Pan-American Life Insurance Group, a US-based life, accident and health insurance provider, is set to use the policy administration services from Infosys McCamish for its new Global Assets Indexed Universal Life (IUL) product.
The new IUL product from Pan-American Life is expected to provide insureds the flexibility of selecting a fixed return account or one whose returns are determined by the performance of a major trading index like the S&P 500 (SPX), Hang Seng Index (HSI), and EURO STOXX 50 (SX5E).
For Pan-American Life, it is the first time that it is providing an IUL product as part of its life insurance portfolio. The Global Assets IUL product will be available to high net worth international clients.
Pan-American Life global life division president Bruce Parker said: “We are thrilled to have Infosys McCamish as our partner in the administration of the new Global Assets Indexed Universal Life product.
“They are highly recognized in the insurance industry for the quality of their technology solutions and their expertise is invaluable for us to be able to launch and support the new IUL product.”
Infosys McCamish’s policy administration services for the product will be through its VPAS Platform.
According to the US-based subsidiary of Infosys BPM, the VPAS Platform, which supports 35 production customers across North America, offers support for life and annuity products.
Some of the products included in these are individual and group, variable, fixed, repetitive and indexed payment products, and also health and welfare products.
Infosys McCamish Systems CEO and managing director Richard Magner said: “Infosys McCamish is delighted to partner with Pan-American Life Insurance Group in launching an Indexed Universal Life product to serve Pan-American’s international market.
“We have established an international service center to support one of the leading insurance companies throughout the Americas. The solution leverages VPAS, our state-of-the-art digital and integrated multi-language life and annuity platform, for quick product rollouts and superior service to the international market.”
Recently, Pan-American Life launched an individual hospital indemnity plan called PANAMED in Trinidad and Tobago. The fixed indemnity plan makes a fixed cash payout in the event an insured gets an illness or injury that is covered in the plan.