Infosys unit acquires 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 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.

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