Allison left his post as Lotus technical director earlier this year, and started work at the Maranello team in September.
The Briton (pictured right of shot with Fry and Alan Permane) was named Ferrari's chassis technical director.
Fry feels Allison's contribution will be especially significant because of the regulation changes set to be introduced next year.
Fry said: "It is great having James here. There has been a huge amount of work to try to move the place on and move the place forward.
"We have been attacking every area, everything from updating the windtunnel to the simulator, so there has been a massive amount of work to do.
"It is good to have the load shared. And particularly coming into next year [with] the 2014 rule-change and everything, so the more bright brains you have thinking of things the better we should do, hopefully.
"It is a fairly and easy split between us - we are both sensible and it works very well."
Fry also defended the need to hire more technical chiefs as he feels the workload is better spread that way, especially when the regulations become more complicated.
"I think you need a few," he added. "Two is good - whether you need five I am not sure.
"To some degree, as Formula 1 gets more and more complicated, the devil ends up being in the detail.
"So you do need to get into every last little bit and then you have to drive a team of people to do that for you.
"Splitting it is quite sensible, to be honest, but it is [still] a massive task."