Business Services Industry
Cover-All Technologies Inc. Announce Reseller Agreement with American International Technology Enterprises Inc
Business Wire, July 19, 1999
FAIR LAWN, N.J.--(BUSINESS WIRE)--July 19, 1999--
Cover-All Technologies Inc. (CTI), (Nasdaq SmallCap Market - COVR and PHLX-CVA) today announced that American International Technology Enterprises Inc. (AITE) has selected CTI's full policy rating and issuance system as part of the processing solution programs AITE provides to third party commercial property-casualty insurers.
Classic EXPRESSion will be used by AITE under a reseller agreement in conjunction with AITE's back-end administration software as part of an AITE 50-state commercial lines processing solution. AITE's commercial lines program is a turnkey solution that supports the basic requirements for back-end processing, including underwriting, claims, accounting, reinsurance and both internal and external reporting. The system meets the processing, management, information and regulatory needs of property and casualty insurers.
According to AITE Senior Vice President Raymond Roy, "We believe there are clear advantages to establishing a relationship between Cover-All and AITE. Cover-All's breadth of commercial line rating and issuance products give AITE a full commercial line offering for its customers. We look forward to expanding AITE's commercial line services to third-party clients."
"As our business continues to grow, we are always looking for aggressive indirect channels. This agreement helps us leverage the strength of our products and our excellent reputation as a leading provider of services to the property-casualty market," said Peter Lynch, Cover-All Technologies' President.
The Classic EXPRESSion system utilizes a client-server architecture. It is compliant with Windows(R) 95, 98 and WindowsNT(R) operating systems and with Novell(R) and NT networks. The internet-enabled system can be interfaced with workflow management facilities, expert underwriting systems, information sources, agency management systems and other external products. The optional Oracle(R) relational database allows ad hoc querying of the data, providing management with timely information for making decisions. Future features in Classic EXPRESSion will allow print preview, e-mail and fax capabilities.
Utilizing the latest client-server relational database technology Cover-All Technologies Inc. specializes in providing strategic policy and premium software solutions to the property and casualty insurance industry. Cover-All is based in Fair Lawn. More information may be obtained from the company's web site at www.cover-all.com.
AITE is a subsidiary of the American International Group Data Center Inc. and a member of American International Group Inc.(AIG), the leading U.S.-based international insurance organization and the largest underwriter of commercial and industrial insurance in the United States. AITE is a leader in providing solutions to complex technological problems with experts who install, maintain and support the most advanced systems worldwide. The data center, located in Livingston, N.J., has a processing capacity approaching 3000 Mips. More information about AITE and its services can be found on the World Wide Web at www.aite.aig.com.
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, delays in productivity programs and new product introductions, 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, copies of which are available from the SEC or may be obtained upon request from the company.
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