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.
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