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NFU Mutual selects Invest|Pro™ from Financial Risk Solutions to support investment administration of its life insurance business

Financial Risk Solutions (FRS), a leading provider of investment administration software to life and pensions companies worldwide, today announced NFU Mutual has selected Invest|Pro™ to support the investment administration of its £6bn unitised life insurance business. The UK insurer chose FRS’ Invest|Pro™ software to ensure operational resilience and bolster oversight capabilities as it grows its portfolio of investment funds.

Replacing in-house and proprietary systems, Invest|Pro™ will support the investment administration, unit pricing and oversight of unit-linked funds for NFU Mutual’s life insurance book of business. The software will be hosted in the cloud and provide automated valuations, daily unit-pricing, cash allocation and rebalancing, and UK ‘I-E’ taxation calculations.

Using Invest|Pro™, NFU Mutual will benefit from:

  • Automating both the unit pricing and fund cash allocation and rebalancing processes
  • Automating the complex UK ‘I-E’ tax rules in unit linked funds
  • Robust oversight of outsourced fund providers to support compliance and business resilience
  • Growing new assets and funds quickly and without additional overhead
  • Increased operational efficiency through automated processes and exception-based reporting

Alice Piper, Chief Actuary (Life) at NFU Mutual said: “Following a competitive tendering process, we are delighted to choose InvestPro to support the investment administration and oversight of our unit-linked life insurance business. FRS’ in-depth knowledge of the life industry, combined with the capabilities and flexibility of the software, puts us in an excellent position to continue to provide the highest levels of service to our clients whilst ensuring we remain operationally resilient as our investment proposition evolves to meet customer needs and expectations.”

Frank Carr, Chief Marketing Officer at FRS, commented: “NFU Mutual are one of the UK’s most respected insurers with a very loyal client base. We are very proud to be partnering with them to provide investment administration and oversight capabilities through InvestPro that will support their growth and continue to strengthen their client relationships.”