Press Release

Insurance Technologies Reports Revenue Growth in 2001, Despite Weak Economy

May 14, 2002
Colorado Springs, CO

COLORADO SPRINGS, CO (May 14, 2002) - Insurance Technologies, the premier provider of point-of-sale management software for the financial services industry, today announced a 7% increase in revenue growth for the fiscal year 2001. This comes after 70% to 85% increases in 1999 and 2000.

“On the whole, these were acceptable financial results given the overall slow down in the US economy last year and the collapse of the technology sector,” said Larry Wiedeman, Chairman and CEO. “Much of our increase came from several new large enterprise-wide clients in North America, and projects with global clients in Asia where many economies are showing excellent growth. There is strong demand for technology to support and manage the sale of insurance products in these emerging economies.”

“Insurance Technologies’ strength continues to be our ability as an organization to help our clients support multi-channel enterprise-wide management of point-of-sale activities across multiple insurance business lines using numerous languages and currencies,” added Wiedeman. “As companies expand their distribution domestically and globally, this continues to increase the complexity of delivering a complete and appropriate product to a more diverse set of sales partners and target markets.”

New clients in 2001 included the addition of organizations such as Allianz Asia Pacific, Conseco, Lincoln National Life, MetLife Investors, Phoenix Home Life, Standard Life Assurance of Canada, and USAllianz.

About Insurance Technologies (http://www.insurancetechnologies.com)

Based in Colorado Springs, Colorado, Insurance Technologies is the pioneer of enterprise wide insurance point-of-sale management and offers a feature rich software solution to the financial services and brokerage industry supporting life, annuity, mutual fund, long term care, disability insurance and accidental death and dismemberment products.

The ForeSight™ family of products is Insurance Technologies’ multi-channel desktop and web solution integrating steps in the sales process including sales channel branding and content administration, needs analysis, asset allocation, quotes, hypotheticals, illustrative cash flows, suitability analysis, jurisdictional compliance, application generation and electronic fulfillment.