Bravura Solutions' global expansion plans have been given an upgrade with a mandate from one of the UK's largest mutual life insurers.
The Scottish Friendly Assurance Society (Scottish Friendly), established in 1862 and with about $4.7 billion in assets under management, will now use Bravura's Sonata wealth management platform across its life insurance and pensions business for its million-plus policyholders.
Going live with Sonata involved the migration of 47.6 million client transactions across Scottish Friendly's range of products, including pensions, annuities, bonds and individual savings accounts (ISAs).
Scottish Friendly chief executive Jim Galbraith said: "Having a first-class back office system is vital to our highly successful strategy of organic growth, business process outsourcing and mergers and consolidations. This important upgrade demonstrates our commitment to service and efficiency to customers and business partners alike."
Bravura chief executive Tony Klim added: "Building on our success in the wrap platform market, Bravura is committed to increasing our presence amongst UK pensions and life insurance providers, to help maximise efficiency and reduce operating costs."
"This implementation of Sonata at Scottish Friendly shows the full range of products that Sonata is able to administer in the UK life and pensions market which, combined with its integrated workflow and modern technology, puts it at the forefront of the system consolidation we are starting to see across this market," Klim said.
This win for Bravura follows its renewed five-year mandate with the life insurance business of Lloyds Banking Group in May.