IDA DUBLIN REPORT WINTER 2004: Alliance breaks new ground
Work being carried out by two Dublin based companies is setting new precedents in how financial business and transactions are carried out. Percana Group, the Irish software and outsourcing provider and AZ Life, the Irish subsidiary of the Italian group Azimut Holding SpA are working together in a unique partnership which has been very successful for both companies. AZ Life has outsourced their back office functions to Percana who provide AZ Life with a comprehensive range of administration and IT services based on Percana’s flagship policy administration system Eclipse. Built on leading-edge technologies, Eclipse allows for immediate communication between the Dublin operation and AZ Life’s distributor in Italy that is Azimut Consulenza, a network of 900 tied agents whose customers are individual investors. According to Paul O’Kane, Percana CEO, “we are delighted that AZ Life has been performing so well since going into production last May. Our relationship with AZ Life is extremely important to us, as they are both a client and investor. We are happy to be repaying the confidence demonstrated in us as a company. Our role as AZ Life’s technology and business partner has been beneficial for both parties and we look forward to supporting AZ Life in the future.” Gerry Jordan, General Manager of AZ Life, Dublin said, “this has been a hugely successful partnership for both companies. AZ Life has written an unprecedented €190 million in premiums since going into production less than seven months ago and we are delighted with the speed and efficiency of the start-up. Percana has played an instrumental role in our continuing success. Their in-depth knowledge and experience of the life and pensions market and extensive technical ability has made them an invaluable partner. In line with our business ambitions we are aiming to scale new heights next year and significantly increase our levels of business. Confident our business is being managed efficiently and cost effectively we plan to exploit Percana’s strengths and launch a new range of innovative products to markets.” Dublin has proven to be a highly successful location for AZ Life. The company had initially looked at several locations in Europe when choosing to expand outside Italy. “However the services available and cost base in Ireland added to the availability of a highly efficient service from Percana were key deciding factors in choosing to locate in Dublin”, according to Gerry Jordan. Percana Group specialise in providing innovative solutions to the International Life and Pension industry based on its enterprise solution Eclipse. The company, which was founded in 1999, also provides Administration and IT services to Arca Vita International, the Irish subsidiary of the Italian group Gruppo Assicurativo Arca. From its headquarters in Dublin Percana Group provide software solutions, outsourcing and consultancy services to international Life and Pension organisations seeking to use Dublin as a base to sell into European markets. AZ Life, which is based in Parkwest in Dublin, is a wholly owned subsidiary of Azimut Holding SpA, which is one of the leading independent providers and distributors of asset management products and financial services in Italy. Azimut has recently IPOed on the Italian stock exchange.
