NATICK, MASS. (April 23, 2002) — Prelude Software Inc. today announced that Concord Group Insurance (CGI) of Concord, New Hampshire is expanding their license agreement for Prelude's PayPilot™ software. CGI currently utilizes the PayPilot suite of products to issue a variety of payment types. Peoples Service Insurance, a subsidiary of CGI, has merged their payment operations with CGI to process and print checks. CGI will consolidate the databases and upgrade to the latest version of PayPilot using a Microsoft SQL Server database platform. CGI has been a Prelude customer since 1999, and Peoples has been a customer since 1997. The centralized PayPilot application will issue checks and electronic payments for the entire company. In addition, CGI is implementing the PayPilot electronic direct debit functionality for collection of premiums.
CGI uses the Prelude solution to process and print payments for claims, premium refunds, accounts payable with itemized invoices, cash disbursements, and commissions. PayPilot also enables the company to issue electronic commission payments and to process electronic debits for incoming premium payments. Prelude's software tracks the lifecycle of payments in a data-driven scalable environment by seamlessly interfacing with data from various payment originating sources. It imports payment information, including invoice items and remittance detail, creates the payments, and either processes electronic transactions with the bank or prints checks using MICR (magnetic ink character recognition) technology on blank safety stock. The PayPilot database is accessible by authorized staff members at any time for queries, reporting, printing file copies, or manual input of payment information.
"We always appreciate the opportunity to support our customers' growth," said Stephen T. Root, President of Prelude Software. "By consolidating their PayPilot operations and upgrading to our latest software, CGI has the double advantage of working within a flexible centralized environment while they implement leading edge enhancements that complement their business development."
"At CGI, we look for innovations and improvements in our procedures and our service delivery," said Amy Kezar, CGI's Business Development Manager. "We are confident that with the new technology from Prelude, we can manage an increased volume of payments with even greater efficiency. This enables us to save on processing time and costs, and as a result, to provide the best service to our policyholders."
About Concord Group Insurance
The Concord Group Insurance Companies collectively make up one of New England's most respected insurance carriers. CGI consists of Concord General Mutual Insurance Company, Green Mountain Insurance Company, Inc., Vermont Accident Insurance Company, Inc., Peoples Service Insurance Company, Sunapee Mutual Fire Insurance Company, State Mutual Insurance Company, Bow Mutual Fire Insurance Company, and Weare Mutual Fire Insurance Company. The company has been in business since 1928, and they are headquartered in Concord, NH. A.M. Best has given them an "A" (Excellent) rating, and Ward Financial Group has named them to its prestigious Ward's 50 Benchmark Group for the third consecutive year. To find out more about CGI, call them at 1-800-852-3380.
About Prelude Software Inc.
Prelude Software Inc. is a leading developer and provider of payment solutions. The company has built its reputation on its ability to incorporate new technologies into payment processing. The company's products extend the functionality of its customers' new and existing payment systems to include electronic payment, electronic debit, MICR check printing, automated bank account reconciliation, positive pay security, 1099 tax form processing and reporting, electronic remittance advice, and mobile check printing. Prelude's programs are configurable to businesses' existing systems, using their established terminology. As a result, information from diverse applications can be integrated within a single platform to manage and issue all payments in an environment that is familiar and accessible to the user. The privately held company was founded in 1988 and is based in Natick, Massachusetts. For further information about Prelude Software, please visit any of the following web pages:
Main Site: www.psipay.com
Information for Insurance Companies: www.inspay.com
Company History: www.psipay.com/prelude
PayPilot, PayPositive, PointPay and Prelude Software are registered trademarks or trademarks of Prelude Software Inc. in the United States and/or other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners
Prelude Software Inc., 251 West Central Street, Suite 24, Natick, MA 01760. Tel: 508-650-0033; Fax: 508-650-4717.