Atlanta, GA - February 23, 2011
McCamish Systems LLC, an Infosys BPO company specializing in insurance and retirement business process solutions, today announced the establishment of a Strategic Business Unit (SBU) to focus on increasing market demand for Producer Services offerings. McCamish's Producer Management and Compensation System (PMACS®), which is deployed both in McCamish's Life and Annuity BPO and as a license product for three of the ten largest life carriers in the United States, will be the featured platform of the SBU. The formation of the SBU will bring increased focus to an underserved market opportunity and will also allow McCamish to leverage a significant increase in technology investments.
Celent, a research and consulting firm focused on the application of information technology, identified significant opportunities in the market space for PMACS®, in an evaluation of PMACS® last year. "Competition in life insurance has moved beyond product and into relationship management," said Mike Fitzgerald, Senior Analyst, Celent. "Products that integrate producer management and commission payment are becoming table stakes in the fight to gain distributor loyalty and grow the business. The PMACS® platform should be included in reviews of insurance distribution management systems."
"PMACS® is uniquely versatile," said Gordon Beckham, President and CEO of McCamish Systems. "It has not only operated seamlessly for years within the complex infrastructures of major carriers as a licensed product, it is also continuously enhanced and refreshed by us on a regular basis. Moreover, one of the imperatives of the SBU will be to offer deployment solutions that fit the needs of the market, not historical industry norms. McCamish will, therefore, offer the maximum range of options: license, SaaS, BPO and hybrid solutions."
McCamish's Producer Management and Compensation System (PMACS®) is a single platform providing complete distribution management capabilities. PMACS® controls agent authority and compensation payments with unlimited hierarchy levels. The platform is flexible, multi-tiered and browser-based. It is scalable and data source independent; information can easily be retrieved from the relational database using the available user interface or a variety of electronic data interface (EDI) options. The user-friendly application is programmed using the latest technology. Sales force management tools include producer maintenance, licensing, compensation, statements, and disbursement processing and reporting. The September, 2011 release 8.1 included the following increased capabilities:
For 2012 the following key features will be added/enhanced as part of significant Infosys investment in PMACS®:
McCamish Systems, LLC 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, Australia, the Czech Republic, China, the Philippines, Poland, Mexico, USA and Brazil and as on December 31, 2011 employed 20,251 people. It closed FY 2010-11 with revenues of $426.8 million.
Many of the world's most successful organizations rely on the 145,000 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 June 30, 2011, September 30, 2011 and December 31, 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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