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QUARTERLY EARNINGS SYNOPSIS

Presented by 7 Mile Advisors & Paradigm Partners International | Q3 2019

Securities offered through 7M Securities, LLC - Member FINRA/SIPC

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Insurance Technology (InsurTech)

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7 Mile Advisors and Paradigm Partners International appreciate the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please seethe Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representationsas to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors and Paradigm Partners if it was distributed in error.

Team & Transaction Experience

Summary

Public Basket & Valuation Trends

Earnings Call Overview

Transactions

CONTENT

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Insurance and M&A industry veterans with experience serving companies such as Transamerica, Citigroup, Travelers Insurance, MetLife, MassMutual and Accenture, among others.

TRIPP DAVISPartner

SIMON BAITLERManaging Director

BARRY JACOBSONManaging Director

JIM GALLIManaging Director

THE TEAM

Veteran of more than forty years in the insurancebusiness. He became Chief Operations Officer forTransamerica Life Insurance and Annuity Companyin 1978; he then served in several seniormanagement and board positions, lastly asExecutive Vice President and Chief AdministrativeOfficer for the Transamerica Life Companies, andSCOR Reinsurance.

Partner with over 20 years of investment bankingand advisory experience. Tripp joined 7 MileAdvisors from Hyde Park Capital Partners, where heserved as head of the Business Services, Technologyand Communications group while advisingcompanies in a variety of industries on M&A andcapital raising assignments.

Partner whose investment banking and advisoryservices commenced in 1996 at Accenture. He hasadvised on transactions involving Perficient,Accenture, Altisource, CGI, FPT (Vietnam) andMerkle / Dentsu Aegis Network, among others.

Partner with over 20 years of investment bankingexperience. Leroy has managed assignments forpublic and private companies, ESOPs and financialsponsors. He is a Certified Public Accountant andbegan his career with Coopers & Lybrand.

Managing Director with over 30 years in theinsurance business. Mr. Jacobson was President ofInternational Life for the ACE Group. He started thebusiness from scratch and after 5 years it became aGlobal Life and Reinsurance business generating $1billion in revenue and $200 million in after-taxoperating profit.

Managing Director with more than 30 years ofleadership and management experience in both theinsurance and reinsurance industry. Glenn began hiscareer with the Travelers Insurance Companies,served GE Capital, then joined TransamericaCorporation for over 15 years.

Managing Director with over 30 years of domesticand international insurance industry experience. JimGalli has focused heavily in product development,underwriting, channel marketing and distributionexpansion. Jim has served Legal & General America,MetLife, AIG, and MassMutual.

Managing Director and recognized business leaderwho has shaped the life insurance industry over thelast four decades. Throughout his distinguishedcareer he held senior leadership positions in globalfortune companies including Transamerica, Aetna,AXA, and Prudential.

ANDY JOHNSTONPartner

LEROY DAVISPartner

GLENN CUNNINGHAMManaging Director

MARK HUGManaging Director

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- Our experienced deal team has executed on over 150 transactions -

TRANSACTION EXPERIENCE

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Insurtech M&A activity in 2019 declined from record levels in 2018 according to PitchBook in terms of both deal value(~$15b YTD through November vs. ~$19b in 2018) and count (64 deals YTD vs. 114 in 2018). However, a handful oflarge Insurtech deals in the latter half of the year could provide an early indication of an improving M&A environmentin the New Year. Specifically, we highlight the following transactions:

In August, Roper Technologies announced and completed the acquisition of iPipeline, a cloud-basedSaaS solutions provider to the life insurance and annuity industries, for $1.625b. iPipeline’s applicationsprovide workflow automation and seamless integration across a broad network of approximately 150carriers, 1,350 distributors, and over 500,000 agents.

In September, Prudential announced the acquisition of Assurance IQ, a direct-to-consumer platformproviding individualized health and financial wellness solutions, for $2.35b plus another $1.15b in earnout potential. Assurance IQ matches buyers with products such as life and health insurance and autoinsurance, enabling them to make purchases online or through an agent.

In November, Aon announced the acquisition of CoverWallet, an online digital insurance platform aimedat small and mid-size businesses (SMBs) that provides product comparisons, tailored coverage, fastquotes, and a speedy application/approval process. The platform also provides online certificates,advice, claims help, etc.

SUMMARY

Source: S&P Global Market Intelligence, Pitchbook

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These three deals stand out and likely signal an improving M&A landscape in 2019 for several reasons.

First, the deals are notable in size with iPipeline and Assurance IQ fetching over $1.5b and $2.4brespectively. Despite the significant upfront investment, we believe acquisitions of this nature makesense for industry incumbents who likely have dated technology platforms and lack all other financialservices segments when it comes to digital transformation. By acquiring tech-savvy startups,incumbents can fast track their digital capabilities which otherwise would take years to developinternally. Further, there is significant risk to internally developed IP as evidenced by Aetna’sCarePass app which suffered from poor user adoption, UI/UX, and a host of other issues.

Second, these deals highlight that customer demands are changing and are likely here to stay.Today’s consumer prefers to transact business at an arm’s length through the internet, shying awayfrom interactions with a financial advisor. Further, online portals provide consumers a sense ofempowerment by peeling back the complexity of the insurance buying process. As traditional insurersstruggle to reach digital-savvy customers who shop on the internet, they will need to partner with oracquire these online capabilities. Finally, these new online channels should have the added benefit oflowering customer acquisition costs. As such, investments in this area may prove necessary forindustry incumbents to remain competitive.

Besides the recent notable insurtech acquisitions highlighted above, we would note that venture-capital (VC) isshowing substantial interest in just about every category of the insurance industry. Of note, SoftBank Group Corp.led a $300m investment round in April for Lemonade Insurance Co., while Root Insurance raised $100m led byTiger Global management in August, and Hippo raised $100m in July led by Bond Capital. These transactions arenotable given the “unicorn” valuations of over $1b.

Overall, we believe the large announced insurtech mergers highlighted in this report, and increased VCinvestment/valuations, represent a harbinger of what we will see in 2020 as insurers seek rapidly modernize in atraditionally slow-to-evolve industry.

In the remainder of the report, we isolate key quotes from publicly traded insurtech businesses’ Q3 earnings calls,which generally characterize the insurance market as healthy and growing.

SUMMARY

Source: S&P Global Market Intelligence, Pitchbook

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PUBLIC BASKET AND VALUATION TRENDS

For the most recent reporting periods as of 7.25.19 | Source: Capital IQ

Market LTM Margins Revenue Growth ROE P / S EV / LTM Rev.

Company Cap. (m) Gross EBITDA LTM NTM LTM NTM LTM NTM EBITDA # FTEs Per FTE

RELX PLC $36,453 64.9% 30.4% 0.8% NA 69.4% NA 3.7x NA 18.1x 32,100 $310k

Verisk Analytics, Inc. $24,713 63.0% 42.0% 8.2% 9.2% 21.8% 32.2% 9.7x 8.9x 25.6x 7,951 $320k

Intellect Design Arena Limited $19,740 28.6% 5.1% 11.4% NA 4.3% NA 95.4x NA 22.5x 4,665 $44k

Guidewire Software, Inc. $8,669 53.5% 2.1% -3.9% 13.7% 0.0% 6.1% 12.4x 10.9x NM 2,355 $296k

CoreLogic, Inc. $3,364 49.0% 20.5% -5.4% 0.2% 3.2% 22.1% 1.9x 1.9x 14.4x 5,800 $300k

ExlService Holdings, Inc. $2,399 33.8% 13.4% 14.6% 7.0% 8.1% 15.7% 2.5x 2.3x 19.0x 29,100 $33k

Sapiens International Corporation N.V. $1,120 39.2% 15.4% 8.4% 12.9% 11.0% 17.6% 3.6x 3.2x 24.3x 2,378 $131k

Ebix, Inc. $1,006 65.9% 27.8% 22.4% 19.3% 16.3% 21.3% 1.8x 1.5x 10.7x 9,263 $62k

FINEOS Corporation Holdings plc $714 66.4% 2.2% 11.5% NA -6.9% NA 10.0x NA NM 664 $108k

Majesco $345 49.5% 9.1% 8.0% NA 7.1% NA 2.4x NA 24.1x 2,682 $54k

Average $9,852 7.6% 10.4% 13.4% 19.2% 14.3x 4.8x 19.8x 9,696 $166k

Median $2,881 8.3% 11.1% 7.6% 19.5% 3.6x 2.7x 20.7x 5,233 $120k

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 Current

TEV to EBITDA (Median) Historical Average

18.1x

20.7x

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OPERATIONAL METRICS

LTM REVENUE GROWTH % LTM ROE %LTM EBITDA %

-10% 0% 10% 20% 30%

Average

CoreLogic, Inc.

Guidewire Software, Inc.

RELX PLC

Majesco

Verisk Analytics, Inc.

Sapiens International

Corporation N.V.

Intellect Design Arena

Limited

FINEOS Corporation

Holdings plc

ExlService Holdings, Inc.

Ebix, Inc.

-20% 0% 20% 40% 60% 80%

Average

FINEOS Corporation

Holdings plc

Guidewire Software, Inc.

CoreLogic, Inc.

Intellect Design Arena

Limited

Majesco

ExlService Holdings, Inc.

Sapiens International

Corporation N.V.

Ebix, Inc.

Verisk Analytics, Inc.

RELX PLC

0% 10% 20% 30% 40% 50%

Average

Guidewire Software, Inc.

FINEOS Corporation

Holdings plc

Intellect Design Arena

Limited

Majesco

ExlService Holdings, Inc.

Sapiens International

Corporation N.V.

CoreLogic, Inc.

Ebix, Inc.

RELX PLC

Verisk Analytics, Inc.

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Commentary“Our second quarter financial results reflect the continuing momentum ofour cloud subscription product focus. The number of cloud customerscontinue to increase with accelerating project go-lives, as our customersare benefitting from dramatically reduced project implementationtimelines.” — Adam Elster, CEO

HighlightsFor the quarter ended September 30, 2019 (2020Q2):

• Total revenue was roughly flat yr/yr as Brexit and a one-timesubscription-based model rollout at Majesco’s largest customer wereimplemented.

• However, cloud subscription revenue increased 21% yr/yr to $5.1m,growing overall cloud-based customer revenue to $13.1m (39% of totalrevenue). The total number of cloud customers is 61, increasing 49%yr/yr (+5% sequential).

• The company’s backlog now exceeds $100m, predominantly driven bycloud-based solutions sales.

• Majesco also announced that it continues to expand its partnershipbusiness; the company’s Majesco Cloud solutions are now available inthe Microsoft Azure Marketplace.

• Gross profit margins declined 430 bps yr/yr to 46.1%, while the Adj.EBITDA margin declined 330 bps to 9.2%. Majesco noted that thequarter was adversely impacted by limited cloud implementationservices and minimum subscription revenue which will smooth out as“the system goes into full production”.

News• Majesco Cloud Solutions Now Available in the Microsoft Azure

Marketplace

Stock Performance

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Source: Capital IQ, Company Website, and Earnings Call Transcript

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Majesco S&P 500

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Commentary“We enter to the second half of 2019 with a strong pipeline of business, and our momentum continued to build going into year-end. The outstanding third quarter results demonstrated continued solid execution against our 2019 priorities of top line growth and margin expansion.” –Roni Al-Dor, CEO, President & Director

HighlightsFor the quarter ended September 30, 2019 (2019Q3):

• Revenue in 2019Q3 increased 12.8% year-over-year, due to expansionin P&C and life & annuity divisions.

• Operating Margin grew 240 bps from 2019Q3 by leveraging offshorecapabilities with improved economies of scale.

• Management continues to invest in the North America Segmentheading into 2020 where robust pipeline will deliver exceptional resultsfor Sapiens’ shareholders.

• Management’s industry outlook also remains optimistic, advances intechnology and digitalization is completely changing the insurancelandscape and management has capitalized on its inorganic growthstrategy by placing an increased focus on technology and the digitalproduct suite areas building customized solutions for clients andstreamlining analytics and operational workflow processes to increasethe firm’s global footprint.

• Sapiens’ recent acquisition of Calculo, a leading insurance softwaresolutions and services providers for the Spanish market is currentlyexpanding Sapiens’ market share in Europe and just one of the manyexamples of how InsurTech targets are sweeping the M&A landscapewithin the insurance industry.

News• Sapiens Acquires Spain-based Calculo to Support Its Penetration of

the Iberian Market

Source: Capital IQ, Company Website, and Earnings Call Transcript

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Sapiens International Corporation N.V. S&P 500

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Commentary“Looking ahead, we have made a lot of investments in the area ofsolution selling, sales realignment, new product creation and overall focuson straight-through processing in the insurance arena. We are alsoleveraging our contacts worldwide better and also leveraging ourinternational insurance products presently under EbixCash in India forsale in the U.S. Our prospect pipeline today is bigger than ever before.”– Ash Sawhney, President – Insurance Solutions of North America

HighlightsFor the quarter ended September 30, 2019 (2019Q3):• Total revenue grew 14% yr/yr (+15% x-FX) in 2019Q3, driven by

gains in EbixCash Exchanges (+36%) and Insurance Exchanges(+6%). U.S. Insurance Exchange revenue grew 4%, driven by growthin life and annuities exchanges, health e-commerce exchanges, P&Cbusiness and the insurance certificate business.

• Given the company’s current pipeline in the U.S.—described as “thebest it has ever been—coupled with recent wins, the company sees8%-10% growth going forward.

• Management invested about $3 million on Capex and softwaredevelopment during the past quarter, funded all the initiatives fromexisting cash and operating cash flows

• Ebix is creating its Ebix B2C Marketplace which will be a state-of-the-art exchange where Ebix will offer insurance products directly to theconsumer powered by Artificial Intelligence. The portal will providestraight-through processing and instant underwriting enabled throughthe company’s reinsurance partners.

News• Ebix Successfully Expands the A.D.A.M. Health Services Business to

India with Key Healthcare Client Wins

Source: Capital IQ, Company Website, and Earnings Call Transcript

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Ebix, Inc. S&P 500

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Commentary““The strong growth in operations management this quarter is reflectiveof the investment EXL has made to create digital solutions and digitally-enabled operating models to deliver business outcomes for our clients…Our pipeline across insurance, healthcare and analytics remains strong aswe end 2019 and look forward to continued growth momentum in 2020.”– Rohit Kapoor, Co-Founder, Vice Chairman & CEO

HighlightsFor the quarter ended September 30, 2019 (2019Q3):

• Top-line of $251.4 million represented an increase of 8.8% from a yearprior which was augmented by a strong performance in the insuranceand healthcare verticals, which grew 20.9% and 26.5%, respectively.This is the Insurance segment’s highest growth rate since 2015, andthe Healthcare segment’s highest growth rate in the last 13 quarters.

• During the quarter. ExlService was chosen to build and optimize theactuarial function of a leading global insurance company which is thelargest analytics deal the firm has ever won. This win is significant interms of the complexity of the work and the scale of the program,noting that it involves a “unique model that reimagines the actuarialfunction of the future” including process automation.

• Rohit Kapoor, the CEO has reiterated that Exl will continue to beaggressive in terms of looking for strategic partners to grow theirbusiness model inorganically through acquisitions; Health Integrated,one of ExlService’s most recent acquisitions has improved Exl’shealthcare gross margin by 770 bps within the past quarter.

News• EXL Completes Acquisition of Care Management Firm Health

Integrated

Source: Capital IQ, Company Website, and Earnings Call Transcript

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ExlService Holdings, Inc. S&P 500

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Commentary“Regarding the third quarter, we delivered results that were at the highend of our guidance ranges. We generated positive revenue momentumdriven by growth in platform-related and other high-margin businesses.We also capitalized on higher refinancing volumes in the U.S. Thesegains allowed us to more than offset the expected revenue attritionattributable to the transformation of our AMC operation and the exit ofcertain noncore mortgage and default technology units.” – Frank D.Marterll, CEO, President & Director

HighlightsFor the quarter ended September 30, 2019 (2019Q3):

• Revenue totaled $459 million up 2% from the year prior which wasaugmented by strong performances in the core mortgage, insuranceand real estate solutions.

• By segment, Underwriting & Workflow Solutions (UWS) revenue grew3% yr/yr to $281m, while Property Intelligence & Risk ManagementSolutions (PIRM) revenue grew modestly to $182m million.

• Given current market conditions and performance YTD, the companyincreased its revenue guidance from $1.70m-$1.74m to $1.74m-$1.76m

• As a strategic initiative, management has put a heavy emphasis onbuilding out the firm’s smart data platform, migrating CoreLogic’stechnology infrastructure to Google Cloud Platform to completelytransform the firm’s AMC offering.

• Symbility, CoreLogic’s most recent acquisition in the insurance andspatial is starting to reflect promise in terms of market shareexpansion for the firm’s service offering.

News• Corelogic Integrates 3D Property Measurement into Underwriting

Platform

Source: Capital IQ, Company Website, and Earnings Call Transcript

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CoreLogic, Inc. S&P 500

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HighlightsFor the quarter ended September 30, 2019 (2020Q1):

• Total revenue declined 13% yr/yr in 2020Q1 to $157m. By product,Guidewire saw declines in license and subscription (-13%), andservices (-17%), while maintenance revenue was flat. However,annual recurring revenue, was $463m as of October 31, 2019, up from$460m.

• Regarding new sales mix 43% of new software sales were subscriptionscompared to 26% a year ago as prospects focus on cloud offeringsversus our self-managed offerings. As such, Guidewire continues tobelieve 55%-75% of new sales for the year will be subscriptions,though it will be backend loaded.

• Recently the company hosted its biggest ever annual user conference,with ~2,400 customers in attendance, representing 2/3 of thecompany’s customer base.

• InsuranceSuite, one of Guidewire’s many product offerings was justrecognized for the 5th consecutive year as a leader in Gartner’s MagicQuadrant for P&C core platforms in North America.

Source: Capital IQ, Company Website, and Earnings Call Transcript

Commentary“Looking back on my first quarter here at Guidewire, I could not be moreexcited about the opportunities ahead for Guidewire and the P&Cindustry. Our cloud transformation is a significant part of that… I'mlooking forward to the opportunity to lead our contribution to this industrytransformation.” – Michael George Rosenbaum, CEO & Director

News• Guidewire Announces InsuranceNow GO for Faster Core System

Implementations• Guidewire’s ‘Connections 2019’ Annual User Conference Highlights

Industry Platform Evolution

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Guidewire Software, Inc. S&P 500

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HighlightsFor the quarter ended September 30, 2019 (2019Q3):• Total revenue increased 9% yr/yr to $652m on similar 9% growth in

both Underwriting & Rating and the Claims business units. Specifically,Underwriting & Rating delivered strong organic growth across both thepersonal and commercial lines, extreme event modeling, and industry-standard insurance programs. Claims growth was driven predominantlyby the Insurance and Energy & Specialized markets.

• On the innovation front, Verisk acknowledged strong growth frominvestments made in platformed analytic environments such asClaimsearch (Fraud Fighting/Claims Adjudication), Touchstone(Catastrophe Modeling), X1 (Global Property Estimating), Lens (EnergyAnalytics) and PowerAdvocate (Adjusting Supply Chain Expenses withinthe Energy Vertical).

• Regarding infrastructure and analytic methods, Verisk continues to“make steady progress” in moving its computing infrastructure to thecloud, where the company will continue to pursue investments.

• On M&A the company will continue to add “valuable data sets withinour existing verticals” that can be leveraged across the enterprise,such as Genscape and BuildFax

Source: Capital IQ, Company Website, and Earnings Call Transcript

Commentary“One of my leading indicators of the health of our business is how we aredoing with the new disruptive players in our verticals as well as thelargest and most established players. We are doing well on both fronts.We continue to win new business with InsurTechs as they find value inour full suite of solutions, and we continue to see progress in the cross-selling of even more valuable solutions to the established leaders in all 3of our verticals.” – Scott G. Stephenson, Chairman, CEO & President

News• Verisk Announces Plans to Analyze Structured and Unstructured Electronic

Health Data from MIB EHR to Develop New Life Insurance Solutions

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Verisk Analytics, Inc. S&P 500

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Date Target Buyers/Investors Target Business Description

08/08/2019 ; 08/22/2019

iPipelineRoper Technologies, Inc.

(NYSE:ROP)

iPipeline provides cloud-based software solutions for the insurance and financial services industry. It offers marketing and selling tools, including AgentOne that enables agents to guide customers and related cases through the insurance sales process from XRAE health class estimation, needs analysis, and quotes and illustrations to iGO (e-App) with e-Signature and e-delivery; CRM to manage and maintain contacts, activities, and opportunities for distributors; Illustrations, a SaaS-based solution for generating insurance illustrations; OmniDirect, a direct-to-consumer solution that provides captive and brokerage carriers the ability to offers site visitors with simplified life insurance product sales; iGO Link, a business application process solution for agents in insurance industry; Quoting to deliver accurate insurance quotes; and XRAE, a field underwriting tool.

09/05/2019Assurance IQ,

Inc.Prudential Financial, Inc.

(NYSE:PRU)

Assurance IQ, Inc. operates a direct-to-consumer solutions platform for health and financial wellness needs. Using a combination of advanced data science and human expertise, Assurance matches buyers with customized solutions spanning life, health, Medicare and auto insurance, giving them options to purchase entirely online or with the help of a technology-assisted live agent. The company was founded in 2016 and is based in Bellevue, Washington..

11/20/2019CoverWallet,

Inc.Aon plc (NYSE:AON)

CoverWallet, Inc. provides an online smart digital wallet for business insurance policies and rates with peer comparison, certificates, advice, claims help, and more for clients. It provides information regarding general liability, commercial building and/or property, business owners policy, workers' compensation, disability insurance, commercial auto, business interruption/income, professional liability/E&O, EPLI, directors and officers insurance, crime, cyber liability and data breach, umbrella liability, equipment breakdown, inland marine, ocean marine, employee dishonesty, and more. The company provides an online B2B platform for carriers and agents to manage the lifecycle of their customers.

KEY TRANSACTIONS (2019Q3)

For the most recent reporting periods as of 7.25.19 | Source: Capital IQ

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At the time this was published: 1) 7M Securities was not making a market in any of the securities listed herein, nor was 7M Securities or associated

persons selling or buying them from customers on a principal basis. 2) Neither 7M Securities, its officers nor its partners have a financial interest

beyond a nominal basis in any of the securities of the issuers listed herein. 3) 7M Securities was not a manager or co-manager of a public offering

of any of the securities listed herein within the past 12 months.

This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or

described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that provided this report to them,

if they desire further information. The information in this report has been obtained or derived from publicly available sources but neither 7 Mile

Advisors, LLC nor 7M Securities, LLC represents that this information is accurate or complete. Any information contained in this report is subject

to change without notice.

DISCLOSURES

PPI

18

Leroy Davis, Partner 704.899.5962 leroy@7mileadvisors.com

Tripp Davis, Partner 704.899.5762 tripp@7mileadvisors.com

Andy Johnston, Partner 704.899.5961 andy@7mileadvisors.com

Simon Baitler, Managing Director 310.968.3338 scbaitler@ppintl.com

Glenn Cunningham, Managing Director 704.804.0669 gfcunningham@ppintl.com

Jim Galli, Managing Director 917.541.0623 jagalli@ppintl.com

Mark Hug, Managing Director 508.397.8764 mhug@ppintl.com

Barry Jacobson, Managing Director 203.918.8625 bjacobson@ppintl.com

Nicholas Prendergast, Vice President 704.973.3995 nicholas@7mileadvisors.com

Daniel Kim, Associate 704.912.4584 daniel@7mileadvisors.com

CONTACT