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Concord Group To Use PayPilot™ for Merged Payment Ops and Upgrade to SQL Database

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."