you are here » news

Percana set for growth surge following major client win

BPO deal secured with Pearl Group Ireland

Pearl Group has two major Life and Pensions (L&P) businesses (policy books) in Ireland, Scottish Mutual International Limited and the Phoenix Ireland (previously Scottish Provident Ireland). The new agreement will result in an eleven year contract for Percana covering the full administration of Pearl’s Irish L&P business. As part of the agreement, Pearl’s 110 Irish based employees have transferred to Percana with effect from January 1^st 2010, effectively doubling Percana’s employee numbers.

                                   

Established in 1999, Percana Group now employs over 220 people from its headquarters in Parkwest Business Park in Dublin. In September 2008 International Financial Data Services (Ireland) Limited (IFDS Ireland) acquired a substantial minority interest in Percana Group Limited (Percana). IFDS Ireland is one of a series of joint ventures established between State Street Corporation and DST Systems Inc., which collectively form the leading global specialists in the provision of transfer agency services to mutual funds complexes.

 

This new mandate will encompass front and back office policy servicing including policy holder and agent call centre support. Both policy books will migrate onto Percana’s flagship policy administration platform “Eclipse”. 

 

Ciaran McGettrick, Managing Director for Pearl’s operations in Ireland said, “Following a detailed selection process Percana were chosen because of their wide range of capabilities to deliver a comprehensive cost effective IT driven solution through their Eclipse system. We were also impressed by the expertise and commitment of the Percana team linked to the strength of their shareholders. We are impressed by Percana’s track record of delivery and look forward to working with them on this contract.”

 

Eugene Larmon, CEO of Percana, commenting on the announcement said, “We are absolutely delighted that Pearl Group has selected us as their preferred BPO provider for their Irish operations. Our technology platform, people, experience, track record and outsourcing model is validated by virtue of the fact that companies such as Pearl Group continue to select Percana’s solutions for their critical business operational activities.”

 

Pearl’s Irish L&P business is part of a broader group of companies owned by Pearl Group, which is a top 10 UK life assurer. 2009 reports indicated that Pearl Group had 7.65 million policies in force and assets under management of around £66 billion underlining its position as a significant player in the Life and Pension sector.

 

Paul O’Kane, Executive Chairman of Percana said “We intend to build on the strategic alliance established with IFDS to become a leading life and pensions software and BPO provider across a range of international markets. We believe we have major opportunities to grow our business and rapidly enhance our existing client base of 14 life assurance companies across multiple jurisdictions.”

 

About Percana/Eclipse

Percana’s product and service offerings are based on the Eclipse Product Suite, which is used to manage a wide range of Life and Pension products efficiently, securely and cost effectively throughout their life cycle. Eclipse is an integrated Front, Middle and Back Office solution that manages the complete range of products over the full policy life cycle. Eclipse optimises business processes and delivers an ‘always on’, high performance, scalable and flexible system that is interoperable with other enterprise solutions. Its product Rule and Actuarial Engine enables Life and Pension companies to create and clone new products allowing them to launch new products quickly to market.

 

Percana Clients

Percana has continued to sustain its substantial growth since going live with its first outsourcing client Arca Vita International in January 2004. Other clients include AZ Life, the Irish subsidiary of the Italian asset management company Azimut and Sella Life, the Irish subsidiary of the Italian private bank Banca Sella.  Société Générale’s Dublin subsidiary Inora Life’s addition broadened the third party administration (TPA) service to cater for products distributed up to thirteen European countries. As a result Eclipse is now administering products distributed in many jurisdictions outside Europe. Other clients of Percana are Quinn Life, Generali Pan Europe, Dentist Provident Society and Commercial Union Life.