Vitech Systems Group has unveiled its Fall 2024 enhancements for V3locity, marking a significant advancement in cloud-native solutions for the insurance and pension industries. This latest update to Vitech’s flagship platform introduces features that leverage AI-powered analytics and advanced digital servicing capabilities. The Fall 2024 release reinforces V3locity’s position as a transformative force in group insurance and pension administration, offering organizations innovative tools to elevate member experiences and streamline operations.
As Vitech’s Chief Product Development Officer, I collaborate with our product development teams to ensure V3locity continually blends innovation with practical advancements. The Fall 2024 release introduces our initial support for Canadian Disability Claims, alongside significant automation enhancements, AI-powered analytics, multi-employer group amendment capabilities, and revamped enrollment file improvements. We’re not just improving V3locity – we’re reimagining how organizations can operate more efficiently and maintain a competitive edge in an increasingly digital landscape. These enhancements empower our clients to adapt quickly to market changes and deliver superior service to their members.
Current clients can access documentation on all of the latest enhancements on Vitech Academy. Below are some of the key highlights of the Fall 2024 Enhancements:
Support for Canadian Disability Claims
Vitech enables carrier clients to manage Canadian disability claims with sophisticated calculations to derive a member’s covered salary, cyclical benefit amount, offsets, reductions, taxation, and recalculations. ClaimsCenter also bring robust processing including eligibility rules, claim file documentation and management capabilities, tasking, and auditing.
AI-Powered Analytics
The latest release includes an exciting extension to InsightNow solution providing operational data insight into Billing, enabling account billing specialists to uncover payment delays, understand incoming premium trends, and classify premium data with respect to billing groups including any payment lapses. Using NLQ (natural language query) makes it intuitive to self-serve custom rich visualizations in real time and pin to their dashboard for ease of future use.
Realizing Automation
Enabling automation is essential to driving operational efficiency. In October’s release we’re excited to announce enhancements to V3locity’s Business Events framework. Designed for business users through a low/no code tooling interface, quickly setup automated actions based on business event triggers. New actions supported includes Document Generation and Email Sending. These add to the already supported Webhook and Digital Notification actions support all driving automation increasing operational efficiency and accelerated turnaround times.
Heaped Commissions on SABs
Enhancements include generating commissions due line items based on the payment made on the invoice so that commission can be paid out to the broker from the V3locity application. The features include premium calculation falling under different commission rates using payment amounts and calculate the final commission due amounts. In addition, heaped commission on the SA Bill at the component level can now be calculated thanks to an enhancement that allows users to have detailed information on commission due at the Product-Component and Rate level.
Multi-Employer Group Amendment Changes
These changes allow customization at the Union or Multi-Employer Group level. The introduction of enhancements to the Multi-Employer Admin Policy Amendment action initiates the amendment process for policies tagged with the Multi-Employer Admin Policy flag.
Standardizing Work Report Import
Introduced a standard out-of-the-box Work Report Import feature that allows you to import a file with work history for member records belonging to one employer across one or multiple billing entities and associated agreements. This feature allows you to import a file in .xslx formats, create a new person record in V3locity upon import process, link a new member to the employer or location or agreement combination, and create an import that efficiently updates and manages employer work history submissions accurately and reliably without manual data entry.
Enrollment File improvements
A central structured enrollment file was introduced to speed up client onboarding for new groups, along with a product feeder import to convert flat files into the central schema. This framework supports both V3locity flat file and structured formats, as well as tailored formats with custom feeder imports. The V3locity enrollment file uses structured XML format, aligning with current group insurance industry standards and preparing for future LDEx BEM support.
Digital Wallets
Digital Wallet integration is now available in V3locity Digital, offering quick access to member ID cards and passes. Google Wallet is supported on compatible devices, while Apple Wallet is available for Apple users (macOS, iOS & iPadOS). This feature allows users to access ID cards without MSS logins once downloaded, reducing physical clutter and addressing loss and theft concerns associated with physical cards.
These enhancements to V3locity represent another leap forward in insurance and pension administration technology. From AI-powered analytics to streamlined enrollment processes, these updates are designed to boost efficiency, improve member experiences, and future-proof organizations.
If you would like to learn more about how V3locity can transform your operations and help you stay ahead in the digital landscape, contact us today. Experience how V3locity can revolutionize your company’s growth, transformation, and operational efficiency. Our innovative solutions are crafted to accelerate your business success in today’s rapidly evolving marketplace.