Infosys subsidiary launches cloud-based digital platform for life insurance market

Infosys McCamish, the US-based subsidiary of Bengaluru-based IT services provider Infosys, has released McCamish NGIN, a new cloud-based digital platform for the life insurance market.

The new platform, which is based on open-source software, can be used by any insurance carrier to suit their needs across categories such as term, whole life, universal life and annuities, Infosys said in a regulatory filing.

Infosys also said the platform is built on a geo and tax regime independent core and can be extended to meet regional and client needs.

“The industry is in need of a survival critical platform that also enables accelerated profitable growth. Our platform will not only help the industry to prosper in the longest ever low-interest regime but also enable accelerated profitable growth through its state-of-the-art capabilities and features. Infosys McCamish provides platform-based solutions and services, and Infosys McCamish NGIN is the newest addition to our solution stack," Richard Magner, CEO, Infosys McCamish Systems, said in the statement.

Infosys has already found a taker for its new platform - Bajaj Allianz Life Insurance. Goutam Datta, CIO, Bajaj Allianz Life Insurance, said the company was looking to scale its life insurance business and was investing in new technology capabilities.

"This (new tech capabilities) includes a core platform and increasing digitalisation to provide superior service to our customers. We were looking for a platform that improves efficiency, speed to market, and flexibility, and expect to find the right solution in the new platform from Infosys McCamish. We are partnering with them in this important transformation initiative for our company," he added.

Infosys has been focusing on digital deals just like its rivals TCS, Wipro, HCL and Tech Mahindra.

This month, the company's subsidiary EdgeVerve Systems said it had completed the global blockchain trade simulation process on Finacle, its digital banking solution. This will enable the company to plug this solution into banks globally accelerating the adoption of blockchain as well as complementing its other solutions.

In October 2018, Infosys had partnered with R3 to collaborate on digital ledger solutions for banks and other financial institutions. As a result of the partnership, banks would be able to access and deploy Infosys’ blockchain solutions on Corda, R3’s open-source blockchain platform.

Earlier this month, Finacle’s digital banking suite was deployed at the Shivalik Mercantile Co-operative Bank via cloud technologies. Solutions deployed at the bank include a software subscription service, internet and mobile banking offerings and cloud services, among other offerings.

The company had also said it was opening its sixth technology centre in the US.