Infosys McCamish Systems, LLC, an Infosys BPO company, today announced that Athene Annuity’s MaxRetiresm SPIA (Single Premium Immediate Annuity) product is the first to utilize the new Repetitive Payment Management (RPM) functionality that augments its VPAS® platform. The VPAS® platform provides end-to-end servicing and administration for all types of Life Insurance and Annuity contracts. The VPAS® RPM web-enabled payout component enhances the VPAS® platform by improving its service offering for payout annuities and settlements for life insurance claims. This enhancement allows for ease of automation for both the carrier and policy owner to view accumulations and payouts on one platform.
The MaxRetiresm SPIA product went live to Athene’s distribution on May 30, 2013. McCamish Systems has been providing end-to-end platform based BPO services to Athene’s fixed and fixed indexed annuities since 2006.
• The enhanced service offering allows for products to be configured and deployed without the need for development, leading to improved speed to market for our carriers. It allows them to provide innovative new payout products and riders quickly to the growing annuity market based on the ease of the product configuration.
• Given that tax regulations and product features for the qualified and non-qualified annuity market are built into the platform, the VPAS® RPM solution supports qualified and non-qualified contracts with single and joint life options, with guarantee periods, if desired, as well as period certain options.
• RPM offers robust fee deductions, optional payee elections, automated exclusion ratio calculations and easily supports multiple calculation methods.
• The component lowers the risks and costs to carriers by providing one platform for accumulation and repetitive payout/ disbursement processing, since a single platform eliminates the need to issue a new policy on a separate platform when the contract annuitizes.
• It enables seamless and automated processing using online product calculation engine for payout processing.
Chris Grady, Executive Vice President and Head of Retail for Athene Annuity & Life Assurance Company:
“McCamish has been an outstanding partner for Athene Annuity, supporting our ATHENE MaxRetiresm single premium immediate annuity plus multiple other product rollouts over the past eight months. From the product build to new business processing, the McCamish team delivered on all touch points and enabled us to meet our aggressive launch goals.”
Gordon Beckham, President and CEO of Infosys McCamish Systems:
“Since the acquisition by Infosys, we have significantly invested in our platform and service offering, while also doubling revenue over the last 3 years. To help sustain our momentum, the VPAS® RPM component enhances services to our clients’ policy owners and agents by providing automated processes through the whole contract life cycle, i.e. New Business, Accumulation, and Claims to Payout. We are excited to add this feature to our already robust platform and service offering.”
About Athene Annuity
A subsidiary of Bermuda-based Athene Holding Ltd., Athene Annuity & Life Assurance Company (AtheneAnnuity.com) provides income solutions that help Americans prepare for retirement. For over a century, Athene Annuity has earned the trust of its policyholders through financial stability, integrity and service. Its main administrative office is in Greenville, S.C.
About Athene Holding Ltd
Athene and its subsidiaries are focused on the retirement savings market. Athene’s principal subsidiaries include Athene Annuity & Life Assurance Company and Athene Life Insurance Company, which are Delaware-domiciled insurance companies, Presidential Life Insurance Company, a New York-domiciled insurance company, and Athene Life Re Ltd., a Bermuda-based reinsurer.
Athene (athene.com) was formed in 2008 by James R. Belardi, formerly President of SunAmerica Life Insurance Company and Chief Investment Officer of AIG Retirement Services, Inc. and Chip Gillis, former head of Bear Stearns’ Insurance Solutions Group. Athene was initially funded by an affiliate of Apollo Global Management, LLC (NYSE: APO) to provide solutions to the growing need for tax efficient savings vehicles to support retiring baby boomers. The products offered by the Athene Companies include:
• Retail fixed and equity indexed annuity products;
• Institutional products, such as funding agreements;
• Co-insurance and reinsurance arrangements with third party life insurance and annuity providers.
Athene had $19.5 billion of GAAP assets and $2.2 billion of GAAP equity at March 31, 2013.
Infosys is a global leader in consulting, technology and outsourcing solutions. As a proven partner focused on building tomorrow's enterprise, Infosys enables clients in more than 30 countries to outperform the competition and stay ahead of the innovation curve. With $7.4bn in annual revenues and 155,000+ employees, Infosys provides enterprises with strategic insights on what lies ahead. We help enterprises transform and thrive in a changing world through strategic consulting, operational leadership and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.
About Infosys BPO
Infosys BPO Ltd. (infosysbpo.com), the business process outsourcing subsidiary of Infosys Ltd., was set up in April 2002. Infosys BPO focuses on integrated end-to-end outsourcing and delivers transformational benefits to its clients through reduced costs, ongoing productivity improvements, and process reengineering. Infosys BPO operates in India, Poland, the Czech Republic, the Netherlands, South Africa, Brazil, Mexico, Costa Rica, the United States, China, the Philippines, Japan and Australia, and as of June 30, 2013, employed 27,491 people. It closed FY 2012-13 with revenues of $583.1 million.
About Infosys McCamish Systems
Infosys McCamish (infosysmccamish.com), a U.S. based subsidiary of Infosys BPO, a part of Infosys (NYSE:INFY), is a leader in providing best in class technology platforms and service solutions for the financial services industry. With deep domain experience with Life Insurance companies, Work Site Product providers and Retirement companies globally, we partner with our clients to help them stay ahead of the innovation curve. Our technology platforms and services, combined with execution excellence and proven best practices, optimize our clients’ operations today while building tomorrow’s enterprise.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2013 and on Form 6-K for the quarter ended June 30, 2013. These filings are available at sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
Steve Talnose - Infosys McCamish Systems
P: +1 404-805-1156 - E: stephen_talnose[.]infosys.com.
Chaitali Pishay - The Practice
P: +91 93 79917540 - E: chaitali[.]the-practice.net.