With V3locity Managed Services, Group Insurers Can Meet Their Software Challenges
As an award-winning and market-leading platform, Vitech’s cloud-native V3locity solution is well-known in the group insurance industry as a transformative suite of complementary business, enterprise, and digital applications. Its robust capabilities and low-code configurability enable agility, speed, and an effortless customer experience while reducing risks, simplifying operations, and containing costs, thus meeting many of the software challenges that group insurers face in any given year. But V3locity’s Managed Services’ capabilities also play a big part in providing the increased agility, efficiency, and security for group insurers’ benefits administration needs. The managed service takes full responsibility of managing group insurers’ software and related infrastructure requirements, relieving them of troubleshooting and production support, and allowing them instead to focus on the management and growth of their businesses.
An Integrated Platform with Streamlined Upgrades
Critical to the managed service is that our V3locity benefits solution is optimized to run in Amazon’s AWS cloud through AWS virtual servers, databases, storage, and other infrastructure. As a result, V3locity is a complete managed service; our clients rely on Vitech to fully manage the software for ongoing upgrades, troubleshooting, and overall production operations. At the same time, AWS provides innovative, robust infrastructure functions, including response time optimization, load balancing, automated disaster recovery, multilayered information security, and other value-added services. Therefore, group insurers experience the newfound business agility that is unavailable in on-premise, co-location, private cloud, or other deployment models.
One of the more notable benefits of the upgrade as a service model is that it enables our group insurance clients to innovate rapidly, which in turn empowers them to deliver value to their own customers and improve overall servicing. V3locity Managed Services also allows clients to receive upgrades of the V3locity software, releases, and security patches seamlessly. That said, their primary involvement with upgrades needs to only be final user acceptance testing. With direct access to the software in the AWS public cloud, Vitech manages all troubleshooting and production support requirements for the V3locity software, relieving our clients of most oversight.
The Security Imperative
With the increase of random cyberattacks across all industries, security is an absolute imperative for V3locity Managed Services. As an organization that provides software to process sensitive data including PII (Personally Identifiable Information) and PHI (Personal Health Information), Vitech has developed our software and instituted practices based on industry-standard security and data privacy constructs. The managed service includes two fundamental security concepts: users and roles. V3locity supports role-based security for users, and authorization can be configured for any V3locity asset, either at the role or user level. V3locity also offers native identity management and authentication, including multi-factor authentication. The AWS key management service is also implemented to create and manage cryptographic keys, while AWS Secrets Manager is used to rotate, retrieve, and manage the confidential information, such as login credentials, needed to access V3locity Managed Services.
Resiliency, Backup, and Operational Efficiency
An all-important triumvirate for group insurers is the resiliency, backup, and operational efficiency of their software environment. As we have learned in our ongoing partnership with AWS, they take a pragmatic approach to resiliency, assuming that failure will inevitably happen and maintaining a sophisticated set of capabilities to address malfunctions proactively. Management of disaster recovery and overall resiliency becomes the responsibility of Vitech and the managed service through our partnership with AWS, relieving clients of that concern. Furthermore, they receive double-digit percentage cost savings from continuous technology upgrades, instead of more disruptive, “big-bang” upgrades every three to seven years. Development, test, and disaster recovery environments are only used and paid for when needed, reducing idle capacity and fixed costs. Converting capital costs (large capital expenditures every three to seven years) to yearly operating costs makes it easier to match IT costs to revenues and to identify spending waste. For our group insurance clients, this means that their IT staff can focus more of their time on activities that can grow their businesses. Productivity doubles as the same number of staff members can, on average, manage double the amount of computing and storage capacity. A more automated approach to development operations, integration, and testing increases the productivity of the development staff, with a 4x increase, on average, for code deployment frequency.
V3locity Managed Services allows group insurance clients to focus their time and resources on the management and future success of their businesses, rather than maintaining their software environment and related infrastructure. By enabling increased agility, efficiency, resilience, and information security, the managed service can not only serve as the ideal deployment model for group insurers’ benefits administration software, but also as the solution for most group insurers’ expected software and infrastructure challenges.
To see how Vitech’s V3locity solution can transform insurance administration operations, provide an effortless digital user experience, and offer unparalleled security, click here.