Business/Technology Editors

TORONTO--(BUSINESS WIRE)--Aug. 27, 2001

Castek, a provider of software systems for financial services organizations, announces the development of Insure3 Claims, the claim-processing addition to Castek's Insure3 product suite for property/casualty insurance.

Insure3 Claims will help insurers improve loss ratios and achieve multi-point returns to their bottom lines. Its financial and adjudication tools, along with the flexibility of Insure3 Policy, can provide competitive advantages to Castek customers by combining the full-scale insurance product management with efficient, cost-effective processing capabilities.

"As a standalone claim-processing system, or integrated with Castek's Insure3 Policy, Insure3 Claims will help insurers achieve cost-effective control - from insurance product development and introduction to outcome," says Yung Wu, CEO of Castek.

"Several of our customers have pre-committed to Insure3 Claims, providing validation and functional/architectural input in the development process," Wu adds. "In turn, we will invest a significant portion of our recent round of financing in Insure3 Claims, reducing development time, rewarding the faith of our investment partners, and finalizing our complete Insure3 suite all the earlier."

About Castek

Castek Software Factory Inc. specializes in the creation of strategic, business software for the financial services industry, with a specific focus on P&C insurance. Founded in 1990, Castek is recognized for its advanced, flexible core business processing systems. For more information, readers can visit the company's Web site at www.castek.com.

NOTE TO MEDIA: In the product name Insure3, the 3 should be superscripted.