Infosys McCamish, a US-based subsidiary of Infosys BPM on Thursday announced its partnership with Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance. Infosys McCamish is developer of solutions and services in the insurance and financial services industry, while Infosys BPM is the business process management subsidiary of Infosys Ltd.
As part of the partnership, Infosys McCamish will provide policy administration services for PALIG’s new global assets Indexed Universal Life (IUL) product, Infosys said in a release.
The new product 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).
This is the first time that PALIG is offering an IUL product as part of its diverse life insurance portfolio. The product will be available to high net worth international clients.
The VPAS platform of Infosys McCamish supports 35 production customers in North America and provides support for life and annuity products, including individual and group, variable, fixed, indexed and repetitive payment products, as well as health and welfare products.
“We have established an international service center to support one of the leading insurance companies throughout the Americas. The solution leverages VPAS, our state-of-the-art digital and integrated multi-language life and annuity platform, for quick product rollouts and superior service to the international market,” said Richard Magner, CEO and Managing Director of Infosys McCamish Systems.
Bruce Parker, President of Pan-American Life Insurance Group Global Life Division, said, “They (Infosys McCamish) are highly recognized in the insurance industry for the quality of their technology solutions and their expertise is invaluable for us to be able to launch and support the new IUL product.”