South Africa's Road Accident Fund (RAF) Selects FINEOS for Enterprise Claims Management

- FINEOS to manage bodily injury claims for loss or damage
resulting from injuries or death caused by the negligent driving of
motor vehicles within the borders of the Republic of South Africa -
DUBLIN, Ireland--(Business Wire)--FINEOS Corporation, a global provider of innovative enterprise
software solutions for insurance, bancassurance, and government, today
announced a new deal with the Road Accident Fund ( "RAF" ) of South
Africa to deliver FINEOS Claims(R) to manage bodily injury claims.
FINEOS Claims was selected following a world-wide review of
market-leading claims solutions and will be used to streamline the
entire claims management operations at RAF by automating processes,
improving customer service and enforcing best-practice rules. FINEOS
Claims was ultimately chosen because it is a commercial off-the-shelf
(COTS) solution that is packaged with traditional claims management
capability along with feature-rich case management, payments and CRM
single view of the customer. This functionality combined with the
strong FINEOS reference base with government insurers made it a
natural selection for RAF requirements.

Michael Kelly, CEO of FINEOS, welcomed the deal. "This is a
strategic development for FINEOS and represents a further step in the
evolution of FINEOS Claims as a world-class claims management solution
for life & health, property & casualty (P&C) and government social
insurance. South Africa is also a new geo-market for FINEOS and we
fully expect our experience there to replicate the growth we've seen
in Europe, North America and Australasia. The Government in Ireland
has put increased focus on South Africa as an export destination for
Ireland and we are delighted to announce this significant deal with
the South African Government's RAF."

The announcement coincides with the Irish Government's trade
development mission to South Africa headed by Irish Prime Minister, An
Taoiseach, Bertie Ahearn, and Minister for Enterprise, Trade and
Employment, Micheal Martin. The aim of the visit is to support Irish
companies in developing a presence in South Africa through trade,
investment, partnership and other business linkages. South Africa is
an emerging market and offers significant scope for new business
development both in South Africa itself and in bordering African
markets comprised of up to 185 million people. Commenting on the new
deal, Minister Micheal Martin said, "The success of FINEOS in winning
this contract shows Irish companies, with the support of Enterprise
Ireland, are to the fore in the development of practical, innovative
solutions required in a global market. I want to wish FINEOS every
success in South Africa and look forward to welcoming them on future
Trade Missions to other world markets."

The RAF is the government body that operates South Africa's
compensation programme for people injured in road accidents or the
dependants of people killed in accidents arising from the negligent
driving of a motor vehicle. It employs 1700 staff and in 2007
processed 260,903 claims and paid out approximately R6.6 billion (EUR
655 million). In recent times, it has faced a number of challenges
(including a backlog of approximately 380,000 claims) that led it to
carry out an in-depth internal review of its IT systems, human
resources, service delivery, and communications. A new business model
was eventually agreed to secure the long term future of the RAF and
enable it to achieve its strategic objectives. A key component of the
plan was the introduction of a new claims management system. According
to Jacob Modise, CEO of RAF, "The new solution is intended to replace
the legacy system within the RAF which continues to fail our accident
victims and does not lend itself to efficient processing of claims."

Rather than devise a new claims system from scratch, the RAF
commissioned a team of consultants from KPMG to review proven
solutions in similar enterprises around the world. FINEOS has a
well-established track record in the area of managing claims for
accident compensation and bodily injury. Its deployment at the
Accident Compensation Corporation (ACC) of New Zealand is one of the
largest public sector projects in the country in the last decade.
Moreover, FINEOS Claims was also recently selected by the Transport
Accident Commission (TAC) in Victoria, Australia, to manage its bodily
injury claims. A key differentiator of FINEOS Claims is its
comprehensive case management and integrated customer management
capabilities which set it apart from traditional solutions which tend
to focus more narrowly on the claim rather than the claimant.

According to Jacob Modise, CEO of RAF, "It is pleasing to note
that our tender processes resulted in the selection of solutions
successfully applied by our counterparts in other parts of the world.
We expect this to improve the sharing of experiences and enhance
efficiencies."

About Road Accident Fund (RAF)

The Road Accident Fund (RAF) is a statutory body that, in terms of
the provisions of the Road Accident Fund, 1996 (Act 56 of 1996) as
amended, provides compensation for loss or damage resulting from
injuries or death caused by the negligent driving of motor vehicles
within the borders of the Republic of South Africa. The purpose of the
Fund and the Act as a whole is to provide cover to users of South
African roads who get involved in motor vehicle accidents. In return
for a direct and indirect payment of a levy on fuel, the Fund
compensates claimants for losses they incur as a result of injuries
arising out of the use of motor vehicles. The intention is to
reintegrate the road accident victims back into society from an
economic and health perspective. The Fund is committed to acting in a
manner that ensures that these aims are achieved, notwithstanding the
numerous challenges and obstacles that it faces in doing so.

RAF Customers

Any user of roads in South Africa, including drivers, pedestrians,
and others is the RAF customer. These customers are covered for
potential injury or liability resulting from motor vehicle accidents.

People who are injured in motor vehicle accidents are RAF's second
type of customers. These customers are provided compensation and
rehabilitation for injury-related medical care and damages.

The RAF has regional offices in Cape Town, Durban, Johannesburg,
East London and Pretoria. The RAF has begun increasing its footprint
to all 9 provinces in South Africa. The Head Office is situated in
Menlyn, Pretoria. For more information, please visit www.raf.co.za

About FINEOS Corporation

FINEOS is a global provider of innovative enterprise software
solutions for insurance, bancassurance, and government. FINEOS
solutions address core business processing requirements including CRM,
new business & underwriting, claims & payments, and policy
administration. FINEOS solutions are built on a customer and case
centric, rules-driven, component-based enterprise platform that serves
as a flexible infrastructure for new product introduction, legacy
enrichment, and business transformation initiatives. FINEOS is
delivering documented benefits for some of the world's leading
insurance carriers, government institutions, bancassurers, retail
banks and building societies. The company is headquartered in Dublin,
Ireland and has offices in North America, Europe and Australasia. For
more information, please visit www.FINEOS.com.

FINEOS Corporation
Kevin Lash, 617-649-0020
Chief Marketing Officer

Copyright Business Wire 2008