Friends First Life Assurance Company, a wholly-owned subsidiary of Dutch insurance group Achmea, has reduced its investment administration costs by 35% since implementing Invest|Pro™ accounting software.
The specialist investment administration software from FRS was implemented in September 2012 to automate Fund Valuations and Unit Pricing, Fund Accounting, Unit Accounting, Asset Trading, Investment Manager Links, Bank Reconciliations, Market Data Links and Custodian Reconciliations.
Ms Oonagh Sower, Head of Group Finance, Friends First comments, “Investment administration operations have changed so much over the years and our legacy systems were old and unable to provide the functionality we required. We chose Invest|Pro™ to automate and consolidate our administration functions and the 35% cost savings and efficiencies that have resulted have been exceptional. These efficiencies have also allowed us to provide our clients with better service and products – which is where our core competencies lie.“
John Harris, Software Development Manager, Friends First Group adds, “FRS are unique in that they are specialist providers of investment administration software to the life and pensions industry, so they truly understood what we required as a business. This was apparent in the successful implementation of the Invest|Pro™ software. And with more robust technology and fewer systems now required for our investment accounting function, we continue to achieve operational efficiencies as we move our business forward."
FRS Sales and Marketing director Frank Carr says “The Life and Pensions industry is continuously focusing on cost reduction in order to provide better value products for their customers. To see the cost savings achieved by Friends First is testament to our Invest|Pro™ technology and our ability to meet our clients requirements in the current changing environment.”
Invest|Pro™ is available to Life and Pensions companies that administer collective funds, personal portfolio bonds and self invested pensions.
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