CoverageCorp Partners with Selective Insurance Group on New Technology Initiative.Business Editors, High Tech Writers CHARLOTTE, N.C.--(BUSINESS WIRE)--July 24, 2001 Access CoverageCorp, Inc. (CoverageCorp), a leading provider of Internet-based technology Refers to the communications infrastructure of the Internet, which is based on the IP protocol. IP is part of the TCP/IP protocol suite. It may also refer to voice over IP (VoIP), which uses the Internet to make telephone calls. See VoIP, IP and TCP/IP. and solutions for the insurance industry, announced today that it has partnered with Selective Insurance Group, Inc., (Nasdaq: SIGI) to launch real-time bind-able quoting in 14 states for Selective independent agents that are also CoverageCorp customers. The quoting utilizes XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. technology based on the ACORD ACORD Association for Cooperative Operations, Research and Development ACORD Agency for Cooperation and Research in Development ACORD Association de Coopération et de Recherche pour le Développement (French) standards. "By using Acord XML standards for data transfer with Selective Insurance, we allow the insurance buyer, through their independent agent, to receive a bind-able quote for business owners policies and workers compensation products, real-time," said Frederick Waite, President of CoverageCorp Technologies. "We welcome the opportunity to utilize enhanced technology that provides better and faster service for our independent agents and their customers," said Chuck Musilli, senior vice president at Selective. "While we are currently using this technology with our independent agents through CoverageCorp, our plans are to apply these technological gains to other areas of our business." Bruce Flachs, Chief Executive Officer of CoverageCorp, commented, "CoverageCorp continues to gain traction in the marketplace, as evidenced by our strong client list and well-respected partners that are licensing our services. "We look forward to launching additional insurance carriers and licensees this year as we continue to expand our market presence." Selective Insurance Group, Inc., headquartered in Branchville, New Jersey Branchville is a borough in Sussex County, New Jersey, in the United States. As of the United States 2000 Census, the borough population was 845. The borough is located in the northernmost region of Sussex County. , is a holding company for five property/casualty insurance companies that offer primary and alternative market insurance for commercial and personal risks. Both A.M. Best and Standard & Poor's Insurance Rating Services rate Selective's insurance companies A+. The company offers medical claim management services to insurance companies and other businesses through Alta Services, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a managed care organization, and through Consumer Health Network Plus, LLC, (CHN CHN China CHN Chain CHN Canadian Health Network CHN Coalition on Human Needs CHN California Homeschool Network CHN Cleveland Housing Network CHN Center for Human Nutrition CHN Carbon, Hydrogen, Nitrogen CHN Community Health Nurse ), a medical provider network; human resource administration services and risk management products and services through Selective HR Solutions, Inc.; flood insurance Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding. policy, administration and claim services through the National Flood Insurance Program The National Flood Insurance Program (NFIP) was created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). , through FloodConnect, LLC; and software development and processing services through PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). Software Services, Inc. Selective maintains a website at www.selective.com. CoverageCorp is a leading provider of Internet-based business insurance technology and solutions to insurance carriers, insurance brokers, and financial institutions. At the heart of CoverageCorp's Intelligent Interchange(TM) is the patent-pending Virtual Insurance Platform (VIP)(TM), which is designed to help insurance carriers, wholesalers, and property/casualty agencies streamline quoting, underwriting, claims and other critical functions. Based in Charlotte, NC, CoverageCorp can be reached at 704-940-4313 or on the Web at: www.coveragecorp.com. |
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