Press Release

Insurance Technologies Receives ACORD Award at 2002 ACORD Technology Conference

May 22, 2002
Colorado Springs, CO

COLORADO SPRINGS, CO (May 22, 2002) - Insurance Technologies (IT), the premier provider of point-of-sale management software for the financial services industry, today announced its acceptance of the Business Process Redesign Award from ACORD. Insurance Technologies received this award at the ACORD Technology Conference yesterday in Orlando, Florida.

Insurance Technologies and SAFECO created an XML (TXLife) schema to transfer data between SAFECO’s front-end web system and Insurance Technologies’ product calculation engine. This XML document supports point-of-sale to administration data exchange for several of SAFECO’s annuity products. Insurance Technologies has consistently developed software using leading technology, helping facilitate communication between software components using standards. Due to this flexibility, Insurance Technologies assembles a software solution unique to each client’s needs.

“Receiving the Business Process Redesign Award from ACORD is an affirmation of our ForeSight technology and our commitment to keeping current with insurance industry software standards,” said David Fenimore, Senior Vice President Engineering, Insurance Technologies. “True development partners such as SAFECO make adoption of these standards a reality for our industry.”

Insurance Technologies was one of only two vendors to receive this award in the Life space. Insurance Technologies is also a previous recipient of the ACORD Early Adopter award of XML Standards for Life Insurance.

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.