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 InsPro Technologies Corporation Announces Third 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 nine month period ended September 30, 2019.


Third Quarter 2019 Highlights





Revenues were $3,504,443 in the Third Quarter of 2019; a 34% decrease as compared to $5,311,635in the Third 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 $165,810 in the Third Quarter of 2019 as compared to net income of $479,814 in the Third Quarter of 2018. Net loss in the Third Quarter of 2019 was unfavorably impacted by lower professional service revenues partially offset by lower employee and IT consulting staffing as compared to the Third Quarter 2018.





September Year-To-Date 2019 Highlights





Revenues were $10,575,724 in the nine months ended September 30, 2019; a 36% decrease as compared to $16,583,232 in the nine months ended September 30, 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 $1,611,651 in the nine months ended September 30, 2019 as compared to net income of $2,169,046 in the nine months ended September 30, 2018. Net loss for the nine months of 2019 was unfavorably impacted by lower professional service revenues partially offset by lower employee and IT consulting staffing as compared to the first nine months of 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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