V3 Software

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.

Overview

Vitech is the leading provider of benefit administration software in North America. We serve over 100 clients, including premier companies in each of the three target markets that we serve, including: 1) Insurance: insurance companies use our V3 product to administer their group insurance, voluntary, and worksite products 2) Retirement: state and local and multi-employer pension plan providers use V3 to administer their pensions and other health and welfare benefits 3) Investments: asset managers, administrators, and advisors within the public and private capital markets use V3 to manage and administer their funds, plans, investors, and investment portfolios. Each of these markets requires strong, integrated group administrative capabilities – a unique strength of the V3 solution that Vitech has evolved over the past 25 years to support our insurance, retirement, and investment clients.

We are headquartered in New York City with staff and clients located across the United States and around the world. Vitech offers end-to-end implementation and support services. For implementations, our professional services organization is an 800+ person team made up of full time, dedicated professionals experienced in implementation delivery services for the V3 product. We also work with systems integrators including Cognizant, Infosys, Accenture, and CGI for implementations, depending on our clients' preferences. Vitech offers multiple deployment options for V3, including aon-premise, a private cloud offering, and a fully managed public cloud offering called V3locity -- our preferred delivery option. The V3locity service is powered by Amazon Web Services (AWS), where Vitech has carefully and specifically engineerd the V3 Product to be cloud-native for the AWS public cloud.

V3 combines quote-to-claim functionality (for the full range of group/voluntary insurance products) and onboarding-to-administration functionality (for the full range of group annuity products) with native, seamliessly integrated enterprise capabilities, including self-service, mobile, CRM, workflow, imaging, reporting, and others. The product 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.

Key Features

1. Out-of-the-box product design for the full range of group/voluntary insurance products.

2. Front office functionality such as quotation, proposal, sales, case implementation, and broker administration

3. Full lifecycle policy administration by group/voluntary benefits insurance products and group annuity products

4. Billing and premium reconciliation

5. Claims processing

Key Benefits

1. Speed to market. The combination of out-of-the-box product capability and extensive configuration capability allows for rapid time to market for new products.

2. Increased rates of straight through processing to drive efficiency and better customer experience.

3. Increased rates of customer self service to drive efficiency and increase cross sell and upsell rates.

4. A proven implementation and delivery track record over a long period of time.

5. Increased information security, resiliency, predictive analytics capabiities, and other value-added features if clients use our V3locity™ public cloud offering.