New York-based operations management and analytics firm EXL has acquired policy administration solutions provider LISS. The company praised its new acquisition’s ability to simplify policy administration, automating the entire process from the quote stage to underwriting to the final issuance.
“Consumers increasingly prefer using digital channels to purchase insurance, a demographic trend that will require new business models to deliver superior customer experience,” said Rohit Kapoor, EXL vice chairman and CEO. “We are extremely impressed with the technological achievements and domain expertise of the company.”
On top of improving efficiency, LISS’s so-called LISSIA platform offers multi-channel interfaces, document production, and optimized workflow. And Vikas Bhalla, the head of EXL’s insurance business, believes that his company is acquiring an LISS system that has a leg up on its competitors.
In addition to its design and architectural strengths, he says the the platform offers a level of flexibility that will impress users. Bhalla expects to roll out the technology to the firm’s clients in the United States in both the general insurance market and in life and pensions.
“With this transaction, we continue to invest in innovation that the insurance industry needs,” said Bhalla.
EXL’s move comes as more — and more diverse — companies are looking to automate their underwriting and policy issue processes. Western Funding Inc. launched a proprietary system in May. Overture Technologies is now in the early stage of its credit underwriting platform. And Fannie Mae, coming from the mortgage-issuance realm, has also been trying to add digital efficiency to its operations.
Though its system debut was delayed last month, it plans to officially roll it out in September after some final bugs are worked out. “We decided to postpone the release, but the delay was more a result of the difficulties we encountered in the testing environment,” said a Fannie Mae representative, according to National Mortgage News.