Dublin financial services software firm FRS estimates that up to €8bn in funds are managed daily through its software by some of the leading European financial services companies. The company this week signed a major multi-year deal with Italian financial services outsourcing giant Percana Group.
Under the agreement Percana, which provides outsourced services to the European life assurance and pensions industry, will deploy FRS’s InvestPro software as a critical part of its outsourcing solution to life assurance and pension companies across Europe as part of a multi-year deal.
Since establishing in 1999, FRS has so far acquired more than 40pc of the Irish life assurance market as well as making a large foray into the European life assurance market, which has a substantial presence in Dublin in the form of IFSC companies, as well as through the liberalisation of the European financial services sector in the form of the EU Third Life Directive.
It is estimated that some €8bn worth of funds in the Irish and European markets are currently managed through the InvestPro system, by firms that include Anglo Irish Bank, San Paolo IMI, J Rothschild Assurance, Quinn-life, HSBC and Area Life.
FRS’s technology enables life assurance companies to administer their funds in an efficient and controlled manner. As well as its software solutions business, FRS has an actuarial consultancy and acts as an appointed actuary to a number of European life assurance companies.
Paul O’Kane, chief executive officer of the Percana Group, said: “By using FRS InvestPro as part of our outsourcing solution, Percana will be able to provide increased functionality and scale to life assurance and pension companies looking to cut costs through outsourcing policy administration. Industry research and our experiences to date indicate substantial interest in the European marketplace for life and pensions outsourcing solutions.”
“This agreement with Percana is an excellent opportunity for us to extend our reach across Europe – a market that is central to our strategy,” said Frank Carr, head of sales and marketing at FRS.
“Currently, FRS is Ireland’s largest provider of fund administration software to life assurance companies, and through our agreement with Percana we aim to be part of the fund administration backbone of many more companies across Europe.”
By John Kennedy