Press Release – Bravura Solutions
Sydney, 18 January 2012 (ASX: BVA) – Bravura Solutions Limited (Bravura) , a leading global supplier of transfer agency and wealth management software applications and professional services, has announced its modern policy administration platform has …
Bravura’s life insurance solution powers client’s Award win
Sydney, 18 January 2012 (ASX: BVA) – Bravura Solutions Limited (Bravura), a leading global supplier of transfer agency and wealth management software applications and professional services, has announced its modern policy administration platform has helped Vietnam’s first and leading life insurance company, Baoviet Life, to win a Celent Model Insurer Asia award in the Policy Administration category at the Celent Model Insurer Asia Summit 2012, in Hong Kong.
The Model Insurer awards recognise companies that best apply technology to drive business performance.
Baoviet Life’s implementation of Bravura’s modern policy administration platform has improved the company’s system flexibility and provided the foundation for moving Baoviet Life to a centralised processing business model. Mr Alan Royal, Chief Information Officer, Baoviet Holdings said: “Bravura’s technology enabled Baoviet Life to achieve its modernisation objectives; allowing us to realise improved speed to market with new products, improved efficiency, with a significant increase in employee output, and reduced cost, with material savings in costs associated with the maintenance of servers and headcount. Bravura’s team worked closely with the Baoviet Life team throughout the implementation process, and the combined team can be credited for the excellent project outcomes, as well as this recognition from Celent.”
Baoviet Life’s solution implementation was selected for Celent’s Model Insurer Asia Awards due to its demonstration of IT best practices including optimisation of infrastructure, automation, straight-through-processing and system integration.
Jason Tong, Bravura’s Chief Operating Officer – Global Wealth Management said: “Bravura is committed to delivering the highest possible value from its solutions. Our mission with Baoviet Life was to meet and exceed its business objectives and effectively provide the backbone to modernise its overall organisation. This award stands testament to the successful delivery of our original objective.”
Celent also based its decision to award Baoviet Life on its business results achieved through Bravura’s system, including higher productivity and lower staff expenses, decreased time to market, faster cycle times and more consistent processes, more efficient document/content distribution and improved agent and customer satisfaction, amongst others.
Baoviet Life and Bravura’s technology is featured in a case study in Celent’s Model Insurer Asia 2012: Case Studies of Effective Technology Use in Insurance. Insurers featured in the case studies are recognised across a dozen or more categories.
Bravura’s life insurance solution is a client-centric, rules-based application with workflow management that supports the rapid launch and flexible administration of many different product types. It is delivered with building blocks for term assurance, critical/terminal illness, disability, redundancy, premium waiver, whole of life and a range of unit-linked policies. The system supports all lifecycle functions, including managing clients, managing products, new business, underwriting, policy administration (policy servicing), billing and collection, fund/unit management, claims management, and reinsurance. nistration, transfer agency and STP financial messaging.