Infosys McCamish Systems, a US-based subsidiary of Infosys BPM, on Tuesday mentioned it has purchased the enterprise and underwriting platform from STEP Solutions Group LLC. The monetary specifics of the transaction had been not disclosed.
STEP Solutions Group LLC is an affiliate of the Dillon Kane Group LLC based in Chicago.
“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,” a regulatory filing mentioned.
The platform quotes and recommends merchandise based on the customer’s life style, monetary state, and special specifications, making use of digital portals and intuitive workbenches that drive enterprise outcomes via a personalised expertise. Integrated intelligent workflow supports complete or partial automation of underwriting circumstances, which reduces expense and time-to-selection, and tremendously speeds up policy issuance and assures constant rating.
“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, Chief Executive Officer and Managing Director of Infosys McCamish Systems, mentioned.
The platform will be supported from improvement centres in Atlanta, US, and from Hyderabad and Pune in India. “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,” Don Kane, Senior Managing Director of Dillon Kane Group and STEP Solutions Group, mentioned.