(Image source: MassMutual.)
MassMutual (Springfield, Mass.) has selected V3locity, Vitech Systems Group’s (New York) cloud-native administration, engagement, and analytics platform, to support its Pension Risk Transfer (PRT) business, according to a statement from the vendor.
The selection of the system originated with MassMutual’s participation in the rapidly expanding PRT market, according to Vitech. The vendor reports that the insurer sought a scalable solution that support its growth in that business and selected Vitech based on the vendor’s deep PRT market expertise, modern cloud technology, and partnership-driven implementation strategy.
With V3locity, the vendor says, 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.
Vitech describes V3locity as seamlessly combining these PRT-specific business capabilities with enterprise capabilities such as Client Relationship Management (CRM), workflow and document management, imaging, reporting, and more. The solution offers a simplified implementation and maintenance experience for MassMutual and its clients as well as an easy and intuitive user experience, the vendor says, adding that the 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,” comments Ian Cahill, Head of Pension Risk Transfer, MassMutual. “We look forward to pairing the capabilities of V3locity with the expertise MassMutual brings from over 40 years in the PRT industry.”
Vitech says that it will continue to support MassMutual’s growth in the PRT market through 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.
Superior CX for Institutional Clients
“This announcement is another example of MassMutual’s continued investment in delivering a superior customer experience for our institutional clients,” comments Keith McDonagh, Head of Institutional Solutions, MassMutual. “In addition to pension risk transfer, MassMutual is a leader across a diverse set of markets helping institutional customers meet their financial needs.”
“We are excited to partner with MassMutual to enhance their technology and support their leadership position in the PRT market,” says David Burns, CEO, Vitech. “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.”