NEW YORK, Aug. 20, 2013 /PRNewswire/ -- EXL (NASDAQ: EXLS), a leading business process solutions company, today announced it has been positioned by Gartner, Inc. in the "Leaders" quadrant of the "Magic Quadrant for North American Life Insurance Policy Administration Systems." The report, published on June 19, 2013, reviewed 17 life insurance policy administration systems and evaluated their completeness of vision for future market direction, innovation, customer needs and competitive forces, as well as ability to execute processes, systems, methods and procedures efficiently.
"Insurance companies today need cost-effective and agile solutions that help them bring new products to market faster and reduce ongoing operations costs," said Rembert de Villa, EXL Executive Vice President and Head of Insurance and Healthcare. "EXL has invested in building integrated solutions for the insurance industry, including operations management, analytics and technology platforms. We believe EXL's position in the 'Leaders' quadrant affirms the value that LifePRO® brings to our life insurance clients."
According to Steven Leigh, Gartner analyst and author of the report, "Packaged policy administration systems for life and annuity products continue to provide increased system configurability and broader product coverage." He also noted that "Insurers' desire for shorter insurance product implementation timelines is generating interest in new policy administration systems with product configuration tools."
"Our clients appreciate the flexibility and comprehensive functionality of LifePRO®, including our speed to implementation and choice of on-premise or private cloud hosted delivery models. They also appreciate our ability to offer a full suite of business process solutions, including operations consulting and third-party policy administration services in addition to LifePRO®," said Keith Johnson, EXL Senior Vice President and Head of Life and Annuities. "Recent investments in LifePRO® have brought more than 50 business and technology enhancements that support faster product development, advanced functionality for health claim processing, and increased data access for advanced analytics."
LifePRO® is used by more than 40 insurers to streamline policy administration for diverse life, annuity and health products. It features a flexible product configuration engine, multi-company support abilities, billing and collections, claims processing, tax reporting, and extensive agent compensation capabilities. Companies can install LifePRO® onsite or host it in EXL's private cloud. LifePRO® enjoys the benefit of an active, engaged client base, with nearly every client having upgraded LifePRO® within the past four years. Many of EXL's clients administer more than a million contracts on a single database.
To view the full Gartner report, follow this link.
About EXL EXL (NASDAQ: EXLS) is a leading business process solutions company that looks deeper to drive business impact through integrated services and industry knowledge. EXL provides operations management, decision analytics and technology platforms to organizations in insurance, healthcare, banking and financial services, utilities, travel, and transportation and logistics, among others. We work as a strategic partner to help our clients streamline business operations, improve corporate finance, manage compliance, create new channels for growth and better adapt to change. Headquartered in New York and in business since 1999, EXL has more than 21,000 professionals in locations throughout the U.S., Europe and Asia. For more information, visit www.exlservice.com.
About Gartner's Magic Quadrant Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.