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V3locity is Vitech's cloud-native administration, engagement, and analytics platform. It is a transformative suite of complementary applications that offers full lifecycle business functionality and robust enterprise capabilities. It marries core administration with a modern digital experience. Its modular design enables flexible, agile deployment strategies. V3locity's advanced, cloud-native architecture leverages the unique capabilities of AWS to deliver a solution with robust security, scalability, and resiliency.

V3locity's complete suite of applications and native enterprise capabilities enable organizations to consolidate distinct systems, increase efficiency via straight-through processing, and drive smart recommendations throughout the quote-to-claim lifecycle. Products supported include Life, Disability, Health, Accident, Critical Illness, Hospitalization, Dental, Vision, Drug, Credit Protection, Annuities, and Investments.

In addition, V3locity supports a wide range of pension risk transfer, institutional investment, and annuity products. This includes all the required administration models (buy-ins, buy-outs, risk transfer, lead administrator, split deal, full and partial bulk check, self-service, third party, partnerships), terminal funding arrangements, structured settlements, guaranteed investment contracts, and others. As with other areas of group benefits, Vitech is unique with its 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.

Over the past several years, Vitech has experienced a rapid pace of innovation as exemplified in the following figures:

From 2017 to 2019:

  • 3,600 functional advancements
  • 7,000 APIs
  • 1 product (v3)
  • Cloud-optimized

From 2020 to 2022:

  • 12,000+ functional advancements
  • 26,000 APIs
  • 9 products
  • Cloud-native

From 2022 to 2023:

  • 30,000 APIs
  • Enhanced data analytics services in InsightNow and Data Lake
  • Configurations via Low-Code/No-Code tooling externalized from CoreAdmin
  • Increased security capabilities
  • Added support for GraphQL for V3locity APIs

Key Features

V3locity is a transformative suite of complementary applications that offers full life cycle business functionality and robust enterprise capabilities. It marries core administration with a modern digital experience. Its modular design enables flexible, agile deployment strategies. V3locity employs an advanced, cloud-native architecture that leverages the unique capabilities of AWS to deliver a solution with world class security, scalability, and resiliency.

Platform features:

  • SaaS Simplicity: V3locity is a full managed, SaaS style, zero-footprint solution. It offers 24/7 operations, vast scalability, and high availability all backed by industry leading SLAs.
  • The Power of AWS: V3locity is underpinned by the vast capabilities of AWS and leverages the growing array of advantageous AWS technologies. This helps ensure that V3locity delivers ongoing innovations and improvements. V3locity is available in US, Canadian, and European AWS regions.
  • Componentized Architecture: A powerful, cloud-native microservice architecture makes V3locity extremely flexible, resilient, agile, and scalable. Its various applications and capabilities can be used in almost any combination and can be deployed using almost any roadmap strategy.
  • Highly Configurable: V3locity is a highly configurable system enabling clients a high-degree of functional fit to meet both immediate and future requirements. Configurability extends to plans/products, enrollment, billing, commissions, and claims while ensuring cross-system consistency, strong operational controls, and great overall usability.
  • Continuous Innovation: Vitech’s consistent investment in V3locity’s capabilities, technologies, accelerators, and partner network ensures that V3locity is modern and next-gen, which gives organizations opportunities for continuous innovation and improvement.

As a powerful insurance administration software solution, V3locity offers group, voluntary, worksite, and select individual insurance capabilities integrated in a single platform. V3locity’s extensive core functionality, advanced digital features, and fluid configurability combine to make it a truly modern solution for insurers, helping them to improve operations, adapt and expand product service offerings, modernize and consolidate legacy systems, and better respond to ever-changing market demands.

V3locity CoreAdmin combines full lifecycle benefit administration functionality with robust enterprise capabilities. V3locity CoreAdmin is optimized on AWS for world class security, scalability, analytics, and integration. The unified data model, rules, and workflow engines empower cross-function configuration, reporting, and overall operational control. The modular design and pre-configured accelerators enable fast, flexible, agile deployment strategies.

V3locity is uniquely strong with case installation and accurate billing for speed to revenue. A flexible data model enables participants and group entities to live as peers in V3locity and enables individualized servicing through a group construct. A unified customer 360-degree view via V3locity World functionality supports individual and group relationships and interactions.

Enterprise capabilities (e.g., workflow, document management, query/reporting, dashboard, etc.) are offered as modular, microservices and are accessed within the core solution without the need for bolt-on, third-party components. This drives significantly higher productivity rates for V3locity users and simplifies implementation and maintenance activities. Intuitive, codeless configuration tools make it easy to modify enterprise functions for clients' unique needs.

V3locity digital applications provide channel and device-specific personalized experiences for group participants, internal users, brokers, and other service providers through a combination of responsive/adaptive user design practices, full accessibility (WCAG 2.1), extensive visual configuration capabilities, and flexible branding and theming support. Because these digital experiences use business rules and logic defined in V3locity's CoreAdmin, they offer the straight-through processing capabilities necessary to make all communications, inquiries, updates, transactions, and analytics activities seamless. Digital experiences are data-driven, responsive/adaptive by using the industry-standard REACT user experience framework, and analytics-augmented to ensure that each experience is personalized using configurable business rules as well as individuals' preferences. Experiences and components are designed to take advantage of cloud-native elasticity. This includes important, experience-enriching capabilities like real-time data streams and full, elastic indexing and search capabilities.

Insurance Data Lake and InsightNow provide real-time streaming of V3locity's transactional data and third-party data sources to drive just-in-time decisioning and triggering of business events and embedded AI/ML capabilities. With Data Lake, users can access and build custom reports and dashboards within V3locity and avoid the delayed, sub-optimal decisioning resulting from static, batch-oriented data aggregation. InsightNow provides rich, intuitive dashboards enabling users to drill down to the information they need to make accelerated data-driven decisions. The analytical dashboards are updated in near real-time so that users can make better and more timely decisions that are based on the latest available information. InsightNow offers out-of-the-box enterprise dashboards in the areas of CRM, workflows, and workflow productivity. Planned enhancements include industry-focused solutions providing greater analysis into areas such as Claims, Policy Management, and Payment Processing.

Key Benefits

  • Cost effective deployment (eliminates overhead associated with on-premises solutions)
  • Scalability, availability, reliability, and advanced security capabilities
  • Increased speed to revenue
  • Increased efficiencies and productivity
  • Streamlines operations through increased rates of self-service and straight-through processing
  • Enhanced customer satisfaction and service levels
  • Promotes data-driven decisions
  • The ability to capitalize on market opportunities, meet evolving customer needs, and improve competitive positioning