Cover-All Technologies Inc. (NYSE-Amex: COVR), a Delaware corporation, announced today that its claim management system for property/casualty insurance companies, BlueWave Claims, was recently profiled in a report evaluating insurance claim systems published by CEB TowerGroup, a Boston-based research and consulting firm focused on the global financial services industry. With many new and existing claim management solutions available to insurers today, objective information such as that included in the CEB TowerGroup report, “Claims Management Technology Analysis,” is critical to the decision-making process of insurance executives, IT professionals and those specializing in claims. The vendor and system profiles included in this report focus on claim systems vendors with mature products, numerous deployment options, and with an emphasis on modern technology and effective claim management techniques and best practices. “Modern core claim administration systems are imperative,” said Karen Pauli, research director at CEB TowerGroup and author of the report. “Without flexible, function rich technology, consumer and distributor requirements cannot be met.” According to CEB TowerGroup, there are 21 attributes that define a “best-in-class” claim management solution. These attributes are grouped into four categories that highlight a firm’s user, customer and enterprise needs. Vendor rankings are based on CEB TowerGroup’s proprietary five-point rating scale for each of the 21 “best-in-class” attributes. In addition to these common profile features, the BlueWave Claims profile specifically notes, “Designed as a best-of-breed claims management solution, BlueWave Claims focuses on providing core claims processing capabilities and does not provide extensive integrated premium features such as the advanced analytics or content management systems that we have seen in competing products. However, in its core ability to manage the claims lifecycle, BlueWave Claims is at least equal to the most feature rich solutions on the market. We also expect that Cover-All Technologies will significantly enhance BlueWave Claims’ functionality by incorporating additional proprietary features from the core insurance solutions of its My Insurance Center NexGen suite.”
"We are very pleased that BlueWave Claims is included in this report,” said Alyssa Hostelley, executive vice president of BlueWave Claims, Cover-All Technologies. “BlueWave Claims was created for small and mid-size insurers, and we’re committed to giving them a valuable, modern solution without compromising quality.”“Our decision to acquire BlueWave was informed by many of the same strengths noted in the report,” added John Roblin, Chairman and CEO of Cover-All Technologies. “Now after only three months together, we are even more impressed by what BlueWave offers today and the exciting potential of new functionality and combining it with our overall Cover-All capabilities which are both in progress.” Additional information is available online at 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 our extensive insurance knowledge, our experience and our 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) NexGen 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 implementation of our acquisition strategies and our ability to complete or integrate acquisitions, 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, 2011, filed with the SEC on April 2, 2012, and Post-Effective Amendment No. 3 to Form S-1 on Form S-3 (File No. 333-156397) filed with the SEC on July 26, 2011, copies of which are available from the SEC or may be obtained upon request from the Company.
Technology Assessment DisclaimerCEB does not endorse any vendor, product or service depicted in our CEB TowerGroup publications and does not advise technology users to select only those vendors rated “best in class.” CEB TowerGroup research publications consist of the opinions of CEB TowerGroup’s analysts and should not be construed as statements of fact. CEB disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.