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Infosys McCamish Completes Purchase of Automated New Business and Underwriting Platform from STEP Solutions
Sherman & Company served as Financial Advisor to STEP Solutions Group LLC
Bengaluru, India and Illinois, US – February 16, 2021--Infosys McCamish Systems, a U.S.-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.
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.
Sherman & Company Served as Financial Advisor to STEP Solutions Group LLC