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BASKING RIDGE, N.J., December 19, 2000, Hooper Holmes, Inc. (AMEX:HH) and e-Nable.com Corporation, announced today that they have entered into a marketing agreement that will allow their insurance carrier customers to order and receive all the requirements for life insurance underwriting from a single source. e-Nable.com, a subsidiary of MIB Group, is a leader in e-commerce solutions for life insurance underwriting. The exclusive agreement is expected to significantly enhance the transaction time in the life insurance underwriting process, increase revenue and decrease acquisition costs. In addition, Hooper Holmes is expected to make an equity investment in e-Nable.com. Terms have not been disclosed.
Jim McNamee, Chairman and Chief Executive Officer of Hooper Holmes, commented, "Our commitment to leveraging technological advancements in the life insurance industry has allowed Hooper Holmes to provide efficient service to existing clients while also capitalizing on new market opportunities, as evidenced by our leading position in the ADC (alternative distribution channel) market. Consistent with this strategy, our proposed investment in and marketing alliance with e-Nable.com will significantly improve the transaction time in the underwriting process and give us the opportunity to expand our services into the 'non-medically underwritten' segment of the life insurance business, estimated to be nearly half of total life insurance sales."
Mark Daley, Chief Operating Officer of e-Nable.com, stated, "By combining the strengths of e-Nable.com and Hooper Holmes, we are able to provide the life insurance industry unprecedented speed and accuracy in submitting, underwriting, and issuing insurance policies. Our decision to ally with Hooper Holmes is driven by their leading market presence, broad customer base and a long history of success in the life insurance marketplace."
The marketing agreement and equity investment is subject to certain conditions. The agreement is expected to be completed by year end.
About Hooper Holmes
Hooper Holmes, Inc. provides health information services on insurance policy applicants to the life insurance industry. The Company provides these health information services through over 300 locations nationwide.
About e-Nable.com Corporation
Founded by MIB Group Inc. in 1999, e-Nable.com Corporation provides an Internet-based business processing solutions that allow integration of data sources, underwriting intelligence, distribution channels and insurance products. The company's product suite, Insurance e-Nable, provides several levels of service which facilitate, through intelligent underwriting, the electronic ordering of outside vendor requirements, including real-time MIB reports, thereby expediting policy fulfillment. e-Nable.com is privately held by MIB Group Inc., the leading information service company for the North American life insurance industry and Tobat Capital, a venture capital firm focused exclusively on emerging companies in the e-finance space.
Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involved in the Company's business. These forward-looking statements are qualified in their entirety by cautionary statements contained in the Company's Securities and Exchange Commission filings.
Contacts: Hooper Holmes, Inc.
Fred Lash
Chief Financial Officer
(908) 766-5000
Morgen-Walke Associates
Investors: Robert P. Jones/Theresa Vogt
Media: Stacey Nield/Steve DiMattia
(212) 850-5600
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