BearingPoint Completes Implementation of Guidewire Claims System for CompWest Insurance Company

Leading specialist insurance and reinsurance company adopts state of the art claims management technology

McLEAN, Va., May 28, 2008:

BearingPoint, Inc. (NYSE: BE), one of the world’s largest management and technology consulting firms, and Guidewire Software®, a leading global provider of solutions to property and casualty and workers' compensation insurers, today announced that they have completed the seven-month implementation of a new claims system for CompWest Insurance Company, a San Francisco-based provider of workers’ compensation insurance serving the Western United States.

The BearingPoint team, working with Guidewire, leveraged its tested, proprietary delivery framework templates and project accelerators to deliver the ClaimCenter project on time. BearingPoint implemented Guidewire ClaimCenter®, a 100% Web-based claims system, to enable CompWest to better manage costs and drive efficiencies associated with claims handling and processing.  The system will allow CompWest to expand adjusting capabilities, maximize operational efficiency, improve overall cost-effectiveness and focus on the care of injured workers. In addition, BearingPoint will host the ClaimCenter application, enabling more efficient maintenance of the solution

“We are very happy with the success of the ClaimCenter implementation,” said Mike Knibbs, Director of Information Technology at CompWest.  “Our users are very pleased with the new system, and the new capabilities it provides.

“This implementation was a notable success for CompWest, Guidewire, and BearingPoint,” said Russ Riggen, managing director at BearingPoint. “This Guidewire implementation project is the first led by a management and technology consulting firm to go into production.  The project was fully completed in seven months.” 

“BearingPoint is a valued Guidewire systems integrator.  It is through their dedication and expertise, and our joint collaboration, that CompWest is today enjoying its new claims system,” said Priscilla Hung, vice president, alliances and corporate development, Guidewire Software. “We congratulate BearingPoint and CompWest on their successful ClaimCenter implementation.”

About CompWest Insurance Company

CompWest Insurance Company specializes in providing workers’ compensation insurance and services to mid-size companies through its select network of insurance broker partners in the western United States.  To learn more, visit www.compwestinsurance.com.

About Guidewire Software

Guidewire Software is a provider of core system software to the global Property/Casualty (general) insurance industry. Designed to be flexible and scalable, Guidewire solutions give insurers the capability to deliver excellent service, increase market share and lower operating costs. Guidewire InsuranceSuite™, consisting of Guidewire PolicyCenter®, Guidewire ClaimCenter® and Guidewire BillingCenter® spans the key functional areas in insurance – underwriting and policy administration, claims management, and billing. Guidewire is headquartered in San Mateo, California, with offices in Beijing, Dublin, Hong Kong, London, Munich, Paris, Sydney, Tokyo, and Toronto. For more information, please visit www.guidewire.com.

About BearingPoint, Inc.

BearingPoint, Inc. (NYSE: BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide.  Based in McLean, Va., the firm has approximately 16,000 employees focusing on the Public Services, Financial Services and Commercial Services industries.  BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done.  Our service offerings are designed to help our clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to “next-generation” technology. For more information, visit the company's Web site at www.BearingPoint.com.

Some of the statements in this press release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995.  These statements are based on our current expectations, estimates and projections.  Words such as “will,” “expects,” “believes” and similar expressions are used to identify these forward-looking statements.  These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.  Forward-looking statements are based upon assumptions as to future events or our future financial performance that may not prove to be accurate.  Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements.  As a result, these statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.