Bravura Solutions Limited (Bravura)(ASX: BVA), a leading global supplier of transfer agency and wealth management software applications and professional services, is pleased to announce that New Zealand life insurance client, Partners Life, has won a Celent Model Insurer Asia 2013 award in the Policy Administration category as a result of its use of Sonata, Bravura’s modern policy administration solution.
The Model Insurer Awards presented at Celent’s Summit in Singapore last week, recognised top technology initiatives across the Asia Pacific region, and showcased model insurance solutions and their benefits.
Bravura’s life insurance solution, Sonata, was implemented at Partners Life in February 2011, and has since provided Partners Life with significant advantages. Partners Life has benefitted from an integrated front and back office view of its customers, the ease and flexibility to quickly launch new products, operational efficiency gained through the automation and streamlining of common processes, and the ability to support and scale with Partners Life’s rapid business growth.
Naomi Ballantyne, Managing Director, Partners Life said: “Bravura enabled Partners Life to enter into the New Zealand life insurance market in under four months. We fast became the second largest writer of new business premiums within the space of 12 months, capturing just over 13 per cent of the market. We attribute this to a highly configurable and flexible system combined with Bravura’s outstanding approach to delivery.”
In its second year of operations, Partners Life captured 16 to 17 per cent of the new business market and expects this trend of success to continue.
Jason Tong, Bravura’s Chief Operating Officer – Global Wealth Management said: “Celent’s Model Insurer Asia award is designed to try to answer the question of ‘What would it look like for an insurer to do everything right with today's technology?’
“Our task with Partners Life was to allow it to do just this. The results Partners Life achieved within its first two years of operation, and this award win are testament to Bravura’s commitment to our clients and their businesses.”
Combining over 15 years of leading, trusted software and rich functionality with the advantages of modern and scalable technology, Sonata is Bravura’s wealth management and life insurance application for investment and policy administration. It provides a single solution with coverage for life insurance, trusts, pensions, superannuation and wrap products. A comprehensive end-to-end solution, it includes web access, workflow and real-time straight through processing.
Partners Life and Bravura’s technology is featured as a case study in Celent’s Model Insurer Asia 2013: Case Studies of Effective Technology Use in Insurance.