EXL announces its latest acquisition of LISS Systems Limited – a London-based provider of digital customer acquisition and policy administration solutions for the insurance industry.
Applicable in both Life & Pensions and General Insurance segments, LISS automates the end-to-end new business process, from quote to underwriting to issuance.
Citing on the acquisition, Rohit Kapoor, EXL Vice Chairman and Chief Executive Officer said, “Consumers increasingly prefer using digital channels to purchase insurance, a demographic trend that will require new business models to deliver superior customer experience. With LISS platforms, insurers can deploy a digital infrastructure to capitalise on direct distribution and straight-through processing. We are extremely impressed with the technological achievements and domain expertise of the company.”
“At LISS, we are passionate about innovation that creates genuine value for our insurance clients,” said David Hanley, Chief Executive Officer of LISS. “EXL is a world-class service provider to the insurance industry and a leader in the shift to digital business models. We share a vision of how the insurance industry will evolve, and our combined capabilities create a compelling value proposition.”
“LISS is ahead of the competition in terms of its advanced architecture, modern design, user flexibility and multi-product adaptability,” said Vikas Bhalla, Executive Vice President and Insurance Business Head, EXL. “We expect to bring this technology to EXL’s clients in the U.S. and elsewhere across Life & Pensions and General Insurance markets. With this transaction, we continue to invest in innovation that the insurance industry needs to manage changing market dynamics of a digital world.”
LISS’s flagship LISSIA platform includes multi-channel interfaces, underwriting, workflow engines, and document production modules to automate new policy issuance and simplify policy administration. With its highly flexible architecture, LISSIA is used for both traditional and unit-linked life and investment products.
LISS will become part of EXL’s insurance business unit and continue to be based in London. Though, the terms of the transaction were not disclosed.