InsPro Technologies, a provider of Life & Health insurance processing solutions, has unveiled the development strategy for its InsPro Enterprise policy management and administration suite.
According to InsPro, the new development path is expected to focus on enhancing InsPro Enterprise to support an extended range of life and annuity products. This expansion is designed to address the needs of life and annuity insurers looking for new technologies that offer efficient functionality and flexibility to replace current legacy environment.
The company said that coupled with InsPro Enterprise’s library of product templates and business rule configuration tools, the system enables business analysts to define and deploy new products to take advantage of windows of market opportunity and constantly changing the landscape.
The current version of InsPro Enterprise is a platform which supports term and whole life, senior health and also group/worksite lines of business. The enhancement of this platform is underway and will continue through 2011, enabling the company to support a range of life and annuity products on InsPro Enterprise.
Robert Oakes, president and CEO of InsPro Technologies, said: “As we evaluated our product direction plans it quickly became apparent that life and annuity insurers had very few solution alternatives incorporating modern technology.
Insurance carriers are looking for modern solutions and analysts have been challenging vendors for years to put their best foot forward and bring these solutions to market.”