Profit Software leads Finnish financial sector discussion on long-term savings legislation

Helsinki, Finland – Profit Software today hosted more than 40 representatives from the Finnish financial sector in an afternoon of presentations and discussions about proposed changes in Finnish legislation governing long-term savings. Upon its ratification by the Finnish parliament, this new legislation is expected to increase competition between insurers and other financial sector players, as well as give rise to new service concepts.

"These proposed changes are causing traditional insurers and other financial sector players to reassess their portfolios and the technology they use, so that they are well positioned for any new competition and service concepts that may arise," said Profit Software CEO, Harry Nyroos, speaking at the Profit Club event. "While we do not expect this new legislation to adversely affect the longer-term market for current individual pension products, we do expect that it will increase interest in new individual pension products, as well as in group pension products offered by companies for their employees. Increased interest in group pension products has certainly been the case following similar legal changes in other Nordic countries, and the time is now ripe for Finland to enter that growth curve."

Timo Silvola, Head of Public-Private Partnership & Life Insurance at the Federation of Finnish Financial Services, gave a detailed presentation on the specifics and implications of the proposed legal change. He looked at the broader pension deficit problem in Finland and how this latest regulation round is aimed at working towards resolving that. Silvola also discussed what the change means for financial sector players in terms of products they can offer and system modifications they will need to make.

About Profit Software

Profit Software offers a complete suite of ready software products that allow insurers to create and provide life, pension, property and casualty insurance services. Built on a single web-based platform, our products are quick to implement, cost-effective to run, and easier to maintain than traditional solutions.

Since the foundation of Profit Software in 1992 we have served more than 40 clients in nine countries. Today, we lead the market for insurance software solutions in Finland and the Baltic States, and have a growing network of customers in Norway, Sweden and Central & Eastern Europe. Our headquarters are in Helsinki, Finland, and we have subsidiaries in Tallinn, Estonia, and Warsaw, Poland.

 Profit Software is privately owned and employs approximately 120 people.

Media enquiries:

Andrew Flowers
Vice President, Marketing and Communications, Profit Software
Tel. +358 45 269 4422
andrew.flowers@profitsoftware.com