Aviva reports 13 per cent growth in advisers using its wrap platform since launch in March 2013
Bravura Solutions Limited (Bravura)(ASX: BVA), a leading global supplier of transfer agency, wealth management and life insurance software applications and professional services, today announced the successful completion of a joint project with Citi and Aviva to incorporate its Bravura hosted wrap platform and full range of financial products into Aviva’s integrated online system for advisers.
In this new project with Aviva, Bravura provides all the interfaces between the wrap platform, the respective internal Aviva systems and a number of different adviser back office software applications. Citi provides administrative services including an end–to-end outsourcing solution to power the Aviva wrap platform utilising Bravura’s technology.
Aviva’s Head of Platform Development & E-Commerce, Billy Burnside, said: “Technology plays an important role in helping advisers adjust to a post-RDR world, with the use of platforms an ever increasing part of advisers’ businesses. In recognition of this, we worked closely with our platform partners, Citi and Bravura, to devise our integrated online adviser platform which brings together the benefits of the Aviva Wrap platform and the ‘Aviva For Advisers’ website, which currently serves the needs of over 35,000 advisers. Our approach has been immensely popular, demonstrated by a 13 per cent increase in advisers using our platform since the launch in March.
“We’re proud to be the first in the market to offer this kind of functionality to a broad range of adviser firms and look forward to continuing to extend the services we provide.”
Aviva’s wrap platform investment choices are now open to all advisers registered on the ‘Aviva For Advisers’ website, allowing access to the complete Aviva product range through a single portal. Advisers can now make recommendations for an Aviva wrap financial product, access back office applications, perform illustrations and initiate product applications all in the same system, without the need for multiple log-ins or re-keying any data.
With advisers under pressure to drive down costs and remain profitable following both the Retail Distribution Review (RDR) and the FCA’s policy paper on platforms, the new online system helps to maximise efficiencies for advisers. The system enables advisers to bring together their clients’ information and the tools they need to support their clients within a single portal - making the process as seamless as possible.
Bravura’s choice of an agile development and implementation methodology enabled a co-ordinated response among the different parties within the short time frames allocated. To mitigate any development issues or risks, Bravura completed a series of proof of concepts to test and ratify the design options before commencing the build elements of the proposed solution. The project was completed in just six months.
Tony Klim, CEO, Bravura said: “Having built a close working relationship with Aviva over the last five years, and providing the technology that powers its wrap platform offering, we were pleased to support Aviva in its vision to deliver an integrated online system for advisers. Our team worked with Aviva to identify the core areas of functionality and integration that would provide the strongest business benefits and most enhanced user experience.
“The result is a portal that allows advisers to view and manage all their existing clients’ holdings together in a single place, including all wrap platform portfolios, investments, protection and retirement planning products – with the complexity of integration completely hidden to end users.”
Bravura continues to work closely with Aviva providing ongoing professional services, hosting and maintenance to support both the wrap platform and new integrated online system for advisers.
Nick Stebbing, Head of OpenWealth EMEA, Securities and Fund Services at Citi, said: “As the platform market continues to mature, delivering scale and industrial strength will become ever more critical to the success of platform providers. Citi is delighted to work with Aviva and Bravura to deliver these key milestones in supporting Aviva’s ongoing growth and success.”