a policy administration platform that provides an unequaled ability to reduce costs, support growth through quicker speed-to-market, improve customer service, and mitigate risks.
Robert J. Oakes, president and CEO of InsPro Technologies said, “We are absolutely delighted to be included in this year’s Deloitte Technology Fast 500TM. It is a huge honor for us and great recognition for both our employees and clients, who have worked so hard to make InsPro Enterprise a comprehensive, next generation policy administration solution. We are looking forward to an exciting 2013 as the market continues to present us with new challenges and opportunities.”
“We are proud to honor the 2012 Technology Fast 500TM companies, and commend them for their outstanding growth,” said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications (TMT) leader. “These ground-breaking companies have outpaced their competition and are reinventing the way we do business today.”
Overall, 2012 Technology Fast 500TM companies achieved revenue growth ranging from 128 percent to 279,684 percent from 2007 to 2011, with an average growth of 2,774 percent.
About Deloitte’s 2012 Technology Fast 500TM
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5
“The companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy,” said Bill Ribaudo partner, Deloitte & Touche LLP and national TMT leader for audit and enterprise risk services (AERS). “As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of InsPro Technologies for this impressive accomplishment.”
million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
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. The system was built from the ground up to support both group and individual products, including: Long Term Care, Medicare Supplement, Critical Illness, Specified Illness, Disability, Accident, Final Expense, HIP/HAP, Dental, Vision, Whole Life, Term, and now Fixed and Indexed Annuities. InsPro Enterprise’s design also 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.
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 the effects of existing and new clients, our prospect pipeline, and the results from, investments in and potential of our technology platform. Forward-looking statements provide InsPro Technologies Corporation’s 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 Corporation’s most recent Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K filed with the Securities and Exchange Commission. These documents are 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.