EXL Recognized for Excellence in Life Insurance Technology
EXL [NASDAQ: EXLS], a leader in data and artificial intelligence, has received an esteemed designation as a "Luminary" in a significant report focusing on new business and underwriting systems for life insurance in North America. This recognition, awarded by Celent, underscores EXL's commitment to innovation in the life insurance sector.
Celebrating Continuous Innovation
For the third consecutive year, EXL's Life Digital Suite™ (LDS) solution has earned this prestigious accolade. It’s rather impressive that the LDS not only received the Luminary honor in 2022, but also in 2023 won the XCelent Breadth of Functionality Award for its robust LifePRO™ platform. This continuous recognition reflects EXL's strong emphasis on enhancing its offerings to meet the evolving demands of the market.
A Comprehensive Evaluation of Technology Platforms
The Celent report meticulously assessed 20 technology platforms aimed at transforming the new business and underwriting processes to optimize costs and enhance customer experiences. This analysis concentrated on the systems available in North America, and Celent's evaluation criteria included a thorough examination of the product capabilities backed by client references and surveys.
Customer-Centric Solutions at EXL
According to Karen Monks, a principal analyst in Celent’s Life Insurance Practice, EXL's LDS is distinguished as a modern, low-code system that is highly configurable. She notes the positive feedback surrounding the platform, particularly with the addition of six new clients in markets like the U.S. and U.K. With innovations like Underwriter Assist, a GenAI-driven tool for summarizing and querying, EXL is making significant Strides in the market.
What Makes EXL's LDS Stand Out?
EXL's Life Digital Suite offers a comprehensive digital solution that fully automates the entire new business and underwriting process—from the receipt of insurance applications to the issuance of policies. Its interoperability with existing client technologies ensures a seamless integration experience. Furthermore, it boasts user-friendly no-code configurations along with pre-built templates that allow for tailored agent landing pages, personalized quotes, and insightful management dashboards.
Streamlining Life Insurance Processes
Ajmal Malik, EXL’s vice president and the product manager of LDS, emphasizes that the modern life insurance landscape demands rapid decision-making and streamlined workflows. EXL's aim is to empower insurers with automated, AI-enhanced processes that enable underwriters to better manage unstructured data and make informed decisions quickly. This capability is crucial for success in today's fast-paced environment.
Key Takeaways from the Celent Report
The recognition from Celent not only highlights EXL’s current standing in the life insurance industry but also serves as a beacon of their commitment to future innovation. As the landscape of insurance continues to evolve, EXL's strategic investments in improving technology and client service will likely prove beneficial for both the company and its clientele.
About EXL
EXL [NASDAQ: EXLS] stands as a prominent global data and AI company dedicated to reinventing business models, driving superior outcomes, and unlocking growth swiftly. By harnessing data, artificial intelligence, and deep industry expertise, EXL transforms enterprises across various sectors—including insurance, healthcare, banking, and many others. Established in 1999, the company embodies core values such as innovation, collaboration, excellence, integrity, and respect. With a workforce of approximately 57,000 employees across six continents, EXL continues to pave the way for advancements in the industry.
Frequently Asked Questions
What is EXL's Life Digital Suite?
EXL’s Life Digital Suite (LDS) is a comprehensive digital platform that automates the new business and underwriting processes for the insurance industry.
Why has EXL been recognized as a Luminary?
EXL has been recognized as a Luminary for its innovative and highly configurable LDS solution, which stands out in the new business and underwriting solution market.
What is the significance of the Celent report?
The Celent report evaluates various technology platforms that enhance the insurance sector by streamlining processes and improving customer experiences.
How does EXL's LDS improve workflow for insurers?
EXL's LDS enhances workflow efficiency by automating processes, improving data management, and empowering underwriters with AI-driven insights.
Where is EXL headquartered?
EXL is headquartered in New York and employs about 57,000 staff across six continents, showcasing its global reach and expertise.
