(Sacred Heart Cathedral in Newark, N.J., home of Prudential Financial. Photo credit: Bestbudbrian.)
Prudential Group Insurance (Newark, N.J.) has selected Vitech’s (New York) AWS-based cloud offering, V3locity, as Prudential’s policy administration solution for voluntary benefits. Prudential’s instance of V3locity platform is being rolled out in a multi-phase implementation, beginning with the 2019 launch of Prudential’s enhanced Accident and Critical Illness products and its new Hospital Indemnity product, according to a Vitech statement.
V3locity, which is the cloud version of Vitech’s V3 policy administration software, is being implemented as a central part of Prudential’s overall growth strategy to execute an expansion of its footprint in the competitive voluntary product marketplace, according to the statement.
“We chose to partner with Vitech because their industry leading solution allows us to deliver our voluntary products with a high level of agility and flexibility,” comments Adam Gelman, VP and business head, Voluntary Benefits, Prudential Group Insurance. “We are also excited that V3locity will be integrated in a way that will allow our members to leverage the strength of Prudential’s financial wellness offering. We believe that market competitive voluntary benefit solutions combined with financial wellness education can be a game changer for our customers and their employees.”
Flexibility for Adding New Products
The flexibility of the Vitech platform will facilitate Prudential’s adding new products and solutions that will further enhance the insurer’s customers’ financial wellness, the Vitech statement asserts.
“We are thrilled to welcome Prudential to the Vitech family,” comments Jamie Vitiello, Executive VP, Vitech. “V3 is an end-to-end solution for insurance carriers looking to deliver new products and services while improving operations and modernizing their technology base.”