Athene Annuity’s MaxRetire SPIA (Single Premium Immediate Annuity) will use the Repetitive Payment Management (RPM) functionality from Infosys McCamish Systems, an Infosys BPO company, to extend its VPAS platform.
Infosys says the VPAS platform provides service and administration for life insurance and annuity contracts.
The offering is designed to enable product deployment without the need for development; support qualified and non-qualified contracts with single and joint life options; offer fee deductions and optional payee elections; lower the risks and costs to carriers by providing one platform for accumulation and repetitive payout/disbursement processing; and enable seamless and automated processing.
The VPAS RPM Web-enabled payout component is also designed to improve the platform’s service offering for payout annuities and settlements for life insurance claims. This allows for ease of automation for both the carrier and policy owner to view accumulations and payouts on one platform.
The MaxRetire SPIA product went live to Athene’s distribution on May 30, Infosys says.
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