Bravura Solutions Limited (Bravura) today announced it has signed a long-term contract with Discovery Limited (Discovery) for the implementation of its Sonata platform. Sonata will support the launch of Discovery’s new corporate savings vehicle (umbrella fund) and institutional risk products.
Discovery is a global integrated financial services organisation that uses its pioneering Vitality Shared Value insurance model across businesses. In addition to South Africa, Discovery has a presence across 16 countries spanning North America, the United Kingdom, Europe, and Asia. It serves close to 10 million customers in health administration and managed care, long and short-term insurance, asset management, savings, investments and employee benefits.
Sonata is a next-generation wealth management solution, capable of supporting investment, wrap, pensions and life insurance products across multiple distribution channels. It provides clients with a “customer centric” solution that helps streamline administration, increase cost efficiencies and facilitate compliance with ongoing regulatory changes.
On choosing to work with Bravura, Kenny Rabson, CEO, Discovery Invest said: “We selected Sonata after a comprehensive search and evaluation process. As a next generation technology with a proven global capability, Sonata was the natural choice for supporting the innovative umbrella funds that we are launching into the corporate savings market.”
Commenting on the deal, Tony Klim, CEO, Bravura Solutions said: “We are delighted that Discovery has chosen Sonata as its next generation administration platform to underpin their innovation and growth ambitions. We look forward to a long and successful partnership going forward.”
“This is the second major contract Bravura has won in South Africa in less than 12 months and will be Bravura’s third customer in the region, consolidating Bravura’s presence in this targeted market and reinforcing Sonata’s position as a market leader in corporate retirement savings technology.”