Comercial America Insurance Company Chooses ICICI Infotech's PREMIA to Streamline Policy and Claim Administration.

Business Editors/High-Tech Writers

EDISON, N.J.--(BUSINESS WIRE)--June 7, 2004

ICICI Infotech solution package includes BPO component for U.S. property and casualty insurance provider

ICICI Infotech (www.icici-infotech.com), a global IT solutions provider, has agreed to implement PREMIA 10.0 to help Comercial America Insurance Company (CAIC) manage its growing property and casualty book of business on an enterprise-wide level. CAIC currently writes annual premiums of $20 million and enjoys an "A-" A.M. Best rating.

PREMIA 10.0, which has been tailored specifically for the U.S. insurance industry, uniquely combines the flexibility of a modular application software solution with the power of a single, integrated system. Beneath a comfortable and consistent presentation layer, PREMIA 10.0 provides powerful business functionality that supports not only rating, quoting, underwriting, binding, billing, endorsing (including out-of-sequence), and claim administration, but also reinsurance management, and general ledger accounting. PREMIA 10.0 also delivers enhanced reporting and an improved capability to integrate with existing systems.

"We wanted an insurance system solution that had been built to support large and complex operations and that also had the pricing and BPO flexibility that would be attractive to our smaller, current operation," said Luis Bordes, President of CAIC. "PREMIA, which ICICI Infotech is delivering to us through a BPO services package, will enable us to provide our producers with technological tools not currently deployed in our business space. In addition to that competitive advantage, just the availability of PREMIA is already helping us advance some stalled business initiatives that other system solutions could not adequately support. Finally, the implementation of PREMIA 10.0 will also bring new efficiencies to our operation. By integrating general ledger accounting, reinsurance management, policy administration, and claim administration in one system software package, we expect productivity benefits at the staff level in excess of 15%."

"We are delighted to work with CAIC on such a project and are confident that PREMIA will enable them to provide enhanced customer service to their growing customer base," said Mr. V. Srinivasan, Managing Director & CEO, ICICI Infotech Inc. "PREMIA provides CAIC with the means to deploy new or revised programs of insurance quicker and more efficiently. We look forward to building on the success of this project to establish PREMIA as the 'solution of choice' for the U.S. Insurance Industry."

Since its initial launch in 1989, PREMIA has been successfully implemented for ICICI Infotech's insurance clients across 18 countries. The introduction of PREMIA 10.0 completes ICICI Infotech's initiative to address the unique requirements of the U.S. property and casualty insurance industry, while maintaining the full functionality of its proven, world-class, previous versions. For additional information regarding PREMIA, please visit: www.icici-infotech.com/premia.

About ICICI Infotech

ICICI Infotech Ltd. is a leading provider of information technology products and services. It has a comprehensive set of solutions for the insurance, banking, financial services, manufacturing, retail & distribution, and contracting industries.

Building on extensive domain knowledge and continuous investment in leading edge technologies, ICICI Infotech helps corporations transform their businesses through its expertise in enterprise class products, software solutions, security consulting, IT infrastructure, and disaster recovery solutions. Promoted by the $22 billion NYSE-listed ICICI Bank, ICICI Infotech services customers in 30 countries and has presence across 4 continents.

Headquartered in Edison, New Jersey, ICICI Infotech Inc. is the U.S. arm of ICICI Infotech Ltd.