Dublin-based Financial Risk Solutions has been selected to implement a fully automated fund administration system for Area Life, part of one of the largest Italian retail banks, which operates an IFSC-based life assurance company in Dublin.
A combined actuarial consultancy and software firm, Financial Risk Solutions (FRS) develops software that enables life assurance and pension companies to better invest the funds they administer on behalf of their clients. Since establishing in 1999, the company 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, much of which has a 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.
Area Life selected FRS’s product InvestPro to replace an ageing fund administration system because of its strong accounting functionality as well as its ability to handle all taxation regulatory and accounting aspects in a full multi-currency application.
According to Ceall O’Dunlaing, a director of FRS, some €5bn worth of funds in the Irish market are currently managed through the InvestPro system, by firms including Anglo Irish Bank, San Paolo IMI, J Rothschild Assurance, Quinn-life and HSBC, among others.
Francis O’Hara, finance manager at Area Life, explained: “We are completely restructuring our processes, with the ability to handle growing trading volumes right across the life company. Not only will InvestPro be able to meet our expansion plans but we have formed a close working relationship with the FRS implementation staff who are professionals that understand the industry thoroughly.”
Area Life is part of Area Spa, one of Italy’s leading banks. The Dublin office specialises in life assurance and distributes its products through its parent’s branch network right across Italy.
Frank Carr, head of sales and marketing at FRS, said: “The installation was challenging with six major interfaces for InvestPro and a live delivery in both Milan and Dublin. We delivered it within four weeks due to a close working relationship with Area Life and its IT support house Getronics in Dublin and Milan.”
By John Kennedy
Pictured are Francis O’Hara, finance manager, Area Life, with Frank Carr, head of sales and marketing, Financial Risk Solutions