Thursday May 25, 8:34 am Eastern Time
Company Press Release
Sequoia Software Partners with HMG Technologies To Develop XML-Powered Interactive Portal Solutions for the Insurance Sector
"Agent-Dashboard" to Empower Agents with Better Policy and Client Information, Improving Customer Service and Streamlining Account Administration
COLUMBIA, Md.--(BUSINESS WIRE)--May 25, 2000-- Sequoia Software Corporation (Nasdaq: SQSW - news), a leading provider of XML-powered software for creating interactive e-business portals, today announced a partnership with HMG Technologies, a technology integration and project management company based in Ellicott City, Maryland. Under the terms of the agreement, HMG Technologies will use Sequoia's XML Portal Server(TM) (XPS) as a platform for deploying insurance-specific interactive portals.
Currently under development is the first deliverable of the partnership, the ``Agent-Dashboard'' for life insurance. The XPS-powered portal will aggregate commission and policy status data residing in an insurer's multiple systems and organize it as a personalized Web page for each insurance agent using the portal. As a result, agents will be able to view a customer's entire profile of insurance information and easily make the most informed decisions for their clients. The portal will use the Internet to facilitate the exchange of information with carriers, reducing administrative bottlenecks and the cost of doing business.
``To remain competitive, insurers must make it easier for their stakeholders to access and act on the specific information required for satisfying customer inquiries and completing day-to-day insurance transactions,'' said John Patterson, principal and co-founder of HMG Technologies, Inc. ``Using XPS and the Life Insurance XML standards, HMG will provide insurers with interactive portals that can present customers, agents, customer service representatives, and management with immediate access to the specific policy and administrative information they need, as well as provide the ability to submit transactions online. Our XPS-based solution will help insurers improve the relationship with customers and agents while reducing administrative costs.''
XML-based standards will help insurance carriers meet the challenge of aggregating and managing content from their various existing systems. The Sequoia/HMG alliance offers the industry an XML-based interactive portal solution that enables the aggregation of information and business processes, raising insurers' efficiency levels and quality while lowering costs.
A February 24, 2000 announcement from ACORD, the insurance industry association responsible for facilitating insurance communications through the use of standards, announced the adoption of ACORD XML for Property and Casualty Insurance and ACORD XML for Life Insurance. These transaction standards were developed through a cooperative process involving hundreds of organizations from the insurance and related financial services industries.
``By partnering with HMG Technologies, Sequoia is well positioned to serve the e-business needs of insurers, especially as they begin adopting the ACORD XML standards,'' said Jack Stose, vice president of sales for Sequoia Software Corporation. ``We are very pleased to announce this alliance, and look forward to working with the HMG team.''
About HMG Technologies
HMG Technologies is a web and systems integration company focused on client success in the new economy. HMG Technologies partners with visionary companies to develop innovative technology solutions. HMG supports the full innovation life cycle by providing world-class strategy, technology, project management and vertical industry services. HMG Technologies is a Microsoft Certified Solution Provider. (www.HMGUSA.com)
About Sequoia Software
Sequoia Software Corporation (Nasdaq: SQSW - news) is a leading provider of XML-powered software for creating interactive e-business portals. Sequoia's flagship product, the XML Portal Server(TM) (XPS), gives users a Web-based, single point of personalized access to distributed information, along with the capability to publish, edit, change, or update content. As the cornerstone of an effective e-business strategy, XPS improves the accuracy of information search and retrieval, and fosters the interchange of information between organizations and their customers and trading partners. Sequoia's customers include leading manufacturing, healthcare, financial services, insurance, and telecommunications firms. For interactive portal solutions that let you do more in less time visit www.sequoiasoftware.com or call Sequoia toll free (888) 820-7917.
Note:
Other than historical information contained herein, certain statements in this release are ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, changes in market conditions, government regulation, technology, our ability to expand, our early stage of development, attraction and retention of key personnel, management of rapid growth, entry into new markets, intense competition, customer concentration and attrition and our dependence on XPS. These risk factors are discussed in further detail in the Company's SEC filings including the prospectus filed in connection with our initial public offering and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.
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Contact:
Sequoia Software
David Schreiber, 410/715-0206
dschreiber@sequoiasoftware.com
or
Schwartz Communications
Wendy Williams, 781/684-0770
wendyw@schwartz-pr.com
or
HMG Technologies
Rick Morani, 410/203-1357
rmorani@hmgusa.com |
