The V3 System: Software for Insurance Administration
The V3 System Delivers:
  • Administrative Flexibility
  • Improved Customer Service
  • Extreme Scalability
  • Accurate and Timely Data
  • Self-Service Alternatives
  • Quality Correspondence
  • Operational Transparency
  • Value Added Reporting

The V3 System is a powerful solution for Annuities administration.

The V3 system supports group and individual annuities processing for differed and immediate annuities, pension closeouts, structured settlements, lottery payouts and other repetitive payments. This includes both single and recurring premium structures as well as fixed and variable products.

Powerful "one time setup" capabilities allow for highly configurable benefit calculations and payment forms. Any number of groups and contracts can be processed in a single V3 installation. Contracts can have standardized or highly customized benefit and payment rules.

V3 demographic features allow for administration of contingent beneficiary information and primary insured life statuses before and after an annuity enters its payout phase, and throughout the life of any contingent beneficiary.

V3 Annuities can be used stand alone or in combination with other V3 capabilities including V3 Enrollment and V3 Billing. V3 for annuities includes native self-service, workflow, imaging and correspondence features.

The V3 System's powerful annuity features include:

    Core Capabilities
  • Group and Individual Contracts
  • Immediate and Deferred Annuities
  • Pension Risk Transfers and Closeouts
  • Structured Settlements and Lottery
  • Pre-retirement Death Benefits
  • Early, Late and Mandatory Retirements
  • Disability Benefits
  • Loans Administration
    Payout Estimates
  • Estimate Generation
  • Estimate Histories
  • History of every Estimate Generated
  • “What if” Calculations
  • Workflow-based processing
  • Detailed Activity Log
    Payment Processing
  • High Security Payout Processes
  • EFT, ACH, Wire, Feed and Paper
  • Scheduled and Indexed Increases
  • Term Certain, Life and Joint Payouts
  • Pay-to-Date, Pay-to-Dollar
  • Custom Payout Cycles
  • Single Sum Payments and Cash-outs
  • Splits and Court Orders
  • Retro Payments and Recoupments
    Reporting and Integration
  • End User Reporting
  • Ad Hoc Reporting
  • Tax Reporting
  • Actuarial Reporting
  • General Ledger Integration
  • Import and Export Processing
    Contracts Administration
  • Contract and Policy Implementation
  • Pre, Post and Payout Administration
  • Contingent Beneficiary Processing
  • Life Events and Demographics
  • Work Status Administration
  • Individual and Batch Transactions
  • Single Premium Contracts
  • Group and Individual Billing
  • Employee Payroll Deductions

© 2012 Vitech Systems Group, Inc. | New York +1 212 868-0900 | London +44 (0) 20 7661 9353 | Paris +33 (0) 1 70 38 54 72