InsPro Technologies Corporation Announces Third Quarter 2018 Financial Results
EDDYSTONE, Pa.--(BUSINESS WIRE)--Nov 14, 2018--InsPro Technologies Corporation (OTC Bulletin Board: ITCC), a leading provider of core policy administration software for Group and Individual Life, Health, and Annuity products that enables insurance carriers and third-party administrators to quickly respond to evolving market needs, improve customer service, and reduce operating costs, today announced its financial results for the three and nine month periods ended September 30, 2018.
Third Quarter 2018 HighlightsRevenues were $5,311,635 in the Third Quarter of 2018; a 13% decrease as compared to $6,077,817 in the Third Quarter of 2017. The decrease was the result of decreased professional services fees as a result of the Company’s largest client nearing the completion of the initial phase of its implementation of InsPro Enterprise. Net income was $479,814 in the Third Quarter of 2018 as compared to $1,495,962 in the Third Quarter of 2017. Net income in the Third Quarter of 2018 was unfavorably impacted by lower revenues from existing clients combined with higher staffing costs as compared to the Third Quarter 2017.
September Year-To-Date 2018 HighlightsRevenues were $16,583,232 in the nine months ended September 30, 2018; a 6% increase as compared to $15,651,018 in the nine months ended September 30, 2018. The increase was the result of increased professional services fees from the Company’s largest client as measured by revenue. Net income was $2,169,046 in the nine months ended September 30, 2018 as compared to $403,799 in the nine months ended September 30, 2017. Net income was favorably impacted by higher revenues from existing clients combined with lower staffing costs as compared to the nine months ended September 30, 2017.
About InsPro Enterprise
InsPro Enterprise, a Life and Health insurance policy administration system, is a single technology solution used to manage all insurance processing requirements supporting multiple product lines as well as hybrid products for both group and individual policies on a single web-based platform. 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. 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 components.
About InsPro Technologies Corporation
Through its subsidiary, InsPro Technologies, LLC, InsPro Technologies Corporation offers InsPro Enterprise, 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 costs, increase customer satisfaction 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, LLC and InsPro Enterprise 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 Corporation’s 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181114005074/en/
CONTACT: Evan Mullin
Director, Sales & Marketing
InsPro Technologies, LLC
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE PROFESSIONAL SERVICES INSURANCE
SOURCE: InsPro Technologies Corporation
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PUB: 11/14/2018 08:32 AM/DISC: 11/14/2018 08:32 AM