WALTHAM, MA -- (MARKET WIRE) -- November 20, 2006 -- OpenPages, the leading provider of enterprise governance, risk and compliance management (GRCM) solutions, today announced that Physicians Mutual® has selected OpenPages FCM for its financial controls management initiatives. OpenPages FCM will allow the company to automate its ongoing testing and review of internal controls which is expected to reduce the time and cost associated with efforts to comply with recent changes to National Association of Insurance Companies financial reporting regulations.

Physicians Mutual and Physicians Life Insurance Companies, members of the Physicians Mutual family, provide a full portfolio of health and life insurance products, as well as financial products. The companies have combined assets of more than $2 billion.

Both Physicians Mutual and Physicians Life consistently receive high grades from independent insurance analysts. They have an A.M. Best rating of "A (Excellent)," based on financial strength and an "A (Excellent)" rating from The Street.com Ratings, formerly Weiss Rating Inc. Physicians Mutual is one of only two companies to be ranked in the Ward's Top 50 for 16 consecutive years.

Founded in 1902, Physicians Mutual's headquarters are in Omaha, Nebraska.

"OpenPages market leadership and financial controls management expertise made the decision to select OpenPages FCM for our compliance needs an easy one," said Barbara Bergmeier, senior vice president of internal audit, Physicians Mutual. "OpenPages allows us to automate our ongoing assessment and monitoring of internal controls and ensure that compliance initiatives align with our business strategy."

OpenPages FCM is an enterprise financial controls management solution that reduces the time and resource costs associated with ongoing compliance with financial reporting regulations. Available in six languages, OpenPages FCM combines powerful document management, business process management and flexible reporting capabilities in an extremely easy-to-use environment that enables an organization to document financial controls and automate the ongoing test and review process. Completely web-based, OpenPages FCM maximizes end-user participation with little training. Its dashboards can be used by project managers, documentation team members, internal auditors and external auditors to plan, document and test the internal controls framework of the company, and to attest to the financial statements.

About OpenPages

OpenPages is the leading provider of governance, risk and compliance management software solutions. The company's solutions provide the visibility, decision support and control to improve accountability, better manage risk, achieve compliance with numerous regulations, improve operational performance and align strategies to ensure better results.

Market-leading corporations in financial services, manufacturing, telecommunications, media/entertainment, retail/consumer, energy, high technology, health services and life sciences rely on OpenPages to help them achieve sustainable governance, risk and compliance management -- enabling them to become well-governed businesses. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in Hong Kong, Japan, France and the United Kingdom, and regional offices throughout North America.

For more information on OpenPages' suite of business governance software solutions or to register for an online demonstration, please call 781-693-5999 or visit www.openpages.com.

OpenPages is a trademark of OpenPages, Inc. All other trademarks contained herein are the property of their respective owners.

Contacts:
OpenPages
Ed Thomas
OpenPages
781.647.3800, ext. 241
Email Contact

North America
Michael Parker
Lois Paul & Partners
781.782.5714
Email Contact

Europe
Louise Matthews
Harvard Public Relations
44 208 759 0005
Email Contact

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SOURCE:  OpenPages

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