HealthAxis.com And BenefitMall.com Announce E-Commerce Platform And Technology Services Agreement
Five Year Licensing Agreement Is HealthAxis.com's Latest e-Commerce Deal
EAST NORRITON, Pa.--(BUSINESS WIRE)--Nov. 14, 2000-- HealthAxis.com, a subsidiary of HealthAxis Inc. (NASDAQ:HAXS - news), and a leading provider of web-enabling software solutions for healthcare payers and intermediaries, and BenefitMall.com, the online exchange for small business employee group benefits, today announced a five-year technology licensing agreement covering an extensive array of both software and services.
HealthAxis.com will provide software technologies to enable electronic enrollment, quoting and carrier connectivity to BenefitMall on a scalable platform.
Under the terms of the agreement, HealthAxis.com will provide BenefitMall with a full e-Commerce platform including Insur-Web(TM), Insur-Rate(TM), a broker-enabled version of Insur-Retail(TM), Insur-Print(TM), and Plan Member/Employer Self Service technology. HealthAxis.com's flagship Insur-Web(TM) is a fully XML-enabled connectivity engine that provides a gateway between legacy IT systems and Internet applications.
In addition, HealthAxis.com will provide BenefitMall with application hosting services from its Texas Data Center.
Today's agreement further provides for the sale to BenefitMall of a range of systems integration and consulting services. Among the services HealthAxis.com will provide are, existing platform conversion assistance, carrier system interface and ongoing product enhancements and support.
HealthAxis.com's revenues from the transaction will stem from a combination of monthly license fees based on the number of insured sold and administered by BenefitMall, Web hosting service fees, and professional services fees.
Michael Ashker, chief executive officer of HealthAxis.com, said ``We are pleased to be working with BenefitMall.com. As a provider of advanced web-enabling technology solutions, it is important that HealthAxis.com affiliates with those organizations that are leaders in their space. BenefitMall.com is clearly such an organization, and with our technology platform assisting them in executing their unique business model, they are sure to be one of the top performers well into the future''.
Bernard DiFiore, president and chief executive officer of BenefitMall.com added, ``HealthAxis.com's divestiture of its retail broker business and its revised focus on insurance technology enabled our two organizations to work together to better support our broker network. Brokers are the critical component for the small business owner seeking guidance with regard to their benefits needs, and BenefitMall strives to provide the most cutting-edge tools we can to support the brokers with whom we work. HealthAxis.com has done an extensive amount of development using the latest Microsoft tools and we look forward to integrating their solution into our architecture. This licensing agreement will provide our broker and carrier partners with an even better electronic enrollment solution to help make them even more efficient and productive.''
``Together, we hope to establish extensive carrier connectivity and insurance industry standards that will improve the efficiency of the distribution channel,'' noted DiFiore.
BenefitMall.com currently has relationships with more than 15,000 insurance brokers and is the leader in providing Web services to this important sector. The HealthAxis.com technology agreement will strengthen the functionality of BenefitMall's offering.
About HealthAxis.com
HealthAxis.com, a subsidiary of HealthAxis Inc., is a proven leader in Web-enabling both healthcare payers and the intermediaries through which product is sold and serviced. The Company's proprietary Insur-Web(TM), Insur-Enroll®, and Insur-Admin(TM) product line allows clients to participate in the emerging digital economy by integrating client legacy systems into the World Wide Web.
HealthAxis.com customers enjoy reduced costs and enhanced productivity in their core business operations -- including plan rating, distribution, enrollment, and member services -- through the integration of the Company's advanced, XML-enabled product line.
Additionally, HealthAxis.com provides payers with software and services for claims processing, plan administration, and imaging through the following products: Insur-Claims(TM), Insur-Dental(TM), Insur-Image(TM), and Insur-Voice(TM).
The Company's customers include leading health insurers, several Blue Cross/Blue Shield organizations, third-party administrators, and Web-based insurance and benefits marketers. HealthAxis.com is headquartered in suburban Philadelphia, with significant operations in Dallas, as well as offices in eight additional locations both domestic and abroad. The Company employs over 350 IT professionals.
About BenefitMall.com
BenefitMall.com is the complete online exchange for the buyers, sellers and providers of small business employee benefits. Headquartered in Dallas, BenefitMall.com operates a national sales and service center to support Internet-based activities as well as sales and support offices in 21 markets throughout the country.
The company currently manages more than $750 million in annualized premiums and is selling in excess of $1 million per business day in new premiums through a national network of independent brokers who are registered with BenefitMall.com.
A private company, BenefitMall.com is owned by Austin Ventures, Humana Ventures, Morgan Stanley Dean Witter Venture Partners, Technology Crossover Ventures and company management. For more information, visit www.benefitmall.com/.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements made which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to trends, management's beliefs, expectations and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate.
Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors, which may cause actual results to differ materially from those in the forward-looking statements.
For further information which could cause actual results to differ from the Company 's expectations, as well as other factors which could affect the Company 's and HealthAxis Inc.'s financial statements, please refer to HealthAxis Inc.'s reports filed with the Securities and Exchange Commission.
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Contact:
HealthAxis.com
Steven M. Kaplan, 610/275-3800
skaplan@healthaxis.com
or
BenefitMall.com
Buddy Price, 972/661-9542
bprice@techcompartners.com
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