Bravura Solutions Limited a supplier of wealth management applications and professional services – 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 SSPs first client in Vietnam.
The agreement includes the licence and implementation of SSPs general insurance administration solution, Insure, 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 Bravuras life insurance application, TalisLife, currently being implemented at Bao Viet Life Insurance Corporation.
Designed to replace legacy technology, SSPs Insure 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.
“We selected Insure after a comprehensive search and assessment process, says Alan Royal, chief information officer for Bao Viet Holdings. The Insure 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,
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.
D.C.