Infosys McCamish Systems and M Financial Group today announced a 10-year extension of their BPO contract till 2025. For the last 15 years, Infosys McCamish has been managing the customer care center,policy administration, and claims processing activities for Magnastar, one of M Financial’s signature proprietary life insurance products. Magnastar is a multi-carrier, private placement, variable universal life insurance product available exclusively to M Member Firms.
This contract extension is the third since the inception of the relationship between M Financial Group and Infosys McCamish in 2000. It underscores the success of the M Financial-Infosys McCamish partnership. The relationship is anchored with M Financial, but includes six separate contracts with each of the M Financial partner carriers that participate in the Magnastar program. The solution provides a unique service environment that allows M Financial to partition the coverage of a single sale, if necessary, across multiple partner carriers to diversify risk and broaden investment opportunities.
While Infosys McCamish administers such split sales in accordance with their separate legal statuses, it can report them to M Financial, the Member Firm and the Member Firm’s clients as if such sales were a single transaction, thereby greatly simplifying all policy-holder reporting.
Gordon Beckham, President and CEO, Infosys McCamish Systems said, “One of our strategic objectives at Infosys McCamish is to create enduring partnerships. This is possible only with innovative solutions, quick product rollouts, talented resources, and consistent and reliable execution. Fifteen years ago, we became partners of one of the most respected and powerful producer groups in the United States and we are delighted to extend it by ten years. This partnership demonstrates our dedication to delivering quality service and enhancing our clients’ brands. We look forward to serving M Financial, both now and in the decade to come.”
Daniel F. Byrne, M Financial’s Senior Vice President and Chief Product and Technology Officer said, “We are excited to extend our relationship with Infosys McCamish. Their service and administration support has contributed significantly to the success of Magnastar®, a key component of our strategy to deliver product and service differentiation to our Member Firms. We look forward to continuing to build our relationship with Infosys McCamish, to the growth of the Magnastar® offering, and to new opportunities that lie ahead.”