Vitech Systems Group (Vitech) announced that Massachusetts Mutual Life Insurance Company (MassMutual) has selected V3locity, Vitech’s cloud-native administration, engagement, and analytics platform, to support its Pension Risk Transfer (PRT) business.
As a leader in the rapidly expanding PRT space, MassMutual sought a scalable solution that supports the insurer’s growth. MassMutual selected Vitech based on the company’s deep PRT market expertise, modern cloud technology, and partnership-driven implementation strategy.
With V3locity, MassMutual can automate additional functions of the PRT process and annuitant experience, including new business acceptance, onboarding, and benefit and payment processing, supporting the insurer’s robust sales and service volumes while driving additional operational effectiveness and efficiency.
V3locity seamlessly combines these PRT-specific business capabilities with enterprise capabilities such as Client Relationship Management (CRM), workflow and document management, imaging, reporting, and more. This integrated, end-to-end solution offers a simplified implementation and maintenance experience for MassMutual and its clients as well as an easy and intuitive user experience. What’s more, the robust platform will allow MassMutual to consolidate multiple systems and deliver a uniform experience to their staff and customers.
“The features and scalability of the V3locity platform enhance MassMutual’s commitment to customer experience and growth in the PRT market,” said Ian Cahill, Head of Pension Risk Transfer at MassMutual. “We look forward to pairing the capabilities of V3locity with the expertise MassMutual brings from over 40 years in the PRT industry.”
V3locity’s advanced capabilities and continuous investment in R&D to support large PRT business opportunities, including the ability to support the administration of contracts that cover thousands of annuitants, cash balance contracts, split deal administration, buy-ins, and the ability to quickly and easily add new product types, will support MassMutual in their continued growth in the PRT market.
“This announcement is another example of MassMutual’s continued investment in delivering a superior customer experience for our institutional clients. In addition to pension risk transfer, MassMutual is a leader across a diverse set of markets helping institutional customers meet their financial needs,” noted Keith McDonagh, Head of Institutional Solutions at MassMutual.
“We are excited to partner with MassMutual to enhance their technology and support their leadership position in the PRT market,” said David Burns, Vitech’s CEO. “V3locity’s deep PRT capabilities and modern cloud technology make Vitech the leading choice for companies like MassMutual looking to support their growth in this dynamic market.”
V3locity is a transformative suite of complementary applications that offers full life cycle business functionality and robust enterprise capabilities. It marries core administration with superior digital experience and augmented analytics. 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 unparalleled security, scalability, and resiliency.
Vitech is a global provider of cloud-native benefit and investment administration software. We help our clients expand their offerings and capabilities, streamline their operations, gain analytical insights, and transform their engagement models. Vitech employs over 1,400 professionals, serving the world’s most successful insurance, retirement, and investment organizations. An innovator and visionary, Vitech’s market leadership has been recognized by industry experts, including Gartner, Celent, Aite-Novarica, and ISG. For more information, please visit vitechinc.com.