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InsPro Technologies Corporation Announces Second Quarter 2019 Financial Results

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 six month period ended June 30, 2019.


Second Quarter 2019 Highlights





Revenues were $3,469,681 in the Second Quarter of 2019; a 32% decrease as compared to $5,083,850 in the Second Quarter of 2018. The decrease was the result of the Company having largely completed implementation services to what was our largest client in 2018.






Net loss was $694,557 in the Second Quarter of 2019 as compared to net income of $760,490 in the Second Quarter of 2018. Net loss in the Second Quarter of 2019 was unfavorably impacted by lower professional service revenues partially offset by lower employee and IT consulting staffing as compared to the Second Quarter 2018.





First Half 2019 Highlights





Revenues were $7,071,281 in the first half of 2019; a 37% decrease as compared to $11,271,597 in the first half of 2018. The decrease was the result of the Company having largely completed implementation services to what was our largest client in 2018.






Net loss was $1,445,841 in the first half of 2019 as compared to a net income of $1,689,233 in the first half of 2018. Net loss in the Second Quarter of 2019 was unfavorably impacted by lower professional service revenues partially offset by lower employee and IT consulting staffing as compared to the Second Quarter 2018.





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.
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