Infosys McCamish launches Cloud Platform for Life Insurance Industry

Infosys McCamish, Infosys BPM subsidiary, recently launched McCamish NGIN, which is a new cloud-native digital platform for the life insurance market.

The new platform, leveraging open-source softwares, can be used by any insurance carrier to suit their needs across three categories such as the universal life, term, whole life, and annuities, says the announcement.

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

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

Executive Opinion

CEO and Managing Director, Infosys McCamish Systems, Richard Magner, said, "The global life insurance and annuity industry is at an opportune moment to take advantage of the paradigm shift in the technology landscape, especially the API economy and cloud. 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. Our rich experience of over 22 years enables our business partners to better navigate their digital journeys."

CIO, Bajaj Allianz Life Insurance, Goutam Datta, said, "We are looking to scale up our life insurance business and are investing in new technology capabilities. This includes core platform and increasing digitalization 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. We are excited about the formal launch of this new platform at InsureTech Connect 2019 and congratulate Infosys McCamish on this occasion."

Brief on Infosys Banking solution updates

This month, the company subsidiary EdgeVerve System revealed that it had completed the global Blockchain trade simulation on Finacle, which is its digital banking solution. This will even enable the company to plug this solution into banks across the globe, thus accelerating the adoption of blockchain as well as complementing its other solution.

In August, Infosys had deployed the Finacle digital banking at the Shivalik Mercantile Co-Operative Bank with the help of cloud technologies. Solutions deployed at the bank include software subscriptions service, internet, and mobile banking offerings and cloud services, among the other offerings.