Physicians Mutual in Production with InsPro Enterprise
Nine months from selection to production with complete end-to-end processing: product configuration, deployment, administration
Radnor, PA – February 28, 2012 – 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 Omaha- based Physicians Mutual, a national leader in individual health, life, and retirement insurance products, is now in production with the complete InsPro Enterprise application suite following a successful implementation in less than nine months.
With an implementation that included all components of InsPro Enterprise (from new business to claims), Physicians Mutual is now processing new business for a Whole Life Graded Death Benefit product on the InsPro platform. Additional products are intended for deployment throughout 2012, with focus on new business. Conversion of existing products from the legacy environment is being planned for in the future.
The implementation of the modern, highly-configurable InsPro Enterprise suite has enabled Physicians Mutual to reengineer business processes to achieve greater efficiencies. Throughout the implementation, Physicians Mutual has worked closely with InsPro to take advantage of the team’s past implementation experience and learned best practices in order to maximize the advantages InsPro Enterprise can provide to Physicians Mutual.
“As our legacy environment became outdated and difficult to maintain, we began looking for a policy administration system that supported the product lines we offer, was fully integrated, and was built using modern architecture and technology. InsPro Enterprise was an ideal fit for our organization,” said Nancy Maloy, Senior Vice President, Customer Group, with Physicians Mutual. “We were excited to find that the InsPro system had functionality for nearly all our major product lines, was seamlessly integrated and provided us with an end- to-end solution. The system will allow us to reduce our time-to-market for new products and streamline our business processes.”
Maloy continued, “We were able to get into production with the new system in less than nine months. We worked closely with InsPro throughout the project, sharing knowledge, skills, and experience. InsPro has been an exceptional partner and has shown a strong commitment to our success.”
“Physicians Mutual has been a great company to work with. They had a clear vision of what they wanted to accomplish, a well staffed team, and an enthusiasm to not just implement a new system, but also use this opportunity to revamp processes and introduce products that would best support their business,” noted Lisa Roetz, InsPro’s Senior Vice President of Product Direction. “We look forward to continuing to work with the Physicians Mutual team to help them meet their new product schedules and consolidate their legacy administration systems to a single InsPro platform.”
About Physicians Mutual
Physicians Mutual Insurance Company and Physicians Life Insurance Company are members of the Physicians Mutual family. Physicians Mutual Insurance Company offers reliable Medicare Supplement, dental, supplemental health and long-term care insurance. Physicians
Life Insurance Company provides important life insurance coverage and annuities. The companies have total assets exceeding $3 billion and consistently maintain some of the highest financial strength ratings in the nation from independent insurance analysts, including A.M. Best Company and Weiss Ratings.
Founded in 1902, Physicians Mutual is headquartered in Omaha, Neb. To learn more about the company, please visit www.PhysiciansMutual.com.
About InsPro Enterprise
The InsPro Enterprise suite includes Product Configuration Workbench, New Business and Underwriting, Billing and Collections, Policy Administration, 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 Corporation and InsPro Enterprise please visit www.inspro.com or call (610) 872-6135.
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 capabilities 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. 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.