The financial details of the transaction were 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 said.
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 personalised 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.
"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, said.
The platform will be supported from development 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, said.
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