The initial five year contract will see the implementation of Sonata as Partners Lifeâs insurance administration platform, covering all aspects of the policy lifecycle from new business to claims processing.
Partners Life is a new entrant to the New Zealand life insurance market and the founders include Naomi Ballantyne, who was instrumental in founding and building the successful Sovereign and Club Life (now OnePath) insurance businesses.
âAfter extensive market analysis, we selected Sonata as the best administration solution to help us achieve operational and cost efficiencies whilst also delivering an excellent service to our customers and advisors; the key challenge facing our industry today,â said Ms Ballantyne, Managing Director.
âSonata will provide the solution to meet our administration, workflow, broker new business interface and reporting requirements. We expect Sonata to provide exceptional levels of straight-through-processing with no need for costly integration or diverging systems. This is ultimately a benefit we will be able to pass on to our customers in the form of cost reductions and enhanced service,â said Ms Ballantyne.
Simon Woodfull, Group Chief Executive Officer of Bravura said: âWe are delighted to be working with such an exciting entrant to the New Zealand life insurance market to implement our Sonata solution.
âBased on tried and tested functionality and combined with the very latest technology including Java and Service Oriented Architecture, Sonata will offer Partners Life significant benefits in the areas of automation, integration and flexibility in developing and configuring products. We look forward to a long and successful relationship with Partners Life as they grow.â
In addition to life insurance, Sonata offers functionality for pensions, superannuation and investments in a single solution. The life insurance, pensions and trust functionality is now available with superannuation due to be released in first half 2011.