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i-flex to provide next-generation insurance solution to Tokio Marine Management, Inc.

Landmark deal marks i-flex’s strategic entry into the insurance domain

Mumbai, November 7, 2005: i-flex® solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of enterprise solutions to the global financial services industry, today announced that Tokio Marine Management, Inc. (TMM) has signed a Letter of Intent (LOI) with i-flex to replace TMM's legacy commercial lines policy processing platform with a solution comprising best-of-breed components. TMM is the U.S. Manager for the U.S. insurance operations of Tokio Marine & Nichido Fire Insurance Co Ltd. (Japan), Japan's oldest and largest property and casualty insurer.

The deal validates i-flex’s strategic decision to enter into the insurance domain five months ago with the acquisition of a majority stake in Castek Software Inc. Castek offers core insurance-business processing systems for large- and mid-sized Property and Casualty (P&C) insurers.

In a move that is set to reshape the technology landscape in insurance, i-flex solutions and its partners have formed a consortium that has created a comprehensive yet flexible component-based solution for the P&C insurance industry. The next-generation solution is centered on Castek’s Insure3 processing platform and encompasses insurance product and process configuration, customer-focused, full-lifecycle policy administration, including agency and direct billing, a rating service and document publishing and printing. It will process TMM’s commercial business for all states and territories in the USA.

Under the proposed terms with TMM, i-flex will take overall responsibility for implementing the policy administration, data warehousing and reporting solution, and will also provide managed services during the course of the implementation.

The solution brings together:

· Castek's Insure3 as the core application

· Appix’s subject matter and project management expertise in the P&C industry

· STG's Renaissance Billing and Accounts Receivable System to manage agency and direct billing

· The ISO Rating Service™ for ISO advisory content, including products, statutory codes and tools for custom rating configuration

· Document Science’s xPression toolset with ReadyForms – a Uniform Forms integration library from CCH INSURANCE SERVICES - for all printing needs and industry standard forms

· Systems integration, implementation and program management from i-flex solutions

‘There was a compelling need for us to transform our processing platform to make it more responsive to ever changing business requirements in line with the severe pressures thrown up by a highly competitive market place. i-flex’s domain expertise, systems integration capability and execution track record combined with Castek’s future-ready products and the caliber of the other members of the consortium created a compelling value proposition for us,’ said Dave Pieffer - Senior Vice-President, Underwriting, TMM.

‘When contemplating a replacement project of this magnitude, it is practically impossible to anticipate every eventuality and document every requirement at the outset’ said Aidan McManus – VP, Chief Information Officer. ‘In essence - you don’t know what you don’t know. So we needed a platform that can easily cope with changes as they happen. With i-flex’s componentized and best of breed solution we get this flexibility.’

According to Celent, the total IT spend in the P&C insurance industry is a USD $13.2 billion market opportunity and is expected to grow to USD $20.8 billion by 2010. The IT spend in 2005 on policy administration in the US alone is USD $2.2 billion

‘Tokio Marine Nichido is a stellar brand in the global insurance market. We are delighted to partner with Tokio Marine Management, Inc. on this strategic initiative,’ said R. Ravisankar - CEO, International Operations and Business Development, i-flex solutions. ‘The insurance industry is at an inflection point with insurance carriers being compelled to seek an IT architecture that allows agility and flexibility without compromising on business functionality. The Tokio Marine initiative is a great example for other insurance companies wanting to maximize efficiency and achieve competitive advantage in a challenging environment.’

‘The recent spate of natural calamities and geo-political upheavals has radically altered the commercial insurance business. Increasingly, insurance carriers are forced to improve their operational performance and innovate. Insurers must improve the policy and new business processes and adopt new technologies that will support their business vision. Selection of new solutions with solid functionality and best in class technologies is a critical success factor,’ said Kimberly Harris-Ferrante, Research Vice President in Gartner.