Financial Risk Solutions (FRS) has announced that Acorn Life is using its Invest|Pro solution to manage its Life Assurance business.
Invest|Pro will replace legacy in-house systems. The FRS solution will also manage the investment administration of all Acorn Life unit-linked funds. This includes unit-pricing, cash allocation and rebalancing, and trade order management.
In addition, by moving to the automated Invest|Pro software, Acorn Life stands to benefit from reduced operational risk and added efficiency.
Combining FRS’ knowledge and the Invest|Pro platform has the potential to provide optimum operating model solutions for different regulatory environments. This aims to be a model that offers flexibility and gives a comprehensive investment fund administration platform to manage cash flows between the company’s member administration system and its external investment managers.
Jennifer Loftus, head of actuarial function at Acorn Life, said: “When the time came to move from in-house investment administration to a specialist provider, Financial Risk Solutions was the obvious choice. The Invest|ProTM platform is a market leader in unit-pricing and unit-linked fund administration, and their wealth of domain knowledge in this specific market is second to none.
“The upgrade to Invest|ProTM was expertly led by the FRS project team and completed in just six months, allowing us to stay focused on our customers.”
Frank Carr, director at FRS, said: “Acorn Life is one of Ireland’s great business success stories. They have been operating for over 30 years, have a team of 250 staff and financial advisers across the country, and are well respected for their dedication to quality customer service.
“We are proud to have been selected as their investment administration partner and look forward to a long and fruitful partnership supporting them in their continued growth.”
Established in 1989, Acorn Life is Irish-owned and a life assurance company. It offers protection, pensions, savings, and investment solutions to Irish consumers. In 2018, it held €698m ($751m) of assets under management.