EXL earns Celent 2023 XCelent Award for Individual Life Insurance Policy Administration

EXL’s LifePRO policy administration solution recognized as a “Luminary” in Celent’s 2023 Individual Life Report and “Technology Standout” in the Group and Voluntary Life Insurance Policy Administration Report

NEW YORK, Sept. 07, 2023 (GLOBE NEWSWIRE) -- EXL, a leading data analytics and digital operations and solutions company, announced it has earned an XCelent Award from Celent for their 2023 Policy Administration Systems: North American Individual Life Insurance Edition Report.

EXL won the XCelent Breadth of Functionality Award for Individual Life Insurance Policy Administration for its LifePRO policy administration digital platform. The Celent report highlights EXL’s data and analytical capabilities, interoperability across different solutions, and product configuration as LifePRO’s primary attributes.

The report, issued biennially, also breaks vendors into five categories: Luminary, Technology Standout, Functionality Standout, Noteworthy Solution, and Developing Solution. EXL was named a Luminary in the Individual Life Insurance Policy Administration report.

“Product configuration is a strong suit of LifePRO. The continued expansion of product templates allows customers to customize and create products quickly,” said Nanda Rajgopal, principal analyst in Celent's North American insurance practice. “Reusable rules segments can be shared across products, and we find the ability to see when these segments are shared across different products useful.”

“We are excited about the remarkable enhancements to LifePRO, which have empowered us to serve our clients better and stay ahead in this dynamic marketplace,” said Vikas Bhalla, executive vice president & Head of Insurance Business at EXL. “LifePRO's agile capabilities have become a game-changer, allowing insurers to swiftly adapt to evolving customer needs, rapidly configure and launch innovative products, and remain competitive in an increasingly challenging landscape. In today's climate, where speed and precision are paramount, insurers are placing a premium on platforms that can accelerate new product launches, especially in the rapidly evolving, high demand annuities market.”