Prudential has selected V3locity for use across its entire group insurance business, after using the software tool for its voluntary benefits business
Prudential Group Insurance has reached a long-term contract with cloud-based investment administration software provider Vitech Systems to use the latter’s core administration technology.
Under the terms of the contract, Prudential would leverage Vitech Systems’ V3locity to administer accident, critical illness, hospital indemnity, term life, short and long-term disability, universal life, variable universal life and other insurance products.
Prudential has selected V3locity for use across its entire group insurance business, after using the software tool for its voluntary benefits business, in May 2019. The decision would complement its overall growth and transformation strategy, said the company.
Prudential Group Insurance president Jamie Kalamarides said: “Our business strategy is centred on meeting the demands of our current and future customers, who are looking for a tech-forward experience.
“Transforming our end-to-end customer experience requires collaborating with the right technology partners. Our previous experience with Vitech’s V3locity platform, which supports a broad range of insurance products and has an advanced cloud-native architecture has given us great confidence in the platform and in Vitech as a long-term partner.”
V3locity to combine core administration capabilities with an advanced digital experience
Vitech is cloud-based benefit and investment administration software provider, focused on helping clients expand their offerings, enhance capabilities, modernise operations, acquire analytical insights, and transform their business engagement models.
V3locity is a cloud-based administration, engagement, and analytics platform, and is a suite of complementary applications that offer complete life cycle business functionality and capabilities.
The platform deploys an advanced, cloud-native architecture, which delivers a superior security, scalability, and resiliency solution by leveraging AWS capabilities.
Also, V3locity is said to combine the core administration capabilities with an advanced digital experience, where its modular design provides flexible and agile deployment strategies.
Vitech CEO Frank Vitiello said: “We are thrilled that Prudential has chosen V3locity as its long-term administration platform. This certainly solidifies V3locity’s position as the premier choice among leading group benefit organizations. We look forward to supporting Prudential in every way we can as their strategic technology partner.”