Canada Protection Plan Switches to CoVirt’s VirtGate Internet Policy and Advisor and Management Service

VirtGate is emerging as the de facto standard for MGAs in Canada

December 12, 2003 — Canada CoVirt Inc. (Canada) (‘CoVirt’) announced today that CoVirt now supplies Protection Plan, Inc (‘CPP’), with VirtGate, a multi-channel insurance advisor and policy management and advisor service delivered through the Internet.

David Slabodkin, President at CPP said “We are technology aggressive and very innovative. Before VirtGate, the information our advisors needed to be more productive was stored in our LAN based system — now with VirtGate they have direct real time access. We needed to make the move to VirtGate in order to provide our advisors with more information at their fingertips. VirtGate will be our 24-hour sales and service channel, a communal meeting place and a great employee tool. We are just beginning to realize the benefits we can derive from VirtGate, both in terms of reducing our costs and in generating revenue.”

Karen Ashcroft, Senior Administrator at CPP says, “Most interactions with our advisors across Canada are simple in nature, and we can move these to VirtGate, reserving the more expensive high touch channels for more appropriate service issues. Having direct access to his or her data will make the advisor feel more in power and make the supply chain more efficient.”

Carl Rosen, Director of Legal Services, concurs and said, “Consolidating information will allow us to better manage the corporate brand. It will also give us more centralized information and more control — it is all about information delivery.”

Tim Fitzpatrick, President at CoVirt, concluded, “When companies start looking for opportunities to leverage their business model and shareholder investment, they call us. We show them the opportunities to improve both the process as well as the return on their investment. The insurance industry is in a tight economic situation at this time. The focus on how you get return on investment out of technology is crucial. Look at risk of investing in the wrong system. Will it impact on your business? Will advisor satisfaction decline? VirtGate is emerging as the de facto standard for MGAs in Canada, and yet is priced very competitively compared to the annual maintenance for a home grown system or other vendor alternatives given that the advisors are also users. There are no on-going technical requirements imposed on our clients — our clients prefer to sell insurance and leave that to us.”

About CoVirt:

CoVirt’s VirtGate Internet policy and advisor management service that is a total integrated solution for MGAs. VirtGate provides superior advantages that turns the agency web site into a sales pipeline portal permitting CoVirt customers to focus on the fundamental core expertise that is the key to their success. VirtGate is much faster than typical internal LAN based software and customers can tie as many offices and users together as they wish — all with no user fees. VirtGate also includes online integrated document management where documents are posted to the broker record, policy record, or public library in seconds. VirtGate is worry free — all that is needed is a standard web browser and access to the Internet — nothing is installed on the user’s machine or customer’s server at all.

For more information, please contact: