Infosys McCamish completes purchase of automated new business and underwriting platform from STEP Solutions
Infosys McCamish Systems, a US-based Subsidiary of Infosys BPM, the Business Process Management arm of Infosys, today announced the strategic purchase of a state-of-the-art New Business and Underwriting system from STEP Solutions Group LLC to alleviate the complexity of all sorts of insurance products like Life, Annuity, and Health, for people and groups throughout North America.
STEP Solutions Group LLC is an affiliate of the Dillon Kane Group LLC based in Chicago, Illinois, with a Successful history in construction leading-edge technology alternatives at Insurance Underwriting and New Business. The highly effective rule-driven New Business and Automated Underwriting platform out of STEP will help Infosys McCamish in improving its industry-leading VPAS® policy administration platform to offer end to-end small business solutions in the North American insurance industry.
The platform estimates and recommends products based on the customer's lifestyle, financial condition, and Special requirements, using digital portals and intuitive workbenches that drive business results through a personalized experience. Integrated intelligent workflow supports partial or full automation of underwriting instances, which reduces cost and time-to-decision, and greatly speeds up coverage issuance and guarantees consistent score. The system, which supports cloud-native microservices for flexible deployment options, can also be completely integrated with ACORD Industry standards, external origination systems, in addition to 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 legislation and other regulatory agencies in North America. Once deployed, the stage shortens the time to process a case out of days, to a couple of hours.
Richard Magner, CEO and Managing Director, Infosys McCamish Systems, stated, "With the Buy Of this platform out of STEP, we'll further increase our competitive place in straight-through processing of New Business, Enrollment, and Automated Underwriting to our clientele. The move reinforces our dedication and investments towards providing seamless and complete delivery of services across the insurance sector in North America and around the globe."
Don Kane, Sr. Managing Director of Dillon Kane Group and STEP Solutions Group, said, "We are Excited the underwriting platform developed by STEP will gain chances for widespread adoption as part of their Infosys McCamish platform suite. The platform will help in increasing the success rate for customers, with higher efficacy and enhanced underwriting decision in the new business arena.
With Infosys McCamish's top position in the global life insurance and annuity marketplace, I am sure they will elevate the platform's global reach, technology edge, and electronic capabilities."
The platform will be supported from growth centres in Atlanta, US, and out of Hyderabad and Pune in India.