Atlanta, GA - September 7, 2011
McCamish Systems, an Infosys BPO company, and a leading BPO provider to the U.S. life and annuity industry, today announced a 3 year extension of its services for Farmers New World Life Insurance Company, a leading American insurance company. This marks the second contract extension since the companies began doing business together. Farmers Life has been outsourcing the call center, policy administration and claims processing activities for its variable universal life and annuity products to McCamish since the year 2000.
"Farmers Life is fortunate to have a relationship with a quality BPO service provider like McCamish Systems," said Harris Mortensen, AVP & Head of Insurance Operations at Farmers New World Life. "We were new to the variable business eleven years ago, and McCamish helped us build great products and a strong service platform for our customers. Today, our Variable Universal Life and Variable Annuity products help Farmers Life policy holders in building assets as well as protecting them. The support we receive from McCamish is a big part of the overall product and service offering, and it has even enhanced the Farmers Life brand. We look forward to continuing this favorable relationship with McCamish."
"We are extremely proud of our long-term relationship with Farmers Life. One of our strategic objectives at McCamish is to create partnerships that endure, which is not possible without consistent execution and performance. The fact that Farmers Life has renewed our contract for the second time, demonstrates that we are executing our business model effectively and efficiently," said Gordon Beckham, CEO, McCamish Systems, an Infosys BPO company. "Eleven years ago, Farmers Life took a leap of faith to become our first retail client. Their commitment to us then and now has been extremely beneficial to our success. The latest contract extension validates the excellent work we have been doing for Farmers Life."
Farmers New World Life is a member of the Farmers Insurance Group of Companies and the Zurich Financial Services Group. Farmers Insurance Group of Companies® is the nation's third-largest Personal Lines Property & Casualty insurance group. Headquartered in Los Angeles, the insurers comprising the Farmers Insurance Group of Companies® provide Homeowners, Auto, Business, Life insurance and financial services to more than 10 million households through 17,000 exclusive and independent agents and district managers. For more information about Farmers Life, visit our Web site at www.farmers.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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