InforcePro

InforcePro was an InsurTech firm that developed a cloud-based platform for the life insurance sector, founded in 2011 by Cameron Jacox and Karan Kanodia. Jacox, a Babson College graduate and serial entrepreneur, started the company from his dorm room, later bringing his expertise in scaling tech startups to the venture. The Austin-based company focused on applying data analytics to the post-issue management of life insurance policies.

The company's core business was providing a SaaS platform to life insurance agents, brokers, and carriers throughout the United States and Canada. Its business model was subscription-based, offering tools to centralize and manage in-force policy data, which was traditionally a manual and inefficient process. By automating policy monitoring, the platform aimed to help professionals enhance client service, mitigate compliance risks, and uncover new sales opportunities within their existing client base.

InforcePro's platform offered several key features. It automatically monitored millions of policies, alerting advisors to critical changes or potential issues, such as a risk of lapsing. The software's analytics engine could identify at-risk policies and analyze performance against original goals, particularly for complex products like Universal Life insurance. It also generated client-ready reports and could run illustrations to compare alternative products, streamlining the policy review process. A key challenge the company faced was accessing consistent data feeds from insurance carriers, which was crucial for the platform's functionality.

The company achieved significant early traction, reporting that it was monitoring over two million policies for more than 1,200 agencies by December 2015. It secured over $5 million in venture capital from investors including LiveOak Venture Partners and Prudential Life Insurance. Despite its initial growth, InforcePro ceased operations in June 2017 after failing to secure sufficient follow-on funding. Shortly after, in July 2017, the company and its assets were acquired by Covr Financial Technologies, a digital insurance platform, which integrated InforcePro's technology into its own suite of services for financial institutions.

Keywords: InforcePro, life insurance management, policy administration system, InsurTech, Cameron Jacox, Karan Kanodia, Covr Financial Technologies, policy monitoring, insurance analytics, in-force policies, automated policy review, agent productivity tools, SaaS for insurance, compliance risk management, revenue opportunity identification, life insurance technology, universal life policy management, term life insurance, insurance data analytics, post-issue policy management