Infosys McCamish Completes Purchase of Automated New Business and Underwriting Platform from STEP Solutions

Rhea-AI Summary

Infosys McCamish Systems has acquired a cutting-edge New Business and Underwriting platform from STEP Solutions Group. This strategic purchase aims to simplify insurance product management across North America. The platform enhances the existing VPAS® policy administration system, providing automated underwriting and personalized product recommendations, significantly reducing processing times from days to hours. Supported by development centers in the US and India, this acquisition positions Infosys McCamish to improve its service delivery in the competitive insurance market.

Positive

• Acquisition of advanced underwriting platform from STEP Solutions enhances service capabilities.
• Platform integration expected to reduce policy processing time from days to hours.
• Strengthens Infosys McCamish's competitive position in the North American insurance market.

Negative

• None.

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.

 

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SOURCE Infosys

FAQ

What platform did Infosys McCamish purchase on February 16, 2021?

Infosys McCamish purchased a New Business and Underwriting platform from STEP Solutions Group.

How will the new platform affect policy processing times?

The new platform is expected to reduce policy processing times from days to just hours.

What is the significance of the acquisition for Infosys McCamish?

The acquisition enhances Infosys McCamish's competitive edge in the North American insurance market.

When was the strategic purchase of the underwriting platform announced?

The strategic purchase was announced on February 16, 2021.

What benefits does the new platform provide for customers?

The platform offers personalized product recommendations and automated underwriting, enhancing the customer experience.