Vitech is a leading provider of software-based administration solutions to insurance, retirement and investment organizations. Our mission is to help organizations improve the efficiency and effectiveness of their operations while increasing service levels. Vitech's V3locity platform is a modern advanced cloud native technology, delivered in the AWS cloud environment with an open componentized architecture. V3locity brings cutting edge digital experiences that enhance service, efficiency, and straight through processing.
Vitech’s over 1,400 employees are dedicated to product development and related implementation professional services of the V3locity solution. Vitech operates facilities in New York, New Jersey, Oklahoma and Hyderabad, India and has staff deployed in the US, Canada and throughout the world. We have an active presence across the United States and Canada.
Vitech has enjoyed healthy historical growth. Since 2016, we have grown from 825 to over 1,400 employees. This growth has been driven by the success of the V3locity solution in the insurance, retirement and investment marketplaces as reflected in new client sales and repeat client business. This growing V3locity adoption rate has been driven by Vitech’s relentless pursuit of functional capabilities and delivery methodologies and general excellence in the V3locity product.
Vitech has been recognized by Gartner as a Magic Quadrant “Leader” for four years in a row since 2017 and is the only group insurance administration solution rated in their Leader category. Vitech has also been recognized by Celent in 2020 as a three-time XCelent award winner and by Novarica as a Dominant life/health/annuity policy administration vendor. We are an AWS Advanced Partner and have achieved both AWS “Well Architected Review” and “Financial Services Competency” distinctions.
V3locity combines quote-to-claim group insurance functionality with native, seamlessly integrated enterprise capabilities. The system is componentized and can be installed with any combination of modules. These modules can be deployed in any order as part of a long term solution roadmap.
V3locity supports a broad array of life, health, annuity and other benefit products out-of-the-box. This includes Term Life, Whole Life, Universal Life, Variable Universal Life, AD&D, Long Term Disability, Short Term Disability, Absence Management, Dental, Vision, Drug, Extended Health Care, HSA, TSA, EAP, Accident, Critical Illness, Hospitalization, Income Protection, Retirement, and other benefits.
V3locity also supports pension risk transfer and other group annuity products, including all the required administration models - buy-ins, buy-outs, risk transfer, lead administrator, split deals, full and partial bulk check, self-service, third party and partnerships. We also support a wide range of institutional investment and annuity product types -- terminal funding arrangements, structured settlements, guaranteed investment contracts and others. Like with other areas of group benefits, we are unique with our data model and out-of-the-box capabilities -- deal acceptance, plan setup and provisioning, annuitant loading and scrubbing, benefit quotes and calculations, payments (COLAs, taxes, QDROs), death processing, and contingent setup.
V3locity is an open-architecture solution that offers a robust API layer for real-time service or message-based integration. The system also provides extensive support for traditional file-based integration.
V3locity is Vitech's subscription-based Hosting service that combines the power of V3 software with the scalability, resiliency, and security of Amazon Web Services to offer V3locity organizations a zero footprint, turnkey, and fully-managed infrastructure. V3locity employs a cloud native approach that benefits from Vitech's close partnership with AWS. Vitech is an AWS Advanced Partner and has achieved AWS's "Well Architected" solution designation as well as AWS's "Financial Services Competency".
1. Unified core, data and analytics, and digital for driving straight-through processing, personalization, and smart recommendations throughout the quote-to-claim lifecycle.
Manual processes obstruct group insurance company efforts to drive efficiency and a modern, competitive customer experience. V3locity's unified core administration, digital self service assets, and data enable much higher rates of straight through processing, customer self-service, and role/user-based personalization. V3locity's next generation analytics allow for smart recommendations throughout the quote to claims lifecycle to further increase service levels.
2. Responsive, adaptive, and data-driven user experiences (REACT-based) targeted at key personas across the insurance lifecycle.
Insurance companies find it difficult to offer highly personalized service to their customers through a wide range of digital channel and device types. Vitech has invested significantly in our next generation digital self-service assets that provide highly personalized servicing experiences for group client participants, internal users, brokers, and other service providers. We have achieved this through a combination of responsive/adaptive user design practices, full accessibility (WCAG 2.1), extensive visual configuration capabilities, and flexible branding and theming support. Vitech's Digital Experience Designer, a companion product in the Digital suite, provides a state of the art visual design environment for further personalizing all aspects of digital experiences including multiple levels of configurability including Styles and Themes, Brand, Site Structure, Features, Widgets, Size Classes, Security, and more.
3. Insurance Data Lake for real-time streaming of V3locity's transactional data and third party data sources to drive just-in-time decisioning and triggering of business events, as well as embedded AI/ML capabilities.
Through real time streaming of V3locity transactional data and third party data and actionable data views from our Insurance Data Lake, clients can avoid the delayed, sub optimal decisioning caused by their current, static, batch-oriented data aggregation. The business insight derived from Data Lake can automate straight-through-processing, omnichannel personalization, and smart recommendations.
Embedded AI/ML capabilities include:
- Natural Language based search in Digital
- Machine Learning/Deep Learning for Advanced Recommendations and Suggestions
- Unusual activity detection in Digital
- Anomaly detection for claims processing
- Document and data recognition capabilities
- Operational & Predictive Analytics for Claims
- Operational & Predictive Analytics for Brokers
- Operational & Predictive Analytics for Campaigns
- Digital Assistants (Digital Bots)
4. Native workflow, CRM, rules engine, document management, document generation, and analytics offered as modular, enterprise microservices with visual (codeless) configuration tools.
Including enterprise features in a single, integrated, native solution drives significantly higher productivity for V3locity users. Clients access workflow management and a wide range of other enterprise functions within the core solution without the need for bolt-on, third party components, simplifying implementation and maintenance. Intuitive, codeless configuration tools make it easy to modify these enterprise tools for clients' particular needs.
5. Growing number of group benefits insurance clients (55+), including 25 Vitech Cloud deployments. Our clients can access cloud-native and fully managed core administration and multi-tenanted, digital and analytics applications.
Vitech has invested significantly to build and deploy V3locity, a natively designed, AWS cloud-compliant platform to enable the capacity elasticity, resiliency, and other value-added benefits of the AWS cloud. Vitech is an AWS Advanced Partner and AWS recently awarded Vitech with their Financial Services Competency accreditation.