Vitech 2021 Year in Review
As we’ve now reached the end of 2021 in what seems like a heartbeat, I’ve taken a step back to reflect on these memorable past 12 months. In this week’s blog, I wanted to share my thoughts on what has been a successful and exciting year for Vitech, despite the current business landscape that remains challenged by the pandemic’s ongoing uncertainty.
In 2021, Vitech increased investments, especially in our research and development, sales, customer success, and professional services organizations. Our headcount, engagements, and go-lives continued to grow, while we found new ways to reach out to existing and potential customers to solicit feedback and demonstrate our breadth of customer care. As always, we continued to build on the sophisticated technology that supports our V3locity solution. Read on for some year-end observations, including target market overviews as well as some highlights from Vitech’s busy and overall fruitful 2021.
Target Market Overviews and Customer Wins
Digital transformation remained a top priority in Vitech’s target markets, while public pension systems and group insurers in particular focused on new solutions to facilitate greater processing efficiency, digital engagement, and customer relationship management. Group insurance companies also focused on emerging technologies to drive efficiency, enhance cybersecurity, and expand enterprise capabilities across their organizations. Vitech benefited from these 2021 trends with several impressive new client wins.
In the 2021 PRT and Group Annuity Risk Transfer Market, PRTs experienced significant growth, and full-year sales are approaching a robust $40 billion. More companies investigated buy-ins to lock in costs of full pension plan terminations, mainly staging with a buy-in to later be removed with a buy-out. (The plan termination process normally takes up to 18 months and securing rates in advance can help avoid volatility from fluctuating interest rates and equity markets.) Throughout the year, Vitech continued to support the PRT markets, through our current engagements and a significant new client win in September.
We also moved ahead with existing projects and continued to serve our clients with dedicated expertise and innovative solutions. During 2021, Vitech had 12 important go-lives for new functionality in our Retirement, Group Insurance, and Alternative Investment markets, and have several more on track for early 2022. In addition, we had four important go-lives for clients upgrading to V3locity within our Retirement and Alternative Investment sectors, as well as 20+ digital self-service go-lives across our markets.
Vitech Expansion, Our New CEO
2021 saw Vitech’s workforce expand significantly to assist with our growing number of implementations, as well as our need for additional customer support. In September, we also welcomed our new CEO, Richard Hart, whose industry experience and strong leadership is helping Vitech to scale our business, further drive innovation into our target markets, and raise the bar for strategy and execution excellence.
As we close the book on 2021, I know I speak for my fellow bloggers when I say that it’s been our pleasure to share with you our commentary and industry observations that have hopefully given you greater insights into your respective sector’s complexities, our V3locity platform, and cross-market challenges. We look forward to providing continued insight and perspectives in the coming year, and I wish all of you a happy, healthy, and prosperous 2022.