IVANS Announces Management Changes

April 8, 2004

IVANS, Inc., a provider of networking and customer care solutions to the insurance industry, announced the appointment of Clare DeNicola as the firm’s president and chief executive officer at its annual meeting in New York City. DeNicola was also elected to the company’s board of directors through 2007.

Formerly senior vice president of IVANS, DeNicola assumes the CEO position from Robert Payne, who retired effective March 31, 2004. Payne will continue to serve as the non-executive chairman of the board.

Also at the meeting, Gerald Stanton, chairman and CEO of the Frankenmuth Financial Group and Robert Morgan, executive counselor, Cincinnati Financial Corporation (NasdaqNM: CINF), were re-elected to the board of directors through 2005 and 2007, respectively. Both Stanton and Morgan have served as directors of the company since 1992.

DeNicola has been with IVANS for seven years. She most recently served as senior vice president, responsible for sales, customer services, operations, and development of the company’s data networking business services. In this role, DeNicola was instrumental in creating services that focus on real-time transactions and enhancing the communication between insurance organizations and their trading partners.

Over the past year, IVANS has increased the number of end-users connecting through IVANS by 27%, based on the initiatives implemented under DeNicola. She has more than 15 years of experience in marketing technology and business services.

Payne has served as president and chief executive officer since November 2000. Prior to his appointment, he was vice president, corporate secretary and treasurer of IVANS and has served on the board of directors of the company since January 2000. Throughout his career, he has been active in industry initiatives to improve the insurance industry distribution system ranging from the first use of key tape technology to the first production use of ACORD Level 3 standards between agents and companies.

IVANS, headquartered in Old Greenwich, Connecticut, was formed in 1983 by 21 insurance companies to provide data networking and e-commerce solutions and services to the insurance industry. IVANS serves over 475 insurance and healthcare organizations, more than 30,000 independent agents and 28,000 providers.

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