Inspro

In 1986, long before 'Insurtech' was a buzzword, Robert Oakes founded Systems Consulting Associates, the company that would become InsPro Technologies. The mission was to build complex, web-based policy administration software for the life and annuity insurance industry. This was a tool for insurance carriers to manage the entire lifecycle of a policy on a single platform, from sales and new business processing to claims. For decades, the company carved out a niche, serving major US insurance carriers and third-party administrators, at one point processing over 15 million policies. It was a classic enterprise software play, navigating long sales cycles in a conservative industry. By the late 2000s, it attracted over $14 million in investment from firms like Cross Atlantic Capital Partners and strategic players including Independence Blue Cross, with hopes of dominating the market. However, the path was not a straight line to success. The company faced tough competition and became unprofitable in its later years. After a long search for a strategic partner, the story reached its final chapter in January 2020. Majesco, a larger, publicly-traded insurance software provider, announced it would acquire InsPro Technologies for approximately $12 million. The deal provided an exit for a company that had weathered over three decades of technological change, ultimately being absorbed into a larger player to strengthen its position in the group and benefits market.