InforcePRO acquisition leaves insurance agents in the lurch
Agents who were clients of InforcePRO, the policy management software for life insurance, have been left disappointed after learning that the software is no longer available to them.
June 22, 2017
The 4-year old Austin, Texas based start-up, which had clients in Canada and the United States, recently told it's agent clients that after June 15th, 2017 the software would no longer be available to them, leaving thousands in the lurch including many who reach out to us.
Sources close to the company told Insurance News that the firm had been sold to Covr Financial Technologies, who is making the technology proprietary. It's website confirms this news.
The software, which provided data analytics and advanced in-force data access, was the first of it's kind in the insurance space. The news came as a surprise to agents such as James Taylor of Toronto-based Financial Health Management Group Inc., who had been subscribed for four years. "It was a bit of a shock," he says. "There was no indication [this would happen]." He relied on the software to keep tabs on his clients' in-force policies and explore options for renewing or making changes to existing policies. "From a practice perspective, we have lost a very significant capability of understanding what's there, understanding what those options are," Taylor says. The software helped agents leverage technology to grow revenue and improve customer service in an industry that's typically very paper-intensive and slow to innovate, Taylor adds. "They brought the life insurance industry out of the dark ages," he says.
Hired a new CEO in November
In November 2016, InforcePRO announced that Paul Winandy had been hired as its new CEO. A press release issued at the time stated that, “Winandy joins the team to lead the company into its next stage of growth.” Perhaps what that really meant was, to lead its acquisition?
“InforcePRO is at an exciting point in its history,” stated Winandy in the press release. “Having proven the value of its solution to insurance professionals, the company is now poised to move into the mainstream and I’m delighted to join the team for this part of the journey.”
Winandy took over from co-founder Cameron Jacox who launched InforcePRO in 2010 and served in the role for 5 years, overseeing it's growth and development before moving on to a new start-up.