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PMSC SIGNS $150 MILLION NORDIC OUTSOURCING AGREEMENT

 COLUMBIA, S.C., Dec. 10 /PRNewswire/ -- Policy Management Systems Corporation (PMSC) (NYSE: PMS) has signed one of the largest outsourcing agreements in its history. PMSC contracted to provide data processing services for the life insurance company, Vital Forsikring A.S, of Bergen, Norway. Expected to generate revenue of approximately $150 million, the agreement is for a term of seven years. Vital Forsikring also licensed all components of Series III, PMSC's long-term strategy for insurance automation.
 The contract provides for PMSC's acquisition of Vital Forsikring's subsidiary, Vital Data A.S, which will now be known as PMS Norden A.S (PMSN). The acquisition of the data center includes its workforce of approximately 100 people who process Vital Forsikring's insurance business as well as the business of several other Nordic insurance companies.
 The Vital Forsikring contract clearly establishes PMSC as a leading provider of solutions to the Nordic insurance industry, Donald A. Coggiola, PMSC executive vice president and managing director, Policy Management Systems Europe (PMSE), said, "This agreement represents an excellent opportunity for PMSC to bring quality service to customers and prospects for all lines of business in the Nordic countries."
 PMSC, headquartered in Columbia, S.C., has more than 4,400 employees worldwide and is a leading provider of application software, related automation support, and information services designed to meet the needs of the global insurance industry.
 -0- 12/10/93
 /CONTACT: Jim O'Brien of Manning Selvage & Lee, 212-213-7005/
 (PMS)


CO: Policy Management Systems Corporation; Vital Forsikring A.S, ST: South Carolina IN: INS CPR SU: CON TNM

WB-LD -- NY085 -- 2810 12/10/93 17:27 EST
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Publication:PR Newswire
Date:Dec 10, 1993
Words:266
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