Life and Annuities
Overview
Transform operations, penetrate new markets and distribution channels, simplify infrastructure
Our solution leverages the VPAS® platform, a comprehensive suite of policy administration software modules, deep insurance expertise, and a world-class data center to reliably deliver on your business goals. Our platform is specifically designed for rapid product introductions, robust distribution channel support and flexible, end-to-end servicing of open and closed blocks of life, annuity, disability and health protection products.
The VPAS® platform supports the complete policy lifecycle from e-application and policy issue to claims processing. Whether you have 3,000 policies or 3 million, 30 product categories or 300, the VPAS® platform is extremely scalable and delivers the flexibility required to compete in today’s market. Our platform enables you to quickly configure business rules and objects and reuse them, and to rapidly convert data from legacy systems in a cost-effective manner. Through our self-service options and mobile enablement, your agents and policy owners can access and execute transactions from any location at any time.
Infosys McCamish is the US life and annuity insurance delivery hub for Infosys BPM. We are a licensed TPA across all US states. With over 20 years of experience in the life and annuity domain, we offer a large scale of services across the insurance value chain. We provide IT, platform, BPM and consulting services with over 680 highly experienced associates. By leveraging our 24 global, state-of-the-art delivery centers, Infosys McCamish is able to deliver services with great cost optimization and a rich talent pool. Our cutting-edge call center technology and innovations offer a next-generation customer experience and a value driven delivery model.
Platform
Components
Features
The VPAS® Platform supports all products on one platform. The unmatched breadth of products supported by VPAS® Platform include individual, retail, institutional, worksite / group, qualified, and non-qualified.
Our state-of-the-art customer service work desk, the web presentation layer of the VPAS ® Platform, provides the gateway for access to the complete platform capabilities, and is connected through web services to the underlying insurance services. All processes are executed under control of integrated workflow and business process management tools that provide explicit control of work items, including tracking and reporting of service metrics.
The business rules and event processing engines are accessible through web services so that all functional layers use common data, rules and processes to produce consistent results regardless of the access point, be it direct web inquiry, call center interaction, in bound back office processing driven by workflow, or outbound documents delivered to customers. The VPAS® platform is a comprehensive policy administration system supporting complete policy lifecycle: new business to claims.
- New business
- Contract / policy recordkeeping
- Billing collections and disbursements
- Customer services
- Claims and benefits payment services
- Investment management services
- Financial services
Capabilities
Our insurance services and solutions span the entire life and annuities value chain, delivering quickly and reliably for lower cost. These enable you to reduce time to market for new products, expand globally, streamline management of complex distribution channels, and penetrate new markets. Infosys McCamish enhances your competitiveness: optimizing and transforming your processes, providing robust platform solutions, and taking accountability for high quality service to your customers and agents.
Benefits
One platform for all your products — VPAS® Platform provides support for term life, traditional life, universal life, deferred annuities, immediate annuities, disability income and health protection.
Broad range of distribution models — Your products can be distributed in multiple distribution models, including retail / individual, work site / group, association group / direct mail, Internet sales, COLI / BOLI, private placement, offshore (Bermuda), and via qualified plans such as 403b, 457, SEP, Simple, IRA and Roth IRA.
Easily configurable — VPAS® Platform helps you quickly configure business rules and objects and reuse them. In addition, t he platform is composed of multiple plug-and-play components that are fully integrated through our service-oriented architecture (SOA) environment but can be easily replaced / integrated with client-supplied software components as needed.
Proven conversion engine — Our clients consolidate multiple platforms, de-risk aging infrastructure, and simplify enterprise integrations using process and tools to rapidly convert data from legacy systems in a cost-effective manner.
Operational effectiveness and efficiency — Through our self-service options and mobile enablement, your agents and policy owners can access and execute transactions from any location at any time.
Customer service as competitive advantage — VPAS® Platform provides tools and functionality for the customer service team to deliver best-in-class service at optimal cost.
Enterprise-class capabilities — In addition to continual R&D investments in our platform, we also have p artnerships with leading product vendors like Pegasystems, Kubra, and Resonant to provide best-in-class features.
Delivery Model
- Business processing outsourcing (BPO): Our personnel use our applications to serve the retail, group and special markets. In this model, ’we use what we sell’ to tailor your administrative service requirements to meet your business objectives and free you to focus on your core capabilities. All this, while still providing your agents and customers with excellent service.
- Functional business processing outsourcing (BPO): In this model, our personnel use your software to help to tailor your service requirements to meet your business objectives and free you to focus on your core capabilities.
- Software as a service (SaaS): For clients who prefer to leverage their existing personnel, we offer configurable platform components with expert industry and technical support to deploy and transition work to our platform, which can be accessed from any location.
- Hybrid: Our platform and services can be configured to meet your specific business goals and includes the capacity to quickly change to meet evolving market, regulatory, and industry demands.
