InsPro Technologies: Harnessing the Power of Integration in Policy Administration

Robert Oakes, Founder, InsPro TechnologiesRobert Oakes, Founder
The transformation in constituent policy buyer demographics has impelled the insurance arena to witness rapid changes in the past few years in terms of product offerings. Buyers under 40 show preferences for highly customized products, which in turn act as a driver for the metamorphosis of offerings in the sector. With these rapid alterations in buyer’s preferences, policy providers and solution vendors must be agile in terms of the products being offered and technological support. Headquartered in Eddystone, PA, InsPro Technologies provides comprehensive solutions for insurers, affinity organizations and third party administrators to felicitously address the variance in companies’ policy administration needs. At the forefront in incorporating technological advances in its products, the company has been offering cloud based solutions, an effective measure in pruning infrastructure cost, to its clients for over a decade. Integrating with powerful best-of-breed mobility and analytics platforms designed for the insurance industry, InsPro Technologies empowers its clients with web-accessible buyer insights that can adroitly drive decision making.

Injecting user centricity to the core of the solution, the firm’s InsPro Enterprise platform is easily configurable by business users, with a product engine to accelerate clients’ new product launches. The platform administers senior health, voluntary benefits, accident and health, life insurance and annuity products on both a group and individual basis. InsPro Enterprise was built from the ground up and includes fully pre-integrated components to support not only policy administration, but also new business and underwriting, premium collection and billing, agent management and commissions, claims management, and document management. Key stakeholders like agents and group administrators can access information through dedicated portals within the solution, while the InsPro data mart provides all policy and claim data for transparency and simplified ad-hoc reporting. “Simplicity in integration is a core value of InsPro Enterprise, enabling clients to either leverage InsPro Enterprise as an end-to-end solution suite or integrate their existing back office systems with InsPro Enterprise on modular basis as needed,” says Robert Oakes, Founder, InsPro Technologies.

We strive to improve user experience and instill technological enhancements with ease of configuration and integration at the nucleus of our development methodology

In addition to hosting the InsPro Enterprise application, InsPro also offers services like system installation, policy conversion to InsPro Enterprise, and development of client-specific customizations.

Sheer focus on cultivating domain expertise and building service-oriented solutions, which stand the test of time, has merited InsPro with an ability to continually shepherd the evolution of InsPro Enterprise and craft success stories too. One of their clients, a large insurance company, was aiming to capture a new market segment in a short span of time in order to beat their competitor to market with a similar product offering. The client relied on InsPro’s domain expertise and ability to scale up the operations at pace to foray into the market at the right time. InsPro Enterprise’s flexible product configuration templates enabled the client to launch their product, ahead of schedule and under budget, with very few system modifications. The client witnessed marked improvement in product delivery pace and registered increased policy enrollments when compared to the previous year.

To help foster ongoing client successes, InsPro employs a Socratic approach of presenting and challenging the ideas with pure logic during the conception of a solution. The company’s leadership views the senior health and group voluntary market as the strongest current market opportunities and aims to continuously expand their SaaS offering model. Team InsPro keenly follows technological advances and their impact on the policy administration arena; distilling emerging industry trends and upcoming compliance requirements into ahead-of-the-curve solutions that equip clients with an essential arsenal to have an edge over their peers. “We strive to improve user experience and instill technological enhancements in the platform with ease of configuration and integration at the nucleus of our development methodology,” concludes Oakes.