Bravura Solutions (Bravura) - a leading global supplier of wealth management applications and professional services - today announced it has executed an agreement with Bao Viet Life Insurance Corporation (Bao Viet Life) in Hanoi, Vietnam.
The agreement is for the acquisition and implementation of Bravura's next generation life insurance administration package, TalisLife, in a deal worth approximately $US4 million ($A5.8 million).
Bao Viet Life, a subsidiary of Bao Viet Holdings, is a government-owned institution with strategic shareholder HSBC. As the oldest life insurance company in Vietnam, Bao Viet Life has grown to become one of the largest life insurers in Vietnam. It currently supports more than 1.5 million policies across 64 branches and 500 sub-branches, and has more than 1750 employees and more than 16,000 agents.
Mr Alan Royal, Chief Information Officer of Bao Viet Holdings said: "We selected TalisLife after a comprehensive search and evaluation process. This functionally rich and innovative solution will enable Bao Viet Life to cost effectively and dynamically extend its position in Vietnam. Through this expansion, the company will apply modern technology to centralise and streamline its current processes and also rapidly launch new and innovative products.
"This is a key step of Bao Viet Holdings' 'modernisation' initiative to strengthen its position in the market and give it a clear IT edge over competitors."
"TalisLife will allow us to differentiate Bao Viet Life by offering modern, innovative and advanced services to our customers and agency force, as well as mechanisms to manage our business more efficiently and reduce expenditure," Mr Royal said.
TalisLife is a key module within the Talisman suite of solutions. TalisLife is a client-centric rules based application with work-flow management that allows flexible administration of a broad range of traditional and non-traditional investment linked life insurance products.
Mr Simon Woodfull, Group CEO and Director - Operations said: "This deal follows Bravura's selection by New York Life International and reinforces our position as a major solutions provider in the life sector. It at also demonstrates Bravura's growing presence and expertise in the Asian market".