Cover-All Technologies, Inc.

An Alternative to the Big Bang Approach

Miguel Edwards — Mon, 08 Mar 2010 20:46:13 +0000

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.

Approaching technology within a multi-year framework can also help you to manage enterprise-wide changes to your business processes more cost effectively. The instant benefits of even a partial implementation can be quite significant. You could see a substantial increase in speed to market, a decrease in administrative or maintenance costs, and efficiencies that translate into a visible improvement in your workflow within three months of a partial implementation.

Yet multi-year approaches, if not implemented properly or with the right solutions, can come with some serious issues. Will the plan you’ve committed to today be viable in say three to five years when the project is complete? How will that technology grow and change with your business, and will it keep pace with emerging trends? Will those industry trends in thwart your plans because your solutions struggle to adapt to change?

These issues can be addressed with the right vendor. Examine the provider’s ability to deploy updates and enhancement, despite your specific customizations. Try to determine how “supportable” your specific environment will be over the long term. If the solution you choose is externally facing, understand the level of data security that’s included, as well as how scalable that solution is within your current framework. A good solution provider can integrate new technology within your current framework.

Also, a good solution provider will use the latest technology to maximize the effectiveness and productivity of what you current use. Their technology should be “future proof” – able to adapt to emerging technology and grow with your business. Finally, you should be able to implement in stages in order to spread out the costs and better afford the best technology for your business.

Going Horizontal

Miguel Edwards — Tue, 23 Feb 2010 17:23:26 +0000

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.

For example, if your current business writes in three states, but a recent acquisition expands your market to additional two states, a horizontally scalable solution would allow you to simply add those additional states to your existing core solution in a matter of weeks. Or, if your claims handling is moved from a legacy internal solution to a third party administrator, your horizontally scalable technology solution can be easily integrated to address those changes.

But why horizontal? Horizontally scalable architecture in your solution is typically more flexible than a vertical architecture, allowing for the addition of capacity or functionality on the fly. Further, such architecture provides the ability to integrate multiple solutions attaching to a single foundation, thus facilitating expansion that feeds from a single source of information. Conversely, vertical architecture most often requires costly and time intensive changes to the core.

So what does that mean for your business? It means the technology solution you choose for your business should work well today and just as well two years from now, even if your business then looks much different than it does today. It also means that costs can be kept within reason. Because you can expand whenever you’re ready and able, you pay only for those components or modules you need now. Therefore, your budgets remain intact and you realize immediate business benefits from the pieces you purchase today.

Is your current system vertical? What limitations have you noticed? Do changes cost too much and take too long? Does your IT group tell you it just can’t be done? How would a horizontal structure benefit your business?

Cover-All Reports 2009 Financial Results

Miguel Edwards — Tue, 16 Feb 2010 21:52:36 +0000

Company Release – 02/16/2010 16:01

Company Reports Record Fourth Quarter, 2009; 12th Consecutive Profitable Quarter and Best Quarter in Company’s History

Full-Year Revenue increases to $14.5 Million

Full-Year Operating Income increases 15.5% over 2008

FAIRFIELD, N.J.–(BUSINESS WIRE)– Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB), a Delaware corporation (”Cover-All” or the “Company”), today announced record financial results for the full year and fourth quarter ended December 31, 2009.

Operational Highlights:

    – Full-year 2009 revenue was $14.5 million compared to $13.5 million for
        the year 2008, an increase of 7.8%. Fourth quarter 2009 revenue
        increased 94.7%, to $6.2 million, compared to $3.2 million for the same
        period in 2008.
    – Continuing revenue (maintenance and ASP revenue from contracts) for the
        full year 2009 was $7.1 million, up 14.7% from $6.2 million in the same
        period in 2008. Continuing revenue for the fourth quarter of 2009 was
        $1.8 million, up 11.7% compared to $1.6 million in last year.
    – Net operating margin increased to 23% in 2009, up from 21% in 2008, as
        total expenses for 2009 increased only 5.7%, to $11.2 million, compared
        to $10.6 million for 2008.
    – Operating income was $3.3 million, up 15.5% compared to $2.8 million
        last year, as operating income grew approximately twice as fast as total
        revenue, demonstrating the leverage in the Company’s business model.
    – The Company’s balance sheet remains strong with stockholders’ equity at
        a record $11.5 million as of December 31, 2009. The Company completed
        the fourth quarter of 2009 with $4.3 million in cash, $7.2 million in
        working capital and no debt.
    – During the fourth quarter, Cover-All signed three significant customer
        agreements. Some of the products and services were delivered and revenue
        was recognized in the fourth quarter of 2009. Additional professional
        services, license and maintenance revenues will be recognized as
        additional products and services are delivered in 2010 and early 2011.

John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “In a challenging economy, Cover-All produced its third consecutive record year. I’m particularly pleased with our ability to grow our operating income at approximately twice the pace of our revenue growth. As announced on January 13, 2010, Cover-All’s fourth quarter was the strongest quarter in our Company’s history and this represents the culmination of another successful year. During the quarter we announced three new contracts, the most ever in one quarter, which validates our expanded sales and marketing efforts. We are also expanding our My Insurance Center offering with exciting new capabilities that make us even more competitive in the marketplace as we focus on trying to achieve yet another record year for 2010.”

Full Year Financial Results

Total revenues for the year ended December 31, 2009 were a record $14.5 million, compared to $13.5 million in 2008, an increase of 7.8%. License revenue in 2009 was $4.1 million, compared to $3.8 million in 2008. In aggregate, maintenance and ASP revenue, which together represent continuing revenue, was $7.1 million for 2009, up 14.7% from $6.2 million in 2008. Professional services revenue for 2009 was $3.3 million, down 5.6% compared to $3.5 million in 2008.

Total expenses (cost of revenue and operating expenses) for the full year 2009 were $11.2 million, up 5.7% from $10.6 million in 2008.

The Company recorded an income tax benefit of $1.6 million in 2009, offset by the recognition of $840,000 for the portion of its tax valuation allowance, for a net benefit of $787,500. The income tax benefit represented approximately $0.03 in earnings per share for both the 2009 fourth quarter and full-year period. The Company does not expect to have to make significant cash payments for Federal income taxes until all net operating loss carryforwards are utilized. As of December 31, 2009, the balance of Federal net operating loss carryforwards was $16 million.

Net income, including the $787,500 tax benefit, for the year ended December 31, 2009 was $3.9 million, or $0.16 per share (based on 25.1 million weighted average diluted shares). This compared to $4.6 million, or $0.19 per share (based on 24.2 million weighted average diluted shares), for 2008, which included a $1.7 million, or $0.07 per share, tax benefit.

Fourth Quarter Financial Results

Total revenues for the three months ended December 31, 2009 were a record $6.2 million, compared to $3.2 million for the same period in 2008, an increase of 94.7%. License revenue for the three months ended December 31, 2009 was $3.7 million, compared to $282,000 for the same period in 2008. In aggregate, maintenance and ASP revenue, which together represent continuing revenue, was $1.8 million for the fourth quarter of 2009, up 11.7% from $1.6 million in the same period in 2008. Professional services revenue for the fourth quarter of 2009 was $696,000, down 44.7% compared to $1.3 million for the same period in 2008.

Total expenses (cost of revenue and operating expenses) for the three months ended December 31, 2009 increased 23.0% to $3.5 million from $2.9 million. Inclusive of the $787,000 or $0.03 per share tax benefit, net income for the three months ended December 31, 2009 was a record $3.3 million, or $0.13 per share, compared to $2.0 million, or $0.08 per share, in the same quarter of 2008. Net income for the fourth quarter of 2008 included a tax benefit of $1.7 million, or $0.07 per share.

“We 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,” commented Mr. Roblin. “These contracts are multiyear agreements that are by their nature complex. We cannot predict precise timing of new revenues given both the complexity of the contract process and the strict rules regarding revenue recognition.”

Balance Sheet

Stockholders’ equity was $11.5 million as of December 31, 2009 compared to $7.8 million as of December 31, 2008. Total assets increased to $15.0 million as of December 31, 2009 compared to $11.0 million as of December 31, 2008. As of December 31, 2009, the Company had $4.3 million in cash, $7.2 million in working capital and no debt.

“We are proud to report our third consecutive record year and our 12th consecutive profitable quarter. The company is stronger than ever before and our opportunities to grow and expand have considerably increased. Moreover, we continue to grow our continuing, or recurring, revenue base setting the stage for increasing profitability. We have proven our business model and our ability to deliver consistent and record results. We expect 2010 to be a very exciting year as we expand our My Insurance Center offering with innovative new capabilities that will be attractive both to new as well as to our existing customers, making us even more competitive in the marketplace. We are also actively focused on additional strategic opportunities for growth.” concluded Mr. Roblin.

Conference Call Information

Management will conduct a live teleconference to discuss its fourth quarter 2009 financial results at 4:30 p.m. ET on Tuesday, February 16, 2010. Anyone interested in participating should call 1-877-941-8418 1-877-941-8418 if calling from the United States, or 480-629-9809 480-629-9809 if dialing internationally. A replay will be available until February 23, 2010, which can be accessed by dialing 1-800-406-7325 1-800-406-7325 within the United States and 1-303-590-3030 1-303-590-3030 if dialing internationally. Please use passcode 4226918 to access the replay. In addition, the call will be webcast and will be available on the Company’s website at http://www.cover-all.com/.

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(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.

The following is a summary of operating highlights for the three and twelve months ended December 31, 2009 and 2008, respectively, and the consolidated balance sheet as of December 31, 2009 and 2008, respectively:
Cover-All Technologies Inc. and Subsidiaries

Operating Highlights

Three months ended Twelve months ended

December 31, December 31,

2009 2008 2009 2008

(unaudited) (unaudited)

Revenues:

Licenses $ 3,653,972 $ 281,697 $ 4,138,252 $ 3,802,293

Maintenance 1,246,955 1,114,766 4,987,218 4,150,909

Professional 696,065 1,257,641 3,281,973 3,476,877
Services

Applications
Service Provider

Services 573,645 515,822 2,107,949 2,037,180

Total Revenues 6,170,637 3,169,926 14,515,392 13,467,259

Costs and
Expenses:

Cost of Sales 2,656,059 1,933,657 7,760,267 7,144,584

Research and 221,088 424,965 890,951 1,035,014
Development

Sales and 217,533 306,465 906,074 883,428
Marketing

General and 453,010 198,288 1,674,445 1,540,044
Administrative

Provision for – 20,770 – 20,770
Doubtful Accounts

Other Expense (2,436 ) (7,632 ) (44,754 ) (40,405 )
(Income), Net

Interest Expense (88 ) (16,840 ) (6,172 ) (19,868 )
(Income), Net

Total Costs and 3,545,166 2,859,673 11,180,811 10,563,567
Expenses

Income Before $ 2,625,471 $ 310,253 $ 3,334,581 $ 2,903,692
Income Taxes

Income Tax (641,811 ) (1,680,001 ) (582,325 ) (1,652,634 )
Expense

Net Income $ 3,267,282 $ 1,990,254 $ 3,916,906 $ 4,556,326

Basic Earnings

Per Common Share $ 0.13 $ 0.08 $ 0.16 $ 0.19

Diluted Earnings

Per Common Share $ 0.13 $ 0.08 $ 0.16 $ 0.19

Cover-All Technologies Inc. and Subsidiaries

Consolidated Balance Sheet

                                            December 31,     December 31,

                                            2009             2008

                                            (unaudited)

Assets:

Current Assets:

Cash and Cash Equivalents                   $ 4,324,446      $ 4,686,470

Accounts Receivable (Net)                     5,086,482        2,055,815

Prepaid Expenses                              415,492          334,804

Deferred Tax Asset                            806,750          840,000

Total Current Assets                          10,633,170       7,917,089

Property and Equipment - At Cost:

Furniture, Fixtures and Equipment             624,266          623,547

Less: Accumulated Depreciation                (371,329    )    (300,164    )

Property and Equipment - Net                  252,937          323,383

Other Assets:

Deferred Tax Asset                            1,660,750        840,000

Other Assets                                  110,150          110,151

Capitalized Software                          2,341,960        1,848,111

Total Assets                                $ 14,998,967     $ 11,038,734

Liabilities and Stockholders' Equity:

Current Liabilities:

Accounts Payable                            $ 208,814        $ 227,007

Accrued Expenses Payable                      1,275,058        1,061,065

Taxes Payable                                 139,035          0

Deferred Charges                              27,510           22,503

Unearned Revenue                              1,750,303        1,800,485

Total Current Liabilities                     3,400,720        3,111,060

Long-Term Liabilities:

Deferred Charges                              96,333           123,844

Total Long-Term Liabilities                   96,333           123,844

Stockholders' Equity:

Common Stock                                  248,856          246,902

Paid-In Capital                               29,703,254       29,185,646

Retained Earnings                             (18,285,302 )    (21,463,824 )

Treasury Stock                                (164,894    )    (164,894    )

Total Stockholders' Equity                    11,501,914       7,803,830

Total Liabilities and Stockholders' Equity  $ 14,998,967     $ 11,038,734

    Source: Cover-All Technologies Inc.

Making the Case for Real-time Information

Miguel Edwards — Wed, 03 Feb 2010 15:25:43 +0000

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.

But if your underwriting process had access to real-time ad hoc reporting capabilities, if the information you were working with was the most current, how would that improve your underwriting quality? If information is available to you instantly, your underwriting department will be able to better quantify the risks and price your products. As a result, your products are going to perform much more effectively.

Take a look at your insurance technology solution. Are you being given access to real-time data and information, or is your information static and dated? Where is your information being gathered from? How many groups do you interface with to get information: data warehousing, claims, re-insurance, billing? If those interfaces are not part of your technology architecture and your policy administration or underwriting platform is not talking to other enterprise systems, you may be working in a silo and relying on outdated information.

When evaluating a policy solution, ask yourself if that platform could serve as the hub of your business. Does it keep all the information about your business “in the center?” Are you able to harness that information in real time to help you make critical, time-sensitive decisions about a risk?

Tech Decisions: Cover-All’s Partnership with AIX Group

Miguel Edwards — Thu, 28 Jan 2010 18:58:18 +0000

In the January 2010 issue of Tech Decisions, Editor Rob Hyle interviewed AIX Group’s Michele Stanhope, where she described the relationship with Cover-All a true partnership between the two companies.

Click here to read the full article: http://www.tech-decisions.com/Issues/2010/January-2010/Pages/Partnership-as-Policy.aspx

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

Miguel Edwards — Wed, 13 Jan 2010 19:51:08 +0000

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.

Forward-looking Statements

Compliance: Is Your Solution Up-to-date?

Miguel Edwards — Fri, 08 Jan 2010 16:42:51 +0000

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.

Does your insurance technology solution provider support your ongoing compliance needs?

Considering that ISO has developed over 17,500 global standards on any number of subjects, it’s easy to see how compliance can be elusive. Companies could spend millions just to maintain up-to-date knowledge of ISO alone, not to mention the changes to NCCI’s workers’ compensation rating recommendations. State and local compliance only adds to the strain on insurers.

A good insurance technology solutions provider offers compliance support for multiple programs in all fifty states. Look for a provider with real-time management and support capabilities. Also, does your solution provider support individually filed rates, loss cost modifiers, or company deviations? Ensure your provider specifically provides ongoing updates and support for ISO and NCCI. Ask your provider when regulatory updates are applied to your solution and how company mandated deviations are handled. Unless there is a sound and frequent process for applying updates regularly, your compliance could suffer.

Consider what a comprehensive, compliant solution can do to help you achieve your business objectives. The right platform with continuous support and updates can increase your competitive edge and help your company grow its business. For example, one of our customers, a start-up carrier, grew its book of business from zero to $200 million in premiums using our multi-state ISO platform. One enabling factor was our customer’s ability to focus on their business while we managed the technical implications of the many statutory and regulatory changes, which at that time, could have otherwise inundated the fledgling carrier.

In order for your technology solution to protect and propel your business model, you don’t just need a provider, but a support system and a partner in your compliance efforts.

When was the last time you and your provider sat down and discussed your compliance objectives? If you’re unsure, have a talk with your provider and risk management team to understand the repercussions of missed compliance and opportunities.

Putting Technology in the Right Hands

Miguel Edwards — Mon, 04 Jan 2010 16:05:02 +0000

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.

It’s a common mistake – companies, in an attempt to save money, take the development and maintenance of their technology in-house. And for a while, it may work. But the cost savings that companies chase rarely, if ever, come to fruition thanks to the increasing complexities of technology and the demands on staff to keep ahead of the technology curve.

It’s the same for insurers in the property and casualty space. Insurers want affordable automated system options and unparalleled technical support. Yet creating, and then maintaining, customized automation that responds to all aspects of the P&C business is detailed, time-consuming, and oftentimes impossible for the in-house staff to pull off effectively. In some cases, IT teams build and test business systems that become obsolete shortly after launch.

That’s why outsourcing your technology solutions makes sense. When choosing a company, look for the following:

Specialty in your business area
Products and customization options that respond to your business requirements
Knowledge of your industry and all regulatory requirements
Scalable solutions and web-based platforms
Full-scale automation that integrates all your business processes into one solution
Rate filing support
Technical support

Choosing a company such as Cover-All Technologies to customize and maintain your technology frees you to do what you do best – conduct business. Remember: in-house solutions are not an automatic cost savings. In many cases, they can be a burden that negatively impacts your profit margin.

Cover-All Technologies Signs New Customer

Miguel Edwards — Tue, 29 Dec 2009 15:16:18 +0000

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.

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.

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

Miguel Edwards — Wed, 23 Dec 2009 14:48:11 +0000

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.

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