The contract with New York Life International (NYLI) is worth in excess of $10 million. The deal consolidates Bravura’s position as a major software and services provider in the life sector, the company said, and significantly strengthens its growing presence in the Asian market.
By replacing the current software in several Asian countries with Bravura’s Talisman application, NYLI will be able to establish a standardized Asian regional base application to support its life insurance products and processes.
To facilitate the implementation, Bravura has already opened an office in Southeast Asia to serve NYLI and other financial institutions in the region. In addition, the company said that it has fully resourced teams in Thailand and New Zealand to support the project.
The contract with NYLI will substantially strengthen our strategic growth in the life insurance market, said Simon Woodfull, Bravura’s chief executive and director of global operations. 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.
NYLI’s initial implementations are expected to be completed within 11 and 14 months, with the intention to agree further contracts to roll out Talisman in more of NYLI’s operations within a subsequent 12-month period.
