Industry Recognition, Strong Customer Base, and New Customer Wins Position Company for Continued Success in High-Growth Market Segment
Eddystone, PA – May 5, 2014 – 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 the signing of one of the country’s most respected Group/Voluntary carriers. In addition to providing life, health, and annuity products, some of the Company’s largest clients are in the group/voluntary market, the fastest growing area in the insurance market today. The accelerated demand for these products is detailed in recently published survey findings such as LIMRA’s 2013 U.S. Worksite Survey which showed a 9 percent growth rate in new annualized premium of voluntary benefits and a 13 percent growth rate of voluntary health products.
“The policy administration of group/voluntary products has special requirements including enrollment and billing, for example, and InsPro Enterprise™ is uniquely able to support carriers offering these in-demand products,” said Sandra Taylor, Ph.D., Chief Marketing Officer of InsPro. “Over the last twenty-four months, we’ve welcomed eight insurers and TPAs to the InsPro family, and continue to be a preferred policy administration partner to those carriers serving the rapidly expanding group/voluntary market. We’re excited to continue building sales momentum coming out of 2013, and remain optimistic about the market opportunities before us.”
In the last six months, InsPro received the Celent 2013 XCelent Customer Base award and was named to Software Magazine’s Software 500 based on its continued revenue growth.
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.
Highly configurable by the business user, InsPro Enterprise(tm) supports multiple product lines as well as hybrid products on a single, web-based system. The Company’s domain expertise includes Voluntary, Senior Health, Life, A&H, and Annuity products. 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, growth in the number of clients, 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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InsPro Technologies LLC