Infosys McCamish Systems, a US-based subsidiary of Infosys BPM, the Business Process Management arm of Infosys on February 16 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 endto-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.
Shares of the company declined Rs 3.40, or 0.26%, to trade at Rs 1,286.70. The total volume of shares traded was 97,724 at the BSE (12.39 p.m., Wednesday).
