What is InforcePro?

InforcePRO [Acquired by Covr Technologies] was one of the pioneering companies in applying technology and data analytics specifically to in-force policy management in the life insurance industry. Their unique innovations include:

• Automated Policy Monitoring: In the past, life insurance policy monitoring was largely a manual process, making it difficult and time-consuming. InforcePRO developed a platform that automatically monitors these policies and alerts advisors and agents about any critical updates or changes.

• Proactive Risk Management: Traditional life insurance policy management typically is reactive; an issue or lapse occurs, then it gets dealt with. InforcePRO innovated by predicting potential lapses or issues with policies, allowing for proactive measures to be taken.

• Policy Analytics: The company developed sophisticated data analytics tools specifically designed for the life insurance industry. These tools help advisors analyze the performance of policies and identify any potential issues or opportunities.

• Identifying Sales Opportunities: InforcePRO's platform also helps identify potential sales opportunities. For example, the platform could identify a client who may need additional coverage, giving an agent the opportunity to reach out and offer them new products.

These innovations helped to modernize the life insurance industry, providing more efficient and proactive policy management.

InforcePRO's customers primarily included life insurance professionals such as agents, brokers, and financial advisors. The platform provided these professionals with a tool that could simplify and automate their policy management tasks, helping them to serve their clients more effectively.

Additionally, InforcePRO's services could also be valuable to insurance companies and agencies, as the platform's data analytics capabilities could provide insights that would help them in their decision-making processes, risk management, and sales strategies.