Advisors who were clients of InforcePRO, an online policy management software for life insurance, have been left disappointed after learning that the business had closed its doors.
The Austin, Texas based start-up, which had clients in Canada and the United States, recently sent the following message to advisors: “Over the past 4 years, InforcePRO has tackled the enormous challenge of transforming the life insurance industry by addressing the need for life agents to perform more frequent and thorough policy reviews. Changing the behavior of life agents is a daunting task, and we faced it with enthusiasm, passion and commitment. We have battled the carriers to get access to data, we have battled life agents to change their workflow and daily habits, and we have battled an entrenched distribution model that is in dire need of technological advancement. Unfortunately, the battle is now ending. While we have had many successes, we have failed to raise additional funding to continue the fight. Regrettably, we can no longer continue operations and we will be closing our doors effective immediately,” reads the message signed “The InforcePRO team”.
One source who preferred to remain anonymous told The Insurance and Investment Journal that the software company had been sold to another company that is making the technology proprietary, so for its own internal use. The Insurance and Investment Journal attempted to contact InforcePRO representatives to confirm this information, but had not received a response by press time.
Appointed new CEO in November
In November 2016, InforcePRO announced that Paul Winandy had been appointed 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.”
“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 replaced co-founder Cameron Jacox who launched InforcePRO in 2010 and served as CEO from 2015 to 2016.