Profile: Cover-All Technologies Inc (COVR.A)
22 May 2013
Cover-All Technologies Inc., incorporated in April 1985, provides business-focused solutions to the property and casualty insurance industry. The Company's customers include insurance companies, agents, brokers and managing general agents (MGAs). In addition, the Company also offers a Business Intelligence suite of products to enable its customers to leverage their information assets for real time business insights and for risk selection, pricing and financial reporting. The Company's software products and services focus on the functions required to underwrite, rate, quote, issue, print, bill and support the entire lifecycle of insurance policies. On December 30, 2011, the Company acquired substantially all of the PipelineClaims assets of Ho’ike Services, Inc. doing business as BlueWave Technology.
The Company's products provide insurance functionality available on an off-the-shelf basis. Its software is licensed for use in the customer's data centers or can be provided through the Company's application services provider (ASP), using third party technology platforms and support. It generates revenue from software contract licenses, professional services fees from ongoing software customization and continuing maintenance fees for technical and regulatory software updates on a monthly basis. The Company provides a range of professional services that support product customizations, conversion from existing systems, data integration with other software or reporting agencies and other technical services. It also offers ongoing support services, including incorporating recent insurance rates, rules and forms changes. These support services provide turnkey solutions to the Company's customers as it performs analysis, development, quality assurance, documentation and distribution for delivering changes in timely fashions.
The Company's My Insurance Center (MIC) is a customizable and configurable Web-based, data-centric hub and spoke software platform built around a shared information hub and suite of product components. MIC is designed for insurance agents, brokers and carriers with integrated workflows and access to real-time information. The Company has also developed a set of processes and tools that enables the Company to work together with its customers in an interactive development process that, when combined with its off-shore development resources, deliver these products in short time frames. In addition to the Company's ability to create and support custom products, it offers off-the-shelf products, including full support for such products as Insurance Services Office (ISO) Commercial automobiles and Commercial Package products for all states, as well as support for Workers Compensation.
MIC provides an integrated platform with baseline common insurance functions that can be customized by the Company for customers' business needs. MIC also provides many configuration capabilities that are used by customers for further tailoring the application. MIC enables the Company's customers to utilize its rating, policy issuance, billing and other software components into a fully integrated platform that, among other things, eliminates redundant data entry. Information is stored in a client-centric database and becomes immediately available to other users or functions. MIC may be customized to generate user alerts when a user-specified condition occurs. In addition, MIC has been designed to allow the customer to configure features according to their own look and feel preferences and workflow processes.
The MIC NexGen software uses a design that separates the insurance product definition from the actual technology engines. The MIC NexGen software and products support the policy functions, such as Data capture and editing; rating; policy issuance, including multiple recipient print; all policy transactions, including quotes, new lines, endorsements, renewals, audits and cancellations, and statistical coding. MIC NexGen is designed to accommodate all lines of property and casualty insurance.
The Company, through MIC, an inventory of insurance software components combined with a implementation platform. MIC includes the critical components, such as My Insurance Center Portal; enterprise, customer-centric Oracle database; underwriting tools; end user access to information in real time (STP); rating and issuance; policy lifecycle support; policy history; online system, screen and field level look-ups; online commercial lines manual tables and footnotes; easy and direct system navigation; policy database; claims repository, and agency and program management.
Cover-All Technologies Inc
Suite 300, 55 Lane Road
FAIRFIELD NJ 07004