Vitech Systems Group announced Monday, May 21 that The National Insurance Board of the Commonwealth of The Bahamas (NIB) has selected Vitech’s software as its new Social Security Administration Solution. The new system will process pension, insurance and other benefits for the Bahamas’ 350,000 citizens.
“NIB is very excited to be partnering with Vitech on this critical undertaking,” stated Algernon Cargill, Director of NIB. “We anticipate this initiative will be highly successful and serve as a model for other national social security programs.”
Vitech will provide NIB with licensed software, implementation services and ongoing system support. The new Vitech solution will include demographic, employer reporting, participant balance tracking, benefit calculation, claims processing and benefit payroll functionality. The new system will also provide nationwide, web-based self-service capabilities for Bahamian citizens and employers. The system will be implemented in a multi-year, phased implementation.
“We are so pleased that NIB has chosen Vitech as a partner on this significant implementation,” said Frank Vitiello, Vitech’s CEO. “This award speaks both to the vision and commitment of the NIB organization, as well as to the power and capabilities of Vitech’s software, experience and delivery strengths.”
Vitech’s software is a highly scalable and configurable administration solution that addresses the complex needs of pension, insurance, health and investment organizations. Vitech’s software is used world-wide by organizations that collectively serve more than 20 million participants and administer over $1 trillion in assets.
