rss icon

Author Archives:

Miguel Edwards

Mar 31 2011
0

Cover-All Announces General Availability of NexGen Commercial Auto for 50 US Jurisdictions.

Added by Miguel Edwards

FAIRFIELD, NEW JERSEY (March 31, 2011) – Cover-All Technologies Inc. (OTC QB: COVR.PK), a Delaware corporation, today announced the general availability of the ISO®-based NexGen Commercial Automobile product, now available for 50 US jurisdictions.

“This effort represents more than just a ‘re-platforming’ of our legacy product,” commented John Roblin, Chairman & CEO of Cover-All. “We have established a significant competitive advantage by offering the entire ISO®-based Commercial Auto product – with all coverages, vehicle types, forms, rating algorithms and statistical codes. Leveraging nearly every aspect of the ISO®-based lines, the NexGen products allow customers to dramatically cut implementation times, while still preserving the flexibility to deviate with customization that differentiates them in the market. We believe that the combination of this robust product along with the power of the My Insurance Center™ NexGen platform represents a truly revolutionary set of capabilities designed for the future of our industry.”

Manish Shah, President and CTO of the Company, added, “We have arguably taken one of the most complex insurance lines in the industry and crafted a solution that features the most intuitive design, while also offering the greatest product depth and breadth available, in the market. We designed the product so it can be easily and effectively deployed to various distribution channels such as retail agents, Brokers, Program Administrators etc., without the need for separate portal products. Despite this flexibility, the product is very robust and extremely efficient for the carriers’ business operations.”

This latest release, in conjunction with the My Insurance Center NexGen Policy Administration Platform, supports the full rate, quote, issuance, subsequent transactions, renewals, document generations & imaging and statistical reporting for the entire ISO®-based Commercial Auto product, including all aspects of Business Auto, Garage, Trucks and Motor Carriers. Leveraging Web 2.0 technology, the 100% browser-based solution also provides full support for automated straight-through-processing and many “self-service” oriented capabilities such as user defined workflow, underwriting rules, commission plans, payment plans and a host of additional features made possible only through the use of the most flexible and modern technologies available today.

Three customers have already taken delivery of NexGen Commercial Auto and we are in various stages of discussion with additional new and current customers for this product.

“Based on early feedback from existing customers, prospects and industry consultants,” Mr. Shah continued, “we believe that the NexGen Commercial Automobile product has left competitive solutions significantly behind the curve.”

About Cover-All Technologies Inc.

Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry. With My Insurance Center, a 100% web-based platform, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and business results.

Pairing state-of-the-art functionality of My Insurance Center with experienced service professionals, who after implementation ensure continued compliance with statutory, regulatory, and market differentiation needs, Cover-All continues its tradition of innovating technology solutions to revolutionize the way the property and casualty insurance business is conducted.

Additional information is available online at www.cover-all.com.

For information on Cover-All, contact:

Miguel A Edwards

SVP, Business Development

973/461-5211

medwards@cover-all.com

Cover-All®, My Insurance Center™ (MIC) and Insurance Policy Database™ (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.

Forward-looking Statements

Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company’s actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company’s control. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, filed with the SEC on March 24, 2011, a copy of which are available from the SEC or may be obtained upon request from the Company.

Dec 22 2010
0

Making Sense of a Crowded Space

Added by Miguel Edwards

Working with our customers over the years, we have developed a solid and thorough understanding of what factors drive their business – more specifically how they look at the ways to use technology to achieve a sustainable competitive advantage.  The common themes we hear include: expand the distribution channel, broaden and deepen product offerings, improve speed to market, develop and leverage unique insights by combining data internal and external to the organization, and the ability/flexibility to act quickly on the information. 

These themes have been central to the evolution of our solution set over the past ten years, and were a driving force in a re-architecture of our platform which began four years ago and continues to add new capabilities.  But with so many vendors in the “Policy Administration” space, all using the same buzz words, all claiming to offer “the key” to your business, how does one select the right partner? Frankly, there isn’t a one-size fits all answer that would end your selection process today.  However, with more than a few implementations and successful partnerships under our belt, we’d like to offer the following three points for you to consider as you search for a partner/solution:

What are your objectives, and what enablers do you need to achieve them?
Early in your analysis, it is important to define exactly what the organizational objectives are.  Only then can you determine what capabilities you will need to reach those objectives.  As you consider the features of the ideal solution, it is important to remember how those new enablers will impact the organization.  With the overarching goals in mind and looking to take full advantage of these new capabilities, what changes will be required to process, and how will roles need to be redefined?  Without this critical step, you could be simply replacing your current solution with a shinier one, but ultimately unable to reap the any significant benefit.   As an aside, this is a great opportunity to innovate.  Don’t be constrained by former processes, convoluted work-arounds, or confusing products.  Leverage the expertise of your experienced vendor partner to explore new means to new ends – always challenging the status quo.

Rules and Tools vs. Full Service
Lack of flexibility, poor turn-around times, and exorbitant costs associated with homegrown and legacy vendor technologies, gave rise to the rules and tools based products on the market today.  The idea was that customers could maintain their product set more effectively and efficiently than a vendor.  There are potential issues with this line of thinking, however:

  • The total cost of ownership for “Rules and Tools” is not always well understood or measured. Internal resource allocation mechanisms often hide the true cost of system development, sometimes misrepresenting the overall cost of the project and subsequent maintenance. Further, very few internal organizations are willing or able to provide their businesses with service level standards. How will you ensure that your various business units will enjoy consistent service, even as organizational priorities shift?
  • The learning curve of “Rules and Tools” based solutions is often underestimated.  Even in the case of non-standard lines, internal resources can spend months learning not just the vendor’s product, but the nuances of translating business requirements into functional specifications for that particular technology set.  What was anticipated as being a more efficient process can result in even longer delays and more constraints, adding to your opportunity cost and potentially, your reputational cost as you risk compliance. 

Just ask the customers.
The optimum vendor should have a robust client base comprised of both long-time and new customers, as well as customers of varying sizes. But most importantly, customers should be leveraging business models and product offerings similar to those of your organization.  Those customers’ testimonials are the best gauge of what type of relationship you can expect. Prepare a detailed set of questions that look to substantiate the claims the vendor has made, as well as questions that address your concerns.  Also be sure to speak with customers who are leveraging the specific version of technology being considered.   New untested technology presents a set of risks you need to knowingly accept.

Mar 08 2010
0

An Alternative to the Big Bang Approach

Added by Miguel Edwards

So you’d like a streamlined technology solution that incorporates all your business processes, but the money isn’t there for it? Too often businesses think that technology is an all-or-nothing approach. Not so. If you consider a multi-year technology implementation plan, your business could see benefits before you’re able to adopt a full-scale solution.

Click Here To Read More »

Feb 23 2010
0

Going Horizontal

Added by Miguel Edwards Tagged with , .

Imagine investing in a technology solution that not only gives you a significant advantage in your market, but allows you to add and remove functionality and capacity as and when you see fit. That is a major advantage when you implement horizontally scalable technology, which allows you to expand on the base product’s capabilities. When you invest a technology solution that allows for such flexibility, you’re investing the ability to customize that product to adapt to your ever changing business needs.

Click Here To Read More »

Feb 03 2010
0

Making the Case for Real-time Information

Added by Miguel Edwards

These days the talk is about leveraging data to transform business. And it may be true that data has its place in the improvement of a company’s profitability. But data is static and its benefits to your company are limited. The real untapped source of success is information. Here’s why.

Your underwriting process is only as good as the data in front of you. That data has a shelf life, much like most data gathered in the research and benchmarking processes. The truth is businesses evolve and markets change constantly, sometimes quite rapidly. Today’s reports are current – well, today. Tomorrow could be another story as market factors, economic influences, and claims figures change.

Click Here To Read More »

Jan 13 2010
0

Cover-All Technologies Inc. Provides FY 2009 Guidance after Strong Q4

Added by Miguel Edwards

Recent Wins and Growing Base of Recurring Revenue Results in Strong Fourth Quarter; Sets the Stage for Continued Growth in 2010

FAIRFIELD, N.J.–(BUSINESS WIRE)– Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (“Cover-All” or the “Company”), today provided financial guidance for the full-year period ended December 31, 2009.

Based upon the initial contribution of the three contract announcements in December, 2009, atop the Company’s existing base of recurring revenue, management expects to report:

                                                            Full Year          9 Months Results        Full Year

                                                            2008 Actual     As of 9/30/09            2009 Guidance

Total Revenue                                        $13.5M            $8.3M                      $13M – $14.5M

Net Income (Before Tax)                   $2.9M              $0.7M                       $2.7M – $3.3M

Operating Earnings per Share           $0.12               $0.03                        $0.11 – $0.13  

(Fully Diluted)

John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “Cover-All will benefit from a very strong fourth quarter as we announced two new customers and a large expansion of a current customer. We were able to leverage our ability to deliver software quickly in order to book some initial revenue in 2009 with additional revenue to be recognized in 2010 and beyond as we deliver additional products and services. Our 2009 fourth quarter will be our 12th consecutive quarter of profitability and, most likely, the best quarter in Cover-All’s history. We believe that Cover-All is undervalued and is trading at a low price to earnings ratio for a company growing revenues and earnings. We look forward to sharing the Cover-All story about its true potential with investors in the coming months. As our stock appreciates, we also hope to qualify for a listing on a national securities exchange.”

“Looking ahead, we continue to expand and enhance our sales and marketing efforts,” Mr. Roblin continued. “We are also expanding our My Insurance Center offering with exciting new capabilities that make us even more competitive in the marketplace as well as creating additional revenue opportunities from existing customers. In addition, we are actively focused on additional strategic opportunities for growth.”

Mr. Roblin continued, “We expect to announce audited fourth quarter and full-year results in mid to late February, and I look forward to discussing our results and updating shareholders on our continued progress at that time.”

About Cover-All Technologies Inc.

Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry. With My Insurance Center, a 100% web-based platform, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and business results.

Pairing state-of-the-art functionality of My Insurance Center with experienced service professionals, who after implementation ensure continued compliance with statutory, regulatory, and market differentiation needs, Cover-All continues its tradition of innovating technology solutions to revolutionize the way the property and casualty insurance business is conducted.

Additional information is available online at www.cover-all.com.

Cover-All(R), My Insurance Center(TM) (MIC) and Insurance Policy Database(TM) (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.

Forward-looking Statements

Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company’s actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company’s control. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 30, 2009, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2009, filed with the SEC on August 13, 2009, copies of which are available from the SEC or may be obtained upon request from the Company.

Jan 08 2010
0

Compliance: Is Your Solution Up-to-date?

Added by Miguel Edwards

All too often we see companies whose insurance technology solutions have left them with critical gaps in compliance. It’s easy to understand why. Handling ISO and NCCI compliance in one market can be challenging, but if you’re a multi-state operation, it quickly becomes unwieldy. With constant changes within the regulatory realm, maintaining adherence to bureau, state and federal regulations requires a full-time staff and full-time attention to detail. Often, companies will ensure paper compliance, but make missteps within their automated processes, causing efficiency to suffer.

Click Here To Read More »

Jan 04 2010
0

Putting Technology in the Right Hands

Added by Miguel Edwards

True story: Once upon a time, a third part administrator hired an IT staff and tasked it with building a comprehensive system that automated and integrated all current TPA business functions. The goal: to consolidate customer data, field nurse case information, and claims processing information into one central repository. The product took six years to build and two years to test. By the time the system was launched, the TPA staff transitioned from one legacy system right into another. While the systems were indeed consolidated, the trouble of sending and receiving data from the company’s automated system to the clients’ newer, more efficient systems caused no end of IT woes and workflow interruptions.

Click Here To Read More »

Dec 29 2009
0

Cover-All Technologies Signs New Customer

Added by Miguel Edwards

FAIRFIELD, N.J.–(BUSINESS WIRE)–Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (“Cover-All” or the “Company”), today announced it has signed a contract with a new customer for the My Insurance Center™ (MIC) suite of products. This multi-year contract will start to generate license revenue in Q4, 2009 and additional license, professional services and maintenance revenue in 2010 and beyond. With an initial focus on the customer’s commercial insurance business, this new implementation will feature Cover-All’s My Insurance Center, a 100% web-based solution that provides real-time management and support for both carriers and agencies..

John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “We are delighted to welcome our newest customer to Cover-All. They are a leader in their markets and we look forward to working closely with them. We are also confident that through the use of the My Insurance Center suite of products, they will be able to optimize their business leveraging the flexibility, scalability, usability, and consistency afforded by the product set.”

About the company, Mr. Roblin continued, “We have had a strong finish to 2009, due in no small part to the revolutionary capabilities of My Insurance Center and our reputation for delivering on our promises. As we continue to expand our marketing and sales efforts, we are encouraged by the positive response from the marketplace, looking forward to continued growth and success in 2010.”

About Cover-All Technologies Inc.
Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry. With My Insurance Center, a 100% web-based platform, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and business results.

Pairing state-of-the-art functionality of My Insurance Center with experienced service professionals, who after implementation ensure continued compliance with statutory, regulatory, and market differentiation needs, Cover-All continues its tradition of innovating technology solutions to revolutionize the way the property and casualty insurance business is conducted.

Additional information is available online at www.cover-all.com.

Cover-All®, My Insurance Center™ (MIC) and Insurance Policy Database™ (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.

Forward-looking Statements
Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company’s actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company’s control. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 30, 2009, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2009, filed with the SEC on August 13, 2009, copies of which are available from the SEC or may be obtained upon request from the Company.

Dec 23 2009
0

John Roblin to Continue as Chairman and CEO of Cover-All Technologies

Added by Miguel Edwards

FAIRFIELD, N.J.–(BUSINESS WIRE)–Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation (“Cover-All” or the “Company”), announced today that John Roblin and the Company have entered into a new employment agreement which provides for John Roblin to continue as Chairman of the Board and Chief Executive Officer of the Company.

Mr. Roblin commented, “Cover-All today is an exciting, dynamic organization that is being recognized as a leader in the Insurance Technology and Information industry. We have built a robust platform in My Insurance Center and reinforced our reputation for outstanding service. We have delivered two consecutive record years in 2007 / 2008. Through the third quarter of 2009, we have also delivered eleven consecutive profitable quarters. With the announcement of two new contracts earlier this month, we expect to continue our outstanding performance even in today’s uncertain economic climate.

“I am today more excited about Cover-All’s future than ever before. I welcome the opportunity to build on our accomplishments and collaborate with the outstanding people at Cover-All and our great customers. We have high expectations for ourselves and are ready to take advantage of the opportunities that we see ahead.”

Mr. Roblin has served as the Company’s Chief Executive Officer since December 1999, as a member of the Company’s Board since March 2000, and as Chairman of the Board since February 2001. He served as the Company’s President from December 1999 to November 2008.

About Cover-All Technologies Inc.
Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry – first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value.

With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com.

Cover-All®, My Insurance Center™ (MIC) and Insurance Policy Database™ (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.

Forward-looking Statements
Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company’s actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company’s control. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 30, 2009, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2009, filed with the SEC on August 13, 2009, copies of which are available from the SEC or may be obtained upon request from the Company.
Contacts
Cover-All Technologies Inc.
Ann Massey, 973-461-5190
Chief Financial Officer
amassey@cover-all.com

or

Investors:
Hayden IR
Brett Maas, 646-536-7331
Principal
brett@haydenir.com