Infosys McCamish partners with Pan-American Life Insurance Group for digital policy administration

Infosys McCamish, a US-based subsidiary of Infosys BPM that provides solutions, services for the insurance and financial services industry, has 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.

According to PALIG, its new product, which will be available for high net worth individuals, gives insureds the flexibility of choosing a fixed return account or one whose returns are determined by the performance of a major trading index, such as the S&P 500 (SPX), EURO STOXX 50 (SX5E) and Hang Seng Index (HSI).

Infosys McCamish said that the new product will come with the support of its VPAS Platform that can provide support for life and annuity products, including individual and group, variable, fixed, indexed and repetitive payment products, as well as health and welfare products.

Explaining further, Richard Magner, CEO and managing director of Infosys McCamish Systems, said that VPAS can also be leveraged for quick product rollouts.

He added that VPAS platform, which is a suite of policy administration software modules with a deep insurance expertise relying on a data center, can support the complete policy lifecycle from e-application and policy issue to claims processing.

Last week, EdgeVerve, a wholly-owned subsidiary of IT services firm Infosys, had rolled out an intelligent automation platform for contact centres called AssistEdge Engage.

According to the cloud-based applications provider, the new platform, which is powered by artificial intelligence and robotic process automation (RPA), has smart features that will help increase agent productivity, satisfaction and elevate customer experience.

In the same month, Infosys had also partnered with Toyota Material Handling Europe (TMHE) for digital transformation.

The tech firm had said that it will help TMHE by facilitating transformation to a scalable digital hybrid cloud platform, providing application services, digital workplace, infrastructure management and data-centre operations.