Insurance Systems Inc. announces commencement of phase 2 for the product

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July 30,2001 — Insurance
Systems Inc.
is pleased to announce that the next phase of has been given the go-ahead by
CNA. This next phase will allow CNA to roll-out the OMMni product worldwide due to multi-language and
multi-currency capability. The competitive marketplace for ocean cargo insurance requires leading edge solutions
to reduce the high expense ratio traditionally associated with this line of business.

COO of ISI Terry Neilson stated ” ISI is very happy that the initial phase of OMMNi has
allowed CNA to reduce expenses in this line of business and that the second phase will allow implementation on
a worldwide basis.”