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BASKING RIDGE, N.J., Feb. 27, 2001 -- Hooper Holmes, Inc. (AMEX:HH) announced today that it has agreed to license its tele-underwriting software ("Teledex") to Amica Life Insurance Company. Under the terms of the agreement, Amica will pay Hooper Holmes an initial license fee and ongoing payments for each completed transaction.
Jim McNamee, Chairman and Chief Executive Officer of Hooper Holmes, stated, "After providing tele-underwriting solutions to customers who have outsourced their call centers to us, we now have the technology and support systems necessary to license our innovative product to customers. As our customers strive to improve their efficiency, we believe licensing offers a unique opportunity for Hooper Holmes to further leverage its investments in technology to meet the increasing demands of the evolving life insurance industry."
Steven P. Brainard, Senior Assistant Vice President of Amica, commented, "Teledex reports, currently provided through the Hooper Holmes call center, have enabled us to collect underwriting information faster and more efficiently than traditional methods. As we expand our internal call center infrastructure, we are confident that, by bringing the Teledex solution in house, we will be able to maintain the high level of customer satisfaction for which we are known."
Developed by Hooper Holmes in 1995, Teledex is a tele-underwriting software solution to customers who outsource their call center functions to Hooper Holmes. Teledex allows for the comprehensive collection of underwriting information necessary for life insurance policies.
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 Amica Insurance Company
Amica Life Insurance Company was founded in 1969 as a wholly owned subsidiary of Amica Mutual Insurance Company, the nation's oldest mutual insurer of automobiles and a national direct writer of homeowners, marine, and personal excess liability insurance. The Amica companies serve more than 500,000 families from headquarters in Lincoln, RI and 41 branch offices across the country.
Amica Mutual has been consistently recognized by consumer publications for excellence in customer service. Recently, Amica earned the rank of "Highest Customer Satisfaction Among National Auto Insurers in the J.D. Power and Associates 2000 National Automotive Insurance Satisfaction Study." Amica Life consistently adheres to the Amica Mutual tradition of excellent service.
Amica Life maintains highly credible ratings with leading insurance industry analysts including a rating of A (Excellent) from A.M. Best and a rating of AA+ (Very Strong) from Standard & Poor's. The parent company, Amica Mutual, is rated A++ from A.M. Best and AA+ from Standard & Poor's.
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.
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Contacts: Hooper Holmes, Inc
Fred Lash, Chief Financial Officer
(908) 766-5000
Morgen-Walke Associates
Investors: Theresa Vogt/Sarah F. Torres
Media: Steve DiMattia/Dan Budwick
(212) 850-5600
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