Infosys McCamish Systems LLC, an Infosys BPO company, today announced that Athene Annuity’s MaxRetire sm 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 MaxRetire sm 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.
Supporting QuotesChris 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 MaxRetire sm 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.”