Bravura Solutions has rolled out its next generation of wealth management administration software, which includes a life insurance solution.
The software, called Sonata, now provides a complete solution to an organisation's wealth management administration needs, with the life insurance functionality currently available for global delivery and implementation.
The firm also intends to deliver a solution for investment, superannuation and pension funds, which it expects to launch in the coming months, Bravura Solutions group chief executive Simon Woodfull said.
"Sonata has already generated significant interest within the market and we are currently in discussions with existing clients for the delivery of Sonata across the wealth management product range," he said.
"Sonata takes our existing market-leading software and combines it with the advantages of modern and scalable technology - including service oriented architecture (SOA) - in what we believe represents a benchmark solution in the industry.
"Its ability to automate and streamline most common processes can offer organisations sustainable competitive advantages through operational cost savings, higher productivity, enhanced customer service and vastly improved speed to market for new products."
Woodfull said one of the key benefits of the solution was its flexibility.
"Sonata is a functionally rich application that offers a complete solution for life insurance organisations. It incorporates all aspects of the policy management lifecycle, from providing insurance quotes and capturing new business, through to claims processing," he said.
"For example, the integrated workflow management feature enables users to easily configure, measure and change insurance workflow processes.
"In addition, Sonata's SOA and web services mean the product is easily integrated with other systems, and enables direct connection with a range of distribution channels, including banks, agents, brokers and financial advisers."
