Infosys McCamish acquires new business and underwriting platform from STEP Solutions
Infosys McCamish Systems, an insurance business process solutions provider, has acquired a new business and underwriting platform from STEP Solutions Group.
The platform is said to help in simplifying all types of insurance products that include life, annuity, and health, for individuals and groups across North America.
Infosys McCamish Systems is a US-based subsidiary of Infosys BPM, which is Indian IT giant Infosys’s business process management unit.
On the other hand, STEP Solutions Group is an affiliate of Chicago-based Dillon Kane Group. STEP Solutions Group develops technology solutions in insurance underwriting and new business.
According to Infosys, the acquired rule-driven new business and automated underwriting platform will enable Infosys McCamish in improving its VPAS policy administration platform to provide end-to-end business solutions in the insurance market in North America.
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.”
Based on the lifestyle, financial state, and unique needs of customers, the platform quotes and recommends products by leveraging digital portals and workbenches that drive business outcomes via a customized experience.
Infosys said that integrated intelligent workflow supports complete or partial automation of underwriting cases, which lowers cost and time-to-decision, and greatly quickens up policy issuance, while assuring consistent rating.
The new business and underwriting platform supports cloud-native microservices for flexible deployment options. It is also completely integrated with ACORD Industry standards, external origination systems, and also MIB (Medical Information Bureau), MVR (Motor Vehicle Report), Rx (Prescription), Credit Agencies and other data and evidence providers in compliance with all the relevant state laws and other regulatory bodies across North America.
Once deployed, the platform cuts down the time for processing a case from days, to a few hours, claimed Infosys.
Richard Magner – CEO and Managing Director of 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.”