Tuesday August 20
Bluebook International Receives $5.1 Million Investment from Cotelligent Inc. to Expand Operations, Add Web Services and Deploy Solutions for Claims Handling
Bluebook International, Inc., a wholly-owned subsidiary of The Bluebook International Holding Company, an enterprise level software and service solutions provider for the insurance and insurance related industries, has announced that Cotelligent, Inc., a provider of mobile business solutions and Web services, has invested $5.1 million to provide Bluebook with capital along with Cotelligent's technological expertise to expand its operations and deliver solutions to the insurance market.
Both companies are based in Orange County, Ca. with Cotelligent having just relocated its corporate headquarters from San Francisco to its office in Irvine. The details of the investment will be disclosed in Bluebook's current report on Form 8-K to be filed with the SEC.
This announcement follows the late May disclosure that Bluebook had retained Cotelligent to develop a new suite of products to automate insurance and related industries claims handling activities based on Microsoft's .NET and Web services technologies.
B.E.S.T.Net(TM) and B.E.ST.Central(TM) are scheduled for release in October 2002.
Cotelligent is charged with developing Bluebook's B.E.S.T.Net(TM),an insurance claims business solution, that will address historical multi-line insurance issues, including the redundant handling of claims and the length of time necessary to process claims.
B.E.S.T.Net(TM) and B.E.ST.Central(TM) utilize Microsoft .NET technology and enterprise level software and hardware solution to connect carriers with millions of adjusters, agents, policyholders, contractors and other vendors worldwide to share critical business data aimed at the prompt settlement of each claim.
B.E.S.T.Net(TM) and B.E.ST.Central(TM) promise to synchronize and automate in minutes the status of each claim, issue new assignments, provide updates, detail reserve specifics and communicate productivity and risk allocation. In addition, the insurance industry solution will provide pricing changes, messages, emails, documents and detect and stop overpayments with its automated auditing system which, under the current systems, can takes weeks or months to accomplish.
"As we spent increasingly more time together, it became apparent that Cotelligent and Bluebook had the potential for a significant relationship far beyond working closely with them on our next generation of products. We see this opportunity as an efficient and effective strategy to drive our business to the next level garnering additional market share and revenue," commented Mark Josipovich, CEO and President of Bluebook International.
"Bluebook has all the attributes we look for in an investment including a dominating, proprietary solution in a multi-billion dollar industry that has been severely under-serviced by its competitors," said James Lavelle, Cotelligent's Chairman and CEO. "Bluebook has provided decades of superior service and innovative products to hundreds of thousands of professionals in the insurance and related industries and is a primary provider of the Unit cost guide and software solutions that simplify the claims process and provide repair and replacement costs for the property insurance and construction industries. We are very excited about being an important part Bluebook's future."
Since 1964, the Bluebook has been the staple publication for the insurance, cleaning, construction, reconstruction, repair, disaster and service industries. In 1982, the Bluebook incorporated its proprietary database into an estimating software package called B.E.S.T. (Bluebook Estimating Software Technology). B.E.S.T. automated and mobilized the claims process for thousands of insurance, construction and service professionals.
The Bluebook developed B.E.S.T.Net(TM) to integrate and exchange critical everyday business data, offering global management, facilitation, productivity and cost mitigation.
Cotelligent, Inc. is a business solutions company that offers applications and support while assuring future functionality integration and initial investment protection.
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