Bravura wins second contract with Bao Viet
Bravura Solutions and SSP sign five-year deal with Bao Viet Insurance Corporation
Sydney/London, 2 February 2010 (ASX: BVA / OTCQX: BRVSY) – Bravura Solutions Limited (Bravura) – a leading global supplier of wealth management applications and professional services – today announced that it has executed an agreement with Bao Viet General Insurance Corporation (BVGI) in Hanoi, Vietnam, in conjunction with SSP – a global provider of insurance technology. This is SSP’s first client in Vietnam.
The agreement includes the licence and implementation of SSP’s general insurance administration solution, InsureJ, and is worth approximately A$4.4 million over the initial five-year term.
Once fully implemented, the application will support more than 2,500 employees that service over 10 million individuals and corporations, and will be integrated with Bravura’s life insurance application, TalisLife, currently being implemented at Bao Viet Life Insurance Corporation.
Designed to replace legacy technology, SSP’s InsureJ is a component-based system which consists of several independent pure Java EE service-oriented architecture (SOA) components, which give insurers unprecedented freedom to integrate with other systems. Implementing InsureJ will allow BVGI to streamline current processes, rapidly launch new products and improve customer service.
Mr Alan Royal, Chief Information Officer for Bao Viet Holdings, said: “We selected InsureJ after a comprehensive search and assessment process. The InsureJ solution is very flexible, scalable and cost-effective, and will empower the integration of our life and general insurance businesses. Deploying two highly respected solutions across the businesses will enable us to automate and streamline our processes and improve our efficiency.
“With the market continuing to develop rapidly we must respond quickly, so functionality and system flexibility were key considerations. Equally, we needed the support of experienced partners such as Bravura and SSP, both with strong reputations for delivering world class solutions – we look forward to working closely with these two organisations.
“This is another significant step forward in our modernisation strategy and will provide us with a solid IT infrastructure to support our future growth,” said Mr Royal.
Mr Simon Woodfull, Group CEO and Director – Operations at Bravura said: “The agreement with BVGI follows Bravura’s selection by Bao Viet Life Insurance Corporation to implement TalisLife, our life insurance solution, and reinforces our position as a major solutions provider in the insurance sector and an increasing presence in the Asian market.”
Mr Michael Clarke, MD, Asia Pacific for SSP said: “It is pleasing that not only has BVGI identified InsureJ as the best IT solution for their needs, but also recognised the importance of the support of IT providers that have the market knowledge and capabilities to support the next phase of their development. We look forward to working closely with Bravura and BVGI.”
BVGI is one of the oldest general insurance companies in Vietnam and has grown to become one of the largest general insurers in this rapidly developing market through its focus on delivering excellent customer service. BVGI recognised that replacing its existing general insurance system(s) was key to meeting the increasing demands of its customers.
The implementation at BVGI is expected to commence in February 2010.