With a rapidly growing senior population, increasingly varied insurance offerings and new regulations, the health insurance business has gotten pretty complicated. To address this, Eddystone-based
Inspro Technologies offers administrative enterprise software that helps navigate those muddy waters.
"Some of these carriers could be paying 30,000 claims in a day, or more," explains Bob Oakes, CEO of Inspro. "They need to be able to handle those efficiently and quickly so that they’re not using human resources."
A new policy option for nursing care, for example, has to have a built-in structure for paying additional potential claims. The Inspro platform reduces the timeline for integrating these variations from months to weeks. Additionally, they manage applications, coordinate billing and agent commissions, and pay over 99 percent of claims.
Inspro is currently launching a feature for managing annuities -- a situation where the insured leverages one policy, like life insurance, to pay into another, like long-term care.
The company recently earned $2.5 million from private investors, including
Blue Cross and Blue Shield, and was included in Deloitte’s "Fast 500" list for 2012. They’ve grown from 75 employees to 115 in the past year and expect to hire 40 more workers in 2013, including project managers, business analysts and Java development experts.
The company's rapid growth has attracted the attention of the Pennsylvania Department of
Community and Economic Development, who recently visited their offices to study the organizational and management structure that enables the company to grow so quickly.
Source: Bob Oakes, Inspro Technologies
Writer: Dana Henry