Game-Changing Life Insurance Tech Platform Creator InforcePRO® Marks 1st Anniversary by Celebrating Major Milestones Including A.M. Best Ratings
Austin, TX (PRWEB) December 15, 2015
InforcePRO is celebrating the one year anniversary since launching its game-changing life insurance technology platform in the U.S. by announcing three major milestones that were accomplished over the last 12 months: adding A.M. Best Rating designations; dramatically increasing staff, BGA, IMO and carrier partnerships; and achieving 80 percent penetration in the term life insurance market.
A.M. Best is an acclaimed and respected global credit rating organization with an exclusive focus on the insurance industry. By integrating the coveted A.M. Best rating, InforcePRO's clients are further assured that the company is working with, quoting, and illustrating the most financially strong and stable carriers in the life insurance industry.
In terms of staff and partnership increases, InforcePRO has dramatically boosted its roster of Brokerage General Agencies (BGAs) by 5900 percent, Independent Marketing Organizations (IMOs) by 1000 percent, carriers by 867 percent, and team members by 650 percent – each of which represents a significant increase over the company's projected growth targets that were established at the beginning of the year.
And with respect to market penetration, InforcePRO noted that it is now serving 15 percent of the term and permanent market, and that its web-based platform is engaged by over 1,200 agencies in Canada and the United States to monitor over two million in-force life insurance policies.
"Our major growth across all KPIs over the last 12 months is a testament to the importance of the leadership that InforcePRO has provided on in-force data mining, policy review, and analytics to put Policyholders First™," commented InforcePRO's Cameron Jacox.
"It has been an exciting first year for InforcePRO in the U.S. We are grateful for the support of the industry's trailblazers who share a common vision of 'Putting Policyholders First' and believe in our team's ability to propel this goal," commented InforcePRO's co-founder Karan Kanodia.
While Jacox, Kanodia and the rest of the InforcePRO team are pleased with the company's growth over the past year, they are already focusing on the future and expect 2016 to be even more successful. Key initiatives that will be rolled out in the coming weeks and months include a much-anticipated IUL and VUL product release that includes unique orphan monitoring capabilities. This enhancement will empower advisors and agents to proactively identify at-risk policies and conduct policy reviews. The company also plans on augmenting its substantial in-house analytics capabilities by leveraging additional external data sources.
InforcePRO is an innovative web-based policy-monitoring tool that delivers increased revenue and enhanced protection from liability on orphan, as well as active books of life insurance business for Carriers and Distributors – and all while dramatically improving policyholder service.
As the only post-issue life insurance platform, InforcePRO has raised both private equity and venture capital backing, and has grown to reach and monitor millions of policies for hundreds of distributors and banks and dozens of carriers. By bringing service back to policy service and putting policyholders first, InforcePRO is leading an industry by fostering more robust and profitable policyholder relationships, while driving game-changing, technology-led efficiencies.
GROUND BREAKING LIFE INSURANCE TECHNOLOGY PLATFORM CREATOR INFORCEPRO ANNOUNCED THE ADDITION OF GUL AND CAUL POLICY MONITORING
AUSTIN, Texas, May 3, 2016 (GLOBE NEWSWIRE) -- via PRWEB - Ground breaking life insurance technology platform creator InforcePRO announced the addition of GUL and CAUL policy monitoring with 11 carrier partners. For the first time ever, carriers, institutions, agencies and life producers will have the ability to monitor and manage the health of permanent policies on their iPad or Laptop, with never-before automated inforce illustrations and review technology.
As the only post-issue life insurance platform, InforcePRO can now give complete visibility into both their term and permanent blocks of business. The automated policy review management platform can track performance.
"The complex mechanics of permanent policies, due to changes in funding patterns, crediting rates and cost increases by carriers makes it more compelling than ever to automate proper policy service for permanent policies," said Karan Kanodia, Cofounder of InforcePRO.
"InforcePRO's announcement enables policy reviews for Universal Life policies and streamlines the inforce illustration process for 11+ carriers. This seminal release will pave the path for timely permanent policy reviews, the epitome of which will be real-time inforce illustration acquisition and analysis of universal life and whole life policies."
Life insurance professionals and the industry as a whole has been quick to adopt the cutting edge platform for all their policy review needs to give a true policyholder experience.
"Permanent policy management is exciting - it allows us to bring the policyholder experience to the cloud and make sure that existing customers get the same level of service that we give when a prospective client asks for an illustration," said Cameron Jacox, Cofounder of InforcePRO. "Policy management is not for the trust-owned market. The vast middle market of this country, the lifeblood of our industry, now has access to policy management because InforcePRO is the first software company to actually automate this process".
InforcePRO is also the owner of RocketIllustration, the first platform for automating the in-force illustration run, retrieval, and dissemination and taking the burden off of carriers who receive tens of thousands of requests for data that they are legally obliged to provide and yet formerly had to fulfill manually.
InforcePRO is an innovative web-based policy-monitoring tool that delivers increased revenue and enhanced protection from liability on orphan, as well as active books of life insurance business for Carriers and Distributors and manages more than $400 Billion of face amount. The policyholder experience is moving to the cloud - join the movement.