Resources & Insights

Ready to rev up your public pension fund administration? Discover the key factors for building a business case that can earn you a green light to success.

Cash Balance retirement plans require an administration system that can handle their many complexities.

A new policy administration system means big changes, company-wide. Learn how to help employees adapt to this change on the blog.

The latest wave in the big business of the U.S. retirement industry? RetireTech.

LIMRA’s Enrollment Technology Strategy Seminar 2023 highlighted the power of partnerships and working with technology providers.

As pension members become more proficient in digital self-service, pension funds must adapt to meet their technology demands.

Reaching into the hidden corners of data stores and accessing their valuable information brings “dark data” into the light.

Pension funds should help to provide some stability in volatile capital markets and a potentially softening economy in 2023.

Group insurance companies will face some speed bumps in 2023, but the increasing awareness of product value and continued progress of product innovation and process modernization should keep them on the road to success.

To successfully win the claims innovation race, group insurers must incorporate next-generation technology to expedite cycle times for greater customer satisfaction.

The analytics advantage allows enterprises to use customer data to inform decisions, interactions, and processes.

In this blog, we’ll discuss some of the essentials for personalized digital experience success, and how companies can use them to demonstrate their investment in and dedication to their customer relationships.

By using big data, pension systems can offer tailored member journeys that result in ongoing engagement, education, and peace of mind for a secure retirement.

Group benefits insurers must be prepared for the five major data migration challenges to mitigate risks for a successful transition.

Canada’s private health insurers are filling the coverage gaps of their national health care system through expanded coverage, faster service, and greater access to technology.

Zombies need not apply. Group insurers need human-centered design approaches to power key customer touchpoints for long-term revenue and growth.

Group insurers’ strategies for continued employee engagement and retention should include ongoing systems optimization.

U.S. public pension systems are on a mission. Despite the economic decline and scarcity of tech workers, meeting member services expectations are possible.

ITC 2022 was one of the largest to date, with over 8,000 attendees converging in Las Vegas for three days of learning, collaboration, and insurtech innovation.

A new core administration system needs clean and accurate data to make it come to life. With a well-orchestrated data migration, a new platform can be transformed into a strategic asset for clients and constituents.

Of the millions who left their jobs as part of the Great Resignation, many did so to pursue their true passions, with gig work as a stopgap.

The latest wave in the big business of the U.S. retirement industry? RetireTech.

Change is afoot in the employee benefits marketplace as brokers leverage their industry knowledge and change agent abilities to become a different, but invaluable component of the insurance ecosystem.

The 2022 VitechCONNECT Annual Summit was our largest to date with over 230 attendees joining us for three days of learning and collaboration in Washington, D.C.

In our latest blog, guest author Craig Weber of Cognizant discusses how group insurers need to create consistent, positive customer interactions to overcome the industry’s lackluster reputation.

Amid Canada’s shifting group benefits, industry insurers have developed key strategies for turning challenges into increased market share and customer value propositions.

For employers, strategies for employee engagement and retention include new-age, technology-based wellness and financial planning benefits.

For group insurers, successful ecosystem integration boils down to the right mix of modern technology, planning, and prioritization for creating the best implementation strategy.

Mind the gap! Public pension systems need to step carefully when trying to encourage greater digital engagement to different member generations. Find out how more personalized self-service can help reach across generations.

Despite shifting market dynamics, the group insurance industry hasn’t missed a beat.

Group insurers need more than just innovative products and a successful business model to stay competitive. They have a need… the need for speed.

Long-term public pension plan members with first-hand perspective can provide significant value-add for solution providers developing new systems.

Group insurers face the unique challenge of serving three distinct customers that are critical to their ecosystem: brokers, employers, and employees.

In this week’s blog, Brian McKinney reflects on this year’s in-person PRISM conference, providing observations from the conference floor on the state of the public pension industry, and highlights from his panel on managing project risk.

When applied to solution upgrades, the QA approach helps to balance project development with vigorous testing, to embed quality throughout the project lifecycle.

Pooled Employer Plans (PEPs) are a powerful step toward building equitable access to employer-enabled retirement planning.

As we reach the halfway point of 2022, the group insurance industry continues to evolve in response to the challenges of the ongoing pandemic, inflation concerns, and slowing growth.

For public and private retirement systems to fulfill their obligations to plan members, they require modern communication solutions that are effective for the long term.

In this week’s blog, David Burns explores the five phases of project implementation to provide insurers with the best possible results for next-generation technology modernization and performance.

Robin Lenna, SVP at Vitech, discusses the growing prevalence of pension risk transfer buy-ins among pension plan terminations and how their innovative features and attractive pricing have made them a popular choice for plan sponsors.

In this week’s blog, our guest author Phil Van Sickel from CGI explains how lean and agile approaches will result in more timely and successful system integrations.

For plan participants of all stages, stable value funds will continue to play a key role in helping them achieve the greatest total return for their retirement savings, while preserving principal in the most turbulent of times.

In this blog, Todd Eyler explains the rules for project implementation goals in group insurance technology transformations and how they can add long-term value and customer retention.

The spectrum of retirement income solutions continues to evolve, including retirement plan sponsors providing access to lifetime income solutions and individual market options.

Modern policy administration systems are expected to play an essential role in improved operations and growth in the life insurance industry.

Vitech's Chief Product Officer, Ali Kheirolomoom, discusses how insurers can incorporate data into their ongoing digital transformations to unlock potential in their organizations and in the greater insurance ecosystem.

While the global business environment continued its slow post-Covid recovery in 2021, the pension risk transfer (PRT) market defied convention with a substantial post-Covid bounce.

Group benefits insurers are pressured to modernize their ecosystems, to allow for greater product innovation and elevated service levels. Mathieu Beauchesne from GFT discusses how to ensure a smooth transformation that is completed on time and on budget.

The effects of the pandemic will reverberate throughout the global community for generations. For the group insurance industry, Covid was a catalyst for powerful transformation. The resulting operational revisions, strengthened customer relationships, and focus on innovation will highlight a new and exciting chapter in the ongoing evolution of group insurance.

Large projects like a core modernization take months to complete with involvement from many different teams across a group insurance carrier.

Quality 360’s market-driven approach helps balance project development speed with constant quality assurance. With project team engagement, testing early and often, and incorporating key learnings into current and future projects, Vitech can ensure that expedited projects are embedded with quality from start to finish.

Modern policy administration systems continue to evolve, and building effective fraud detection and prevention protocols are significant advances to protect all constituents.

Organizations that invest in innovation not only surpass companies that invest less or not at all, but the rate of return on future investments is higher because of learnings from previous innovation efforts. Bottom line, innovation is no longer an option.

With personalization and omnichannel, supported by customer personas, a journey orientation, and a strong technical and organizational foundation, group insurers can now achieve the powerful digital engagement to empower its customers and to maximize their own success.

A next-generation technology foundation combined with omnichannel, data and analytics, and personalization can deliver the future-focused CX needed now and in the future.

Organizations need to look at a completely new set of parameters based on changing work dynamics to ensure they remain engaged and remodel employee benefit programs in the post-pandemic world.

For today’s group insurers, the pandemic provides an opportunity to demonstrate and promote the value of their services and offerings. To respond most effectively, group insurers need modern core administrative platforms to enable seamless engagement, portability, more granular pricing for mortality and morbidity, and easy integration into the complex healthcare benefits ecosystem.

Now that 2021 is firmly in the rear-view mirror and 2022 is wide open to the horizon, Vitech has ambitious plans for the year ahead.

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.

With many vesting, accrual, and minimum participation rules as well as potential legislation to address future funding shortfalls, multiemployer pension plans need a modern and advanced system to support their inherent complexities.

Key insights to help you adapt your business capabilities for your insurance transformation journey and measure your progress along the way.

When implemented correctly, Agile can deliver improved software quality, tighter alignment with business objectives, and lower cost and risk.

With comprehensive persona data, along with insurers’ willingness to wholly embrace customers’ views, the personalized insurance engine has a promising future, especially as insurers, insurtechs, and technology firms push its development.

Group insurers are finding new ways to thrive in a market dominated by a small number of large players. Greater personalisation, boosting customer relationships, cost efficiencies, and improving member health and helping employees return to work are all helping insurers to cope with a changing workforce and to compete in a challenging marketplace.

In today’s employer benefits market, cash balance plans are now growing faster than traditional 401k offerings. With the proliferation of these plans, sponsors need a technology solution that supports their administrative complexities, including onboarding, administration, and automated benefit calculations.

When running a marathon, scaling a mountain, or beginning a system implementation, it’s all about timing. In this week’s blog, our guest author, Kimm Nasser-Fenn, VP of Professional Development at Linea Solutions, explains the importance of planning for a successful organizational change management implementation, starting from the beginning of the project to the first few months of the new system’s use.

A systematic and reasoned approach to data migration can help ensure a less painful move from legacy systems to new pension and health benefits programs. The common assumption that “my legacy data is clean” can be famous last words. A close examination of the old system by all stakeholders can lead to positive outcomes, just like the move to a new house will go much smoother if essential planning is in place before the big day.

A systematic and reasoned approach to data migration can help ensure a less painful move from legacy systems to new pension and health benefits programs. The common assumption that “my legacy data is clean” can be famous last words. A close examination of the old system by all stakeholders can lead to positive outcomes, just like the move to a new house will go much smoother if essential planning is in place before the big day.

Other than competing on price, new and innovative products that get to market early can command first-mover advantage, and subsequently generate customer loyalty as well as strong brand recognition. Speed to market can be achieved that much easier with early IT collaboration and automation, which can result in an agile approach to product development and deployment, to ultimately achieve desired speed-to-market goals.

Large projects like a core modernization take months to complete with involvement from many different teams across a group insurance carrier.

Campaign management provides secure, bi-directional, omni-communication that allows pension administrators to create and deliver targeted campaign messaging for responsive member care as well as retirement process instruction, throughout members’ careers and post-retirement.

The growing wave of baby boomer retirees along with ineffective legacy technology is straining public pension systems' operations. Without comprehensive self-service, members are overly dependent on staff for manual interventions, leading to bottlenecks and greater system inefficiencies. In this week's blog, we discuss how enhanced self-service can put administrative capability into members' hands for 24/7 omni-channel access, streamlined operations, and reduced costs.

Public pension systems can benefit from a modern PAS with the attendant technologies such as native configurability, natural language processing with embedded ML/AI technology, robust APIs, and data pre-fill capabilities that are the hallmarks of an advanced platform.

A good friend of mine from my undergraduate days describes himself on his social media accounts in a rather distinctive way: “Just an analog guy in a digital world.” ...

For voluntary benefits to achieve greater traction with plan sponsors and employees, group insurance companies must overhaul their education and technology strategies and drive down voluntary benefits’ costs through new modern and efficient core systems.

Speed to market remains a top priority for insurers, and they are investing significantly in resources to support new products, services, and processes to achieve it. But insurers remain plagued by legacy technology, complex and fragmented ecosystems, and an economy that is still recovering from the pandemic’s global market disruption.

Vitech is kicking off a four-part series that explores group insurance companies’ collective issues and how they can be solved to enable a complete, optimized transformation. In this week's blog, we examine how insurers’ legacy systems and traditionally conservative cultures lead to a complex group benefits ecosystem, whose outdated technology results in manual processes and difficulty in adding or updating products to appeal to new customers.

In the evolving voluntary benefits market, insurance carriers are facing new and preexisting challenges. Industry disruption because of the pandemic challenged sales for many carriers, while others experienced growth over the year.

Of the many group insurance industry challenges laid bare by the pandemic and resulting shelter-in-place orders, the need for an effortless digital customer experience remains paramount.

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.

Digital technology has revolutionized the way we work and live and has become a ubiquitous part of modern, everyday life…

As professionals who have worked in the insurance and retirement industries, we can attest that for today’s aging population, defined benefit pensions are a welcome source of financial security, especially for those about to retire, or have already retired. Insurers in the Pension Risk Transfer (PRT) market can offer the requisite guarantees, investment expertise, and risk management capabilities to the many boomers exiting the workplace who want to ensure that their pensions remain intact for the long term.

As someone who’s been an active participant and observer in the insurance industry for well over 20 years, I can say that insurance has often been considered a conservative industry with a resistance to change.

As a rule, human beings are resistant to change. We know that once we are comfortable within a routine, it can be difficult to modify. In a large-scale system implementation, this isn’t any different.

As someone who has worked with group insurance companies for quite some time, it’s a relief to see that they’ve (so far) been able to withstand the coronavirus pandemic…

As we now mark a year into the pandemic, a few disparate truths have become evident in greater society and in the global business community…

Over the last seven years of my career, I have been lucky to witness the evolution of group insurance technology across its entire life cycle…

As the continued rise of data-driven technology (cloud, advanced analytics, and microservices-based APIs) is enabling Group Disability Insurance…

As the saying goes, two heads are better than one. We had this expression in mind at the start of the insurance innovation nonprofit InnSure’s recent virtual discussion…

It is remarkable how crises, such as the ongoing global pandemic, never fail to present the duality of disruption and opportunity…

It is interesting that Millennials, like the Baby Boomers and Gen-Xers before them, are having their day in the sun as the most desirable demographic. With their sheer numbers…

For group benefit providers and global society, technology will continue to be the best weapon against the ongoing coronavirus pandemic.

Today, we are starting a new chapter in our communications with our new blog, which will feature the fresh insight and perspective of our Insurance, Pension, and Investment subject matter experts.