Bravura rolls out DB super functionality

Bravura Solutions' Sonata platform will now allow defined benefit plans to be administered for its super fund clients.

The update also includes Bravura's messaging product for SuperStream, Babel, which combined with Sonata provides an automated, end-to-end SuperStream compliance solution.

Bravura will license the defined benefit feature to new and existing Sonata clients and LGIAsuper has been announced as the first client of the added functionality.

"We are pleased to implement Sonata and its defined benefit functionality in partnership with LGIAsuper. The Sonata defined benefit solution, which supports different styles of defined benefit business in step with customer demand, leverages the proven, functionally-rich capabilities of Sonata," Bravura director of business development Jason Tong said.

The Queensland-based super fund will use Sonata's new functionality to administer existing defined books of business for its 85,000-strong client base of current and former Queensland local government staff.

The $11 billion super fund is also hoping to capture new business in accumulation and other retirement products with the updated product.

"The Sonata platform is a core component of our future growth plans for accumulation and retirement products. We will leverage Sonata's comprehensive digital functionality to deliver an enhanced and engaging employer and member experience," LGAsuper chief executive David Todd said.

Bravura's Sonata platform integrates wealth management functions including superannuation, life insurance, and investments. A library of web services and a workflow engine are integrated into the platform.

On 11 January, Bravura won an administration platform mandate from an Australian investment and life insurance company.

The company sent off 2017 with a major deal with a New Zealand financial services provider - a move that expanded its international presence.

Read more: SonataBravura SolutionsQueenslandSuperStreamBabelDavid ToddJason TongNew Zealand
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