Company Release – 05/19/2009 09:23
FAIRFIELD, N.J.–(BUSINESS WIRE)– Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a leading provider of comprehensive business solutions for the property and casualty insurance industry, today announced the release of a new Workers’ Compensation product as part of their My Insurance Center (MIC) NexGen suite.
This latest product adds to the growing set of capabilities offered by the powerful MIC NexGen platform. Already in production at one major carrier and set to go live at a second late in the second quarter, the new Workers’ Comp product continues to streamline business process, adding increasing value for Cover-All customers.
Cover-All partnered with one of its larger customers in the development of this exceptionally complex coverage. The product is capable of rating and issuance, supporting full policy lifecycle in all 50 states (and the District of Columbia) and was designed with business needs in mind. Key objectives included functionality to enhance productivity, facilitate greater compliance, improve underwriting and risk selection, provide configurable views and collaborative tools linking agents and underwriters, ensure ease of use, provides real-time integrated document generation and management capabilities, and the flexibility to quickly customize to meet ever-changing market demands.
The customer’s unique requirements were isolated so as to create a base product that could be easily deployed to other customers and then configured with their specific needs in a very short period of time.
“Now that we have our base Workers’ Compensation product built,” explained President & CTO Manish Shah, “leveraging our development framework, we can have a new customer up and running in one to three months. We realize that speed to market is very important to our customers and this is one way we address that need without compromising other business objectives. The Workers Compensation package extends the sustainable competitive advantage Cover-All creates for its customers, and further enhances our technological lead in the industry.”
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, copies of which are available from the SEC or may be obtained upon request from the Company.
Contact: Cover-All Miguel A. Edwards, 973-461-5211 973-461-5211 SVP, Business Development medwards@cover-all.com or Investors: Hayden IR Brett Maas, Principal 646-536-7331 646-536-7331 brett@haydenir.com
