Atlanta, GA - August 2, 2011
McCamish Systems LLC, an Infosys BPO company specializing in insurance and retirement business process solutions, today announced the signing of a multi-year agreement with Phoenix Life Insurance Company, a Hartford based insurer that provides life insurance and annuity products to the U.S. market.
The third-party service agreement will follow a Business Process Outsourcing (BPO) model, where McCamish Systems will provide a full range of services to Phoenix for selected blocks of its life insurance products, including conversion of data, policy administration and customer support. The conversion will include active in-force policies from several different legacy administrative systems migrated to a single Infosys platform.
Ritesh Idnani, COO, Infosys BPO said, "We are delighted to partner with Phoenix to provide superior service to their producers and policyholders. Given McCamish Systems' rich domain expertise, we look forward to setting new benchmarks in the industry. We believe we will be able to exceed expectations by consistently delivering enhanced business value through this collaboration, whilst providing end-to-end solutions to Phoenix."
"This new alliance is a good way for us to standardize, simplify and reduce the cost of the business processes and technology we use to administer our in-force business," said Thomas Buckingham, Senior Vice President, Product Implementation and Operations, for Phoenix. "One of the many reasons we chose McCamish was their high level of customer focus. We expect the transition to be seamless for our customers and producers, and remain committed to maintaining the high quality service they expect."
Phoenix Life Insurance Company is a subsidiary of The Phoenix Companies, Inc. (NYSE: PNX). Dating to 1851, Phoenix provides financial solutions using life insurance and annuities. Phoenix is headquartered in Hartford, Connecticut. For more information, visit www.phoenixwm.com.
McCamish Systems, located in Atlanta, Georgia, is the Life Insurance and Retirement Services subsidiary of Infosys BPO Ltd. www.infosysbpo.com, the Business Process Outsourcing subsidiary of Infosys Limited, which 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 June 30, 2011 employed approximately 19,631 people. It closed FY 2010-11 with revenues of $426.8 million.
Many of the world’s most successful organizations rely on the 133,000 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 September 30, 2010 and December 31, 2010 and June 30, 2011.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.
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