A strategic business alliance between two best of breed companies - McCamish Systems, an Infosys (News - Alert) company, specializing in insurance and retirement business process solutions, and Resonant software, brought a whiff of fresh air to the life insurance BPO and SaaS (News - Alert) market spaces.
Marrying the strengths of McCamish’s VPAS Life solution with Resonant’s Life Insurance Underwriting Solutions (ILUS) will reportedly propel each company strongly forward in the life insurance and annuity solution space.
After conducting a thorough market study, Resonant's product was chosen because of its robust capabilities, configurability and flexibility that would benefit McCamish clients considerably.
VPAS Life is McCamish's robust life and annuity policy administration platform used in both BPO and SaaS service models. It will allow carriers a robust PAS solution with front-end capabilities.
Resonant's ILUS solutions, which are fully ACORD compliant, was developed by underwriters to streamline the origination of new life insurance business, reduce the cost and time of deployment, improve cycle time, productivity and regulatory compliance.
The McCamish – Resonant partnership targets both the simplified issue and fully underwritten markets and is expected to give life insurance carriers a new option as they looked to expand their portfolios.
"For our clients and prospects who are writing new business, our alliance with Resonant provides a significant extension of our service solution," said Gordon Beckham, president and CEO at McCamish.
Officials also noted that the combination would not only speed up deployment but would bring a significant value proposition, providing superior efficiency and flexibility for life insurance carriers, giving them the best of both offerings.
Edited by Brooke Neuman