The National Insurance Board of the Commonwealth of The Bahamas (NIB) has chosen Vitech Systems' software as its new social security administration solution.

The new system, which will be deployed in a multi-year, phased implementation, will process pension, insurance and other benefits for the Bahamas’ 350,000 citizens.

Under the deal, Vitech will offer NIB with software, implementation services and ongoing system support.

Vitech said that its solution will include demographic, employer reporting, participant balance tracking, benefit calculation, claims processing and benefit payroll functionality.

NIB director Algernon Cargill said, "We anticipate this initiative will be highly successful and serve as a model for other national social security programs."

Vitech Systems is a provider of insurance, benefits and investment administration software to commercial, public and third party administrators.