Canadian Organization FaithLife Financial Chooses McCamish Systems, an Infosys BPO Company, as Partner
Bangalore, India - May 23, 2011
McCamish Systems LLC, an Infosys BPO company, specializing in insurance and retirement business process solutions, announces the signing of a multi-year agreement with FaithLife Financial, a not-for-profit financial services organization that provides life insurance, health insurance, income protection and investment products in Canada.
The deal will follow a unique, hybrid BPO model, where McCamish Systems will provide a full range of services to FaithLife Financial for all its insurance and investment products in Canada, including conversion of data, policy administration, customer support, supplying the necessary reinsurance, valuation, accounting, taxation, and generating sales reports.
Ritesh Idnani, COO, Infosys BPO said, "Infosys BPO is delighted to partner with FaithLife Financial to continue to provide superior service to the 33,000 members of FaithLife Financial. Given McCamish Systems’ rich domain knowledge and expertise, we look forward to providing end-to-end solutions to FaithLife Financial. We believe this collaboration is another step towards demonstrating Infosys BPO as a value-based and globally-integrated organization."
"Considering our business plans for the future, it is critical to partner with someone with expertise and agility in the insurance domain, in order to streamline our business processes without sacrificing service to our members. We are confident that McCamish Systems' in-depth knowledge of the insurance business will be a valuable asset in helping us achieve this goal", said Joe Alvarez, Vice-President Business Development and Operations, FaithLife Financial.
FaithLife Financial is a Christian, not-for-profit, member-based financial services organization that provides insurance and investment solutions to more than 33,000 members in Canada. It administers assets of $606 million and has over $2.3 billion of in-force insurance as of December 31, 2010. The organization reinvests a portion of its earnings in programs that support members, their congregations and communities, as well as people in need worldwide. Its mission is to help Canadian Christians protect their financial future, live their Christian values and build a better world.
Infosys BPO Ltd. (www.infosysbpo.com), the Business Process Outsourcing subsidiary of Infosys Technologies, 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, the Czech Republic, China, the Philippines, Poland, Mexico, USA and Brazil and as on March 31, 2011 employed approximately 18, 947 people. It closed FY 2010-11 with revenues of $426.8 million.
Many of the world's most successful organizations rely on the 1,30,820 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow's enterprise. For more information about Infosys (NASDAQ: INFY), visit www.infosys.com.
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, 2011 and on Form 6-K for the quarters ended June 30, 2010, September 30, 2010 and December 31, 2010.These filings are available at www.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.
For further information, please contact: PR_Global@infosys.com