Prelude Software Releases PointPay™

New Solution Brings Numerous Enhancements to Outside-Issue Payments

NATICK, MASS. (January 24, 2003) — Prelude Software Inc. today announced that its PointPay™ mobile claims payment solution has been installed at its first client site. PointPay makes it possible for an insurance adjuster to issue a claims payment at the Point of Adjustment, accelerating claim settlement, and turning exceptional customer service into a strategic business advantage.

Faster, More Professional, More Secure Settlements
All insurance companies know that the quicker a claim closes, the lower the settlement costs will be. PointPay significantly accelerates the claims closure cycle. At the corporate home office, claim information is entered into the system and assigned to an adjuster. The adjuster logs into the network from his/her office and downloads policy and claim information, then goes out to the claimant’s location equipped with a laptop computer and a portable printer. At the site of the adjustment, the adjuster calculates the settlement amount using any standard estimator software, then prints the check. The claimant is thus provided with a prompt payment in the form of a professionally printed check. The settlement information is automatically uploaded from the adjuster’s computer the next time the adjuster connects to the home office.

PointPay affords companies state of the art claims settlement capabilities. The benefits of mobile claims settlement include increased customer satisfaction, reduced data entry and data errors, and vastly improved payment security. The PointPay system eliminates the need to distribute books of blank checks to adjusters. There are no paper copies to mail or fax back to the office and no redundant data entry, since all information has been entered, stored, and transmitted electronically. For companies who use Prelude’s positive pay functionality, there is the added security benefit of being able to include the field-issued check information in the positive pay feed.

"Our mobile payment solution further solidifies our commitment to the insurance industry to provide them with solutions and services that no other company offers," said Stephen T. Root, President of Prelude Software. "It really gives insurers a competitive edge. Enabling the adjusters to issue checks on the spot means taking care of customers’ needs immediately, with the added benefits of increased security and decreased costs."

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