NEW YORK, Sept. 28, 2021 /PRNewswire/ -- Vitech Systems Group announced today that Pacific Life, a leading U.S. life insurance and retirement solutions company headquartered in Newport Beach, Calif., has selected V3locity, Vitech's cloud-native administration, engagement, and analytics platform, to administer its growing institutional investment business.
Pacific Life will use V3locity for its deal acceptance, policy administration, payments, and enterprise capabilities, to manage their pension risk-transfer (PRT), and stable value businesses. Together, these businesses constitute a major portion of Pacific Life's institutional investment business. Pacific Life will also leverage V3locity Digital, Vitech's persona-based, digital self-service solution, to deliver a seamless and intuitive digital experience.
Pacific Life selected Vitech to help scale its business, provide improved reporting and analytics, enable advanced functionality for new products, and consolidate key business units onto one unified system.
"V3locity will be instrumental in helping us facilitate a successful transformation and provide a strong foundation as our business rapidly expands," said Paul Hance, vice president and managing director of Pacific Life's Institutional Customer Solutions Group. "We are proud to partner with Vitech to help us capture additional opportunities and growth in our target markets."
"We are delighted to play such a significant role in helping Pacific Life further advance its institutional investment technology capabilities," said Gary Sherne, Vitech's chief revenue officer. "We look forward to working with Pacific Life to provide a competitive edge in the evolving institutional investment landscape, while advancing our rapid expansion into the PRT market."
V3locity is a transformative suite of complementary applications that offers full life cycle business functionality and robust enterprise capabilities. It marries core administration with a revolutionary digital experience, while its modular design enables flexible, agile deployment strategies. V3locity also employs an advanced, cloud-native architecture that leverages the unique capabilities of AWS to deliver a solution with unparalleled security, scalability, and resiliency.
Vitech is a global provider of cloud-native benefit and investment administration software. We help our Insurance, Retirement, and Investment clients expand their offerings and capabilities, streamline their operations, gain analytical insights, and transform their engagement models. Vitech employs over 1,600 professionals, serving the world's most successful insurance, retirement, and investment organizations. An innovator and visionary, Vitech's market leadership has been recognized by industry experts, such as Gartner, Celent, Novarica, and ISG. For more information, please visit www.vitechinc.com.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and was named one of the 2021 World's Most Ethical Companies® by the Ethisphere Institute. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company.
Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list. For additional company information, including current financial-strength ratings, visit www.PacificLife.com.
SOURCE Vitech Systems Group
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