BENGALURU, India and
ATLANTA, Feb. 16, 2021 /PRNewswire/
-- Infosys McCamish Systems, a US-based subsidiary of
Infosys BPM, the Business Process Management arm of Infosys (NYSE:
INFY), today announced the strategic purchase of a state-of-the-art
New Business and Underwriting platform from STEP Solutions Group
LLC to ease the complexity of all types of insurance products such
as Life, Annuity, and Health, for individuals and groups across
North America.
STEP Solutions Group LLC is an affiliate of the Dillon Kane
Group LLC based in Chicago,
Illinois, with a successful track record in building
leading-edge technology solutions in Insurance Underwriting and New
Business. The powerful rule-driven New Business and Automated
Underwriting platform from STEP will help Infosys McCamish in
enhancing its industry-leading VPAS® policy administration platform
to offer end-to-end business solutions in the North American
insurance market.
The platform quotes and recommends products based on the
customer's lifestyle, financial state, and unique requirements,
using digital portals and intuitive workbenches that drive business
outcomes through a personalized experience. Integrated intelligent
workflow supports full or partial automation of underwriting cases,
which reduces cost and time-to-decision, and greatly speeds up
policy issuance and assures consistent rating. The platform, which
supports cloud-native microservices for flexible deployment
options, is also fully integrated with ACORD Industry standards,
external origination systems, as well as data and evidence
providers such as MIB (Medical Information Bureau), MVR (Motor
Vehicle Report), Rx (Prescription) and Credit Agencies in
compliance with all the relevant state laws and other regulatory
bodies in North America. Once
deployed, the platform shortens the time to process a case from
days, to a few hours.
Richard Magner, CEO and
Managing Director, Infosys McCamish Systems, said, "With
the purchase of this platform from STEP, we will further enhance
our competitive position in straight-through processing of New
Business, Enrollment, and Automated Underwriting to our clients.
The move reinforces our commitment and investments towards
providing seamless and end-to-end delivery of services across the
insurance industry in North
America and around the world."
Don Kane, Sr. Managing
Director of Dillon Kane Group and STEP Solutions
Group, said, "We are excited that the underwriting
platform developed by STEP will gain new opportunities for
widespread adoption as a part of the Infosys McCamish platform
suite. The platform will help in increasing the success rate for
clients, with high efficiency and enhanced underwriting
decision-making in the new business arena. With Infosys McCamish's
leading position in the global life insurance and annuity
marketplace, I am sure they will elevate the platform's global
reach, technology edge, and digital capabilities."
The platform will be supported from development centres in
Atlanta, US, and from Hyderabad and Pune in India.
About Infosys McCamish
Infosys McCamish (www.infosysbpm.com/mccamish), a U.S. based
subsidiary of Infosys BPM, a part of Infosys (NYSE:INFY), is a
leader in providing best in class technology platforms and services
to the financial services industry. It addresses the full array of
needs in the Life insurance, annuity and retirement services
marketplace globally. Infosys McCamish delivers these using its
best in class VPAS® platform – Policy Administration, PMACS® –
Producer Management and Compensation, VPAS® BPA – Retirement
Services and NGIN – Multi-geo Policy Administration for rapid
product rollout. It offers these in Software as a Service (SaaS) or
in full service TPA (Third Party Administration) or Hybrid
models.
About Infosys BPM
Infosys BPM Ltd., the business process management (BPM)
subsidiary of Infosys Ltd. (NYSE: INFY), was established in
April 2002. We offer integrated
end-to-end transformative BPM services, and have journeyed through
the table-stakes of effectiveness and efficiency with an
ever-increasing focus on enhancing stakeholder experience and
empathy. We enable clients to navigate their digital journey,
operating from 33 delivery centers across 16 countries, with over
43,300 people from more than 120 nationalities.
Visit www.infosysbpm.com to learn how Infosys BPM can help your
enterprise navigate your next. For more information contact
bpm.pr@infosys.com
About Infosys
Infosys is a global leader in next-generation digital services
and consulting. We enable clients in 46 countries to navigate their
digital transformation. With nearly four decades of experience in
managing the systems and workings of global enterprises, we
expertly steer our clients through their digital journey. We do it
by enabling the enterprise with an AI-powered core that helps
prioritize the execution of change. We also empower the business
with agile digital at scale to deliver unprecedented levels of
performance and customer delight. Our always-on learning agenda
drives their continuous improvement through building and
transferring digital skills, expertise, and ideas from our
innovation ecosystem.
Visit www.infosys.com to see how Infosys (NYSE: INFY) can help
your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth
prospects, financial expectations and plans for navigating the
COVID-19 impact on our employees, clients and stakeholders are
forward-looking statements intended to qualify for the 'safe
harbor' under the Private Securities Litigation Reform Act of 1995,
which involve a number of risks and uncertainties that could cause
actual results to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and
uncertainties regarding COVID-19 and the effects of government and
other measures seeking to contain its spread, risks related to an
economic downturn or recession in India, the United
States and other countries around the world, changes in
political, business, and economic conditions, fluctuations in
earnings, fluctuations in foreign exchange rates, our ability to
manage growth, intense competition in IT services including those
factors which may affect our cost advantage, wage increases in
India, our ability to attract and
retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, industry segment concentration, our
ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication
networks or system failures, our ability to successfully complete
and integrate potential acquisitions, liability for damages on our
service contracts, the success of the companies in which Infosys
has made strategic investments, withdrawal or expiration of
governmental fiscal incentives, political instability and regional
conflicts, legal restrictions on raising capital or acquiring
companies outside India,
unauthorized use of our intellectual property and general economic
conditions affecting our industry and the outcome of pending
litigation and government investigation. Additional risks that
could affect our future operating results are more fully described
in our United States Securities and Exchange Commission filings
including our Annual Report on Form 20-F for the fiscal year ended
March 31, 2020. These filings are
available at www.sec.gov. Infosys may, from time to time, make
additional written and oral forward-looking statements, including
statements contained in the Company's filings with the Securities
and Exchange Commission and our reports to shareholders. The
Company does not undertake to update any forward-looking statements
that may be made from time to time by or on behalf of the Company
unless it is required by law.
View original
content:http://www.prnewswire.com/news-releases/infosys-mccamish-completes-purchase-of-automated-new-business-and-underwriting-platform-from-step-solutions-301228877.html
SOURCE Infosys