The FREEDOM Group Licenses Claims Workstation to CIBC; Agreement Expands Already Extensive Relationship between Fiserv, CIBC.

Business Editors

WEST DES MOINES, Iowa--(BUSINESS WIRE)--April 27, 2000

Fiserv, Inc. (NASDAQ:FISV) announced today that it has expanded an already extensive relationship with the Canadian Imperial Bank of Commerce by licensing a claims management product to the bank's insurance subsidiary.

Specifically, The FREEDOM Group unit of Fiserv licensed its Claims Workstation to CIBC Insurance, of Mississauga, Ontario.

Fiserv enjoys a strong relationship with CIBC. The two organizations operate a highly successful joint venture, INTRIA Items, Inc., that processes checks and other items for CIBC and other companies throughout Canada. In addition, Fiserv technology is a key engine behind President's Choice Financial, a direct banking venture in Canada, and Marketplace Bank, a direct banking initiative in the United States.

The latest agreement extends the relationship into insurance services. Claims Workstation is an enterprise-caliber claims management system that facilitates claims adjusting and communications. The system supports a variety of relational databases and is based on an n-tier architectural design, providing flexibility in the client environment.

"Because Claims Workstation integrates work management and imaging technology, we feel the system will meet the well-rounded goals of CIBC Insurance," said Jeff West, Senior Vice President of the Insurance Division of the FREEDOM Group. "Customers, employees and the business itself will all benefit. Since claims are key contact points with customers, employees need the technology Claims Workstation offers to provide the level of service expected."

"When we were evaluating claims management systems, we kept customer, employee and business benefits in mind," said Glen Piller, Vice President-Claims, CIBC Insurance. "Our first priority was to provide enhancements to our 7/24 full-service claims operations to ensure the best experience possible for our customers, at the time they need us most.

"We also wanted our employees to have leading-edge claims management technology tools to enhance their skills and increase their job satisfaction. In addition, we wanted to reduce expenses and increase loss cost savings. Our goals include managing our service provider chain more effectively, which will have many business benefits, but most importantly will be another important step in improving the claims experience for our customers," Piller added.

CIBC Insurance is composed of two property and casualty companies: CIBC General Insurance Company Limited and The Personal Insurance Company of Canada. These subsidiaries are wholly owned by Canadian Imperial Bank of Commerce. Collectively, they sell individual home and auto insurance directly in the provinces of Ontario and Alberta, as well as group home and auto insurance in all provinces. CIBC Insurance is a recognized leader in direct response insurance in Canada and, through its acquisition of The Personal Insurance Company of Canada in 1994, is the leader in employer-sponsored group home and auto insurance.

CIBC is a leading North American financial institution offering more than 8 million personal banking and business customers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and throughout the world.

The FREEDOM Group is a leading provider of software and services to the property-casualty industry. Founded in 1986, the company offers systems handling personal and commercial lines, billing, claims, and premium accounting and reporting. Outsourcing and consulting services are also available. FREEDOM is also the largest provider of financial products to both property-casualty and life companies, with a client base in excess of 2,000 insurance companies. Visit the FREEDOM web site at http://www.freedomgroup.com.

Fiserv, Inc. (NASDAQ:FISV) is an independent, full-service provider of integrated data processing and information management systems to the financial industry. As a leading technology resource, Fiserv serves more than 10,000 financial services providers worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies, mortgage banks and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv also can be found on the Internet at www.fiserv.com.