Profit Supplies Vehicle System for Nordea and Pohjantähti

Press release
June 29, 2004

Profit Software delivers Profit Vehicle system to Nordea and Pohjantähti insurance companies for management of third-party liability motor insurance. The system will be used for handling insurance and claims data related to third-party motor liability insurance. The system will transfer insurance and claims information to the application in common use by the various insurance companies. The need for this system is based on an act of Parliament. This act requires that insurance companies provide the claims and insurance history of the policyholder in question rather than a bonus percentage. The claims history is used to set pricing levels for a new insurance policy.

The act, which entered into force in May 2003, has changed the pricing for third-party motor insurance such that it is now company-specific. The insurance companies will transfer insurance and claims information to each other when a consumer switches insurance provider.

The system functions as a separate application between the company’s system and the application used by all of the insurance companies. The system has been realised with J2EE technology and is platform-independent.

At Nordea P&C and Pohjantähti Mutual Insurance, the new system will be brought into production use in October.

Additional information is available from:

Harry Nyroos
President
Profit Software Ltd
Tel. 09 6817 3302

Eero Viitanen
Department Chief
Pohjantähti Mutual Insurance
Tel. 03 626 727

Kim Kalpio
Nordea P&C Company
Tel. 09 1651