Supplier of software and support systems to the financial services industry, Bravura Solutions, has consolidated its presence internationally after completing a deal to provide one of its applications to the Asian operations of the largest mutual life insurance company in the US, New York Life International (NYLI).
The new contract is valued at US$10 million and is for the implementation of Bravura’s Talisman suite of application software in several Asian countries across which NYLI is located.
The key driver behind the deal was to equip NYLI with a uniform software system to support its Asian operations.
“We chose Bravura because of its ability to provide a cost-effective, efficient and innovative solution that best met our business needs,” NYLI chief operating officer Alan Royal said.
The implementation of the Talisman application is expected to take between 11 and 14 months. Once the Asian operation of NYLI has been taken care of, the move to install the software application into more of the life insurance firm’s operations is anticipated.
Bravura chief executive and director global operations Simon Woodfull said: “The contract with NYLI will substantially strengthen our strategic growth in the life insurance market.”
“Although we were up against other world-leading insurance software providers, it was the rich functionality and strong operational fit to NYLI’s business requirements that enabled Bravura’s leading Talisman application to prevail,” he added.
