Infosys McCamish, an Atlanta, Georgia headquartered subsidiary of Infosys BPM that provides solutions, services for the insurance and financial services industry, on Tuesday announced the purchase of an underwriting platform from STEP Solutions Group for an undisclosed amount.
STEP Solutions Group, an affiliate of the Dillon Kane Group based in Chicago, Illinois, builds technology solutions in insurance underwriting and new business.
The deal is expected to ease the complexity of all types of insurance products such as life, annuity, and health, for individuals and groups across North America, Infosys said in a statement.
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 speeds up policy issuance and assures consistent rating, the statement added.
“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,” Richard Magner, CEO and managing director, Infosys McCamish Systems, said.
The platform will be supported from development centres in Atlanta in the US and from Hyderabad and Pune in India.
In July 2019, Infosys McCamish partnered with New Orleans-based Pan-American Life Insurance Group (PALIG) to provide policy administration services for PALIG’s new Global Assets Indexed Universal Life (IUL) product.