CONTINUUM ANNOUNCES LICENSE SALES
CONTINUUM ANNOUNCES LICENSE SALES AUSTIN, Texas, March 5 /PRNewswire/ -- The Continuum Company, Inc.
(NYSE: CNU) announced that Eagle Star Insurance Company Limited of London has acquired an expanded right to use Continuum's COGEN(TM) software system.
Eagle Star uses COGEN to process its commercial insurance business. The new agreement permits Eagle Star to process all of its property and casualty insurance business in Great Britain and Ireland on the COGEN system. W. Michael Long, president and chief executive officer, commented, "We are very pleased Eagle Star, one of the largest property and casualty insurance companies in the United Kingdom, has chosen to expand their license following a successful and rapid initial implementation of COGEN." Continuum will recognize approximately $1 million in license revenue from the transaction during the current fiscal quarter. Continuum also announced that a midwestern property and casualty insurance company as acquired a license to use the COLOSSUS(TM) software system. COLOSSUS is an advanced artificial intelligence software system that helps insurance claims adjusters evaluate bodily injury claims. COLOSSUS contains 12,000 rules and was developed with assistance from doctors, lawyers, judges and claims adjusters. COLOSSUS can be used as a training tool for new examiners, an audit facility for closed claims and a loss estimating facility in addition to providing a range at which claims can be settled. This is the first United States company to purchase a license to use the COLOSSUS system. Approximately $350,000 of revenue will be recognized during the current quarter. The Continuum Company, Inc. is an international consulting and computer services firm based in Austin, Texas, serving the needs of life insurance, property and casualty insurance and other financial services companies for computer software and services. -0- 3/5/92 /CONTACT: John L. Westermann III of Continuum Company, 512-345-5700/ (CNU) CO: Continuum Company, Inc.; Eagle Star Insurance Co. Ltd. ST: Texas IN: CPR SU: LIC
SM -- NY081 -- 5651 03/05/92 17:24 EST
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|Date:||Mar 5, 1992|
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