DriveLogic Partners with Cognizant to Develop e-Business Collaborative Interchange for Accident Management-TM
16 October 2000
DriveLogic Partners with Cognizant to Develop e-Business Collaborative Interchange for Accident Management-TM
TEANECK, N.J.--Oct. 16, 2000--DriveLogic(TM), Inc. today announced a new relationship with Cognizant Technology Solutions for developing the next generation of Internet- and wireless-based technology solutions for the accident management industry. As part of this relationship, Cognizant would complement DriveLogic's development infrastructure with offshore development capabilities to enable round-the-clock software and systems development. DriveLogic is the e-commerce business established by a leading supplier of solutions to the auto claims market, CCC Information Services Inc., a wholly owned subsidiary of CCC Information Services Group Inc. . Cognizant is listed by Forbes as the "Best Small Company in America," and by BusinessWeek as the top solutions provider in their list of the top 200 Hot Companies.DriveLogic, Inc. is delivering the first comprehensive, end-to-end Internet collaborative interchange focused on providing large-scale efficiencies to automotive collision supply chain. The DriveLogic solution links key participants in the industry, including insurers, collision repairers, appraisers, salvage yards and parts suppliers in an integrated network. By streamlining collaboration among industry players, and providing "just in time" predictive information at critical points in the accident management supply chain, DriveLogic's Internet and wireless solutions reduces the amount of time needed to get the driver back in his or her car after an accident. These new efficiencies could cut the cycle time in half, resulting in significantly improved customer satisfaction and retention. The company believes that its solutions have the potential to address an estimated $10 billion in supply chain efficiency opportunity. By way of comparison, the U.S. property/casualty industry in 1999 earned $13.9 billion in operating income, according to the Insurance Services Office (ISO).
"Our vision for DriveLogic is to create a new technology model for the accident management business, using the best of today's Internet, wireless, data warehousing and other technologies," said Pradip Patiath, president and COO of DriveLogic. "This is an ambitious undertaking, and we believe that we will bring significant new value to our industry. By partnering with Cognizant, we are able to complement our development capabilities to build top-quality, cost-effective systems and rapidly bring them to market. Our partnership with Cognizant brings 24-hour development capabilities and technology strength to our endeavor."
"This is one of the largest, most complex collaborative commerce projects attempted in the e-business world," said Kumar Mahadeva, chairman and CEO of Cognizant. "We're delighted to be partnering with DriveLogic on this ground-breaking endeavor. This is another example of our ability to expand existing relationships with our clients as their needs change because of our unique, highly competitive business model."
DriveLogic's strategy is to combine a collaborative Internet interchange with multiple, integrated e-commerce solutions delivered to industry participants via an application service provider (ASP) model. DriveLogic's solutions will target the entire auto claims process, and constitutes one of the largest, most comprehensive collaborative commerce applications ever built.
Founded in 1980, CCC is a leader in auto claims software products and information services, with assets and relationships that provide a formidable point of entry for DriveLogic. These assets and relationships are expected to serve as the foundation for leadership in the B2B e-commerce solution space for this industry.
About DriveLogic
DriveLogic is a wholly owned subsidiary of CCC Information Services Inc. focused on providing Internet and wireless-enabled technology solutions to the Accident Management(TM) industry. By combining these solutions with the industry expertise, customer relationships and market leadership of CCC, DriveLogic aims to optimize supply chain efficiencies, bringing value to parties in the entire supply chain. For more information about DriveLogic, contact Michael Roberts at DriveLogic, 312-228-8278, or contact Rich Ringer at HLB Communications, 312-649-0371, or visit the DriveLogic Web site at www.DriveLogic.com.
About CCC
CCC Information Services Inc., headquartered in Chicago, IL, is a leading supplier of advanced software and communications systems to the automotive claims industry, including information and network services for a wide variety of claims management solutions. Its value-added, technology-based products and services increase efficiency and facilitate communication among more than 13,500 collision repair facilities, 350 insurance companies, and a range of business partners. For more information about CCC Information Services, contact Jeanene O'Brien at CCC Information Services Inc., 312-229-3083, or contact Rich Ringer at HLB Communications, 312-649-0371.
About Cognizant Technology Solutions
Cognizant delivers high-quality, cost-effective, full life-cycle solutions to complex software development and management problems. Cognizant employs more than 2,400 computer science and engineering professionals globally and at its eight development centers in India. The company specializes in e-business and application management. Cognizant has been assessed at SEI/CMM Level 5 and is ISO 9001 certified across all of its development centers. Based on sustained revenue and earnings growth, Forbes magazine named Cognizant the best small company in its listing of the "200 Best Small Companies." For more information, visit Cognizant on the Web at http://www.cognizant.com.
Cognizant's e-business solutions are facilitated by its on-site/offshore SEI/CMM Level 5 service delivery model, enabling project managers and technical architects at the client's location to communicate with programmers in India, and undertake development and management. The model provides a unique combination of the skills, quality, R&D capability, and 24x7 service required to create integrated e-business systems fast, and in a cost-effective manner. Cognizant's knowledge of EAI, data warehouse and Web-to-legacy integration, domain topology, and e-business application management, helps it to specialize in integrating e-business apps with existing IT systems.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Cognizant believes the expectations contained in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. These statements may involve risks and uncertainties that could cause actual results to differ materially from the expected results. Such risks include, but are not limited to, the risk factors described in Cognizant's Registration Statement on Form S-1 and in other reports and periodic filings made from time to time with the Securities and Exchange Commission.