Infosys' US Subsidiary Buys Underwriting Platform from STEP Solutions; Stock Edges Lower
Infosys McCamish Systems, a US-based subsidiary of Infosys BPM, has bought the business and underwriting platform from STEP Solutions Group. STEP Solutions Group LLC is an affiliate of the Dillon Kane Group LLC based in Chicago. The financial details of the transaction have not been disclosed.
"The powerful rule-driven new business and automated underwriting platform from STEP will help Infosys McCamish in enhancing its industry-leading VPAS policy administration platform to offer end to-end business solutions in the North American insurance market," Infosys said in a regulatory filing to the stock exchanges.
"With the purchase of this platform from STEP, we will further enhance our competitive position in straight-through processing of new business, enrollment, and automated underwriting to our clients," Richard Magner, Chief Executive Officer and Managing Director of Infosys McCamish Systems said.
The platform will be supported from development centres in Atlanta, United States from Hyderabad and Pune in India.
At 10:10 am, the shares of Infosys had edged lower by 0.4 per cent to Rs 1,283.90 in line with Sensex's losses of 0.5 per cent,
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