Acquires insurance platform provider LISS Systems to enhance digital customer acquisition and policy administration
EXL has acquired 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.
According to the release, 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. Launched in 2002, LISSIA supports installations of more than 1 million policies and supports insurers such as AIG, Aviva and Generali.
Vikas Bhalla, Executive Vice President and Insurance Business Head, EXL said, “LISS is ahead of the competition in terms of its advanced architecture, modern design, user flexibility and multi-product adaptability. 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.”
Rohit Kapoor, EXL Vice Chairman and Chief Executive Officer stated, “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 capitalize on direct distribution and straight-through processing. We are extremely impressed with the technological achievements and domain expertise of the company.”
David Hanley, Chief Executive Officer of LISS said, “At LISS, we are passionate about innovation that creates genuine value for our insurance clients. 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 will become part of EXL’s insurance business unit and continue to be based in London. Terms of the transaction were not disclosed. In connection with its acquisition of LISS Systems Limited, EXL has made employment inducement equity awards to nine new non-executive employees. The inducement awards cover an aggregate of 33,459 shares of EXL in the form of restricted stock, and are being made as a material inducement to employees entering into employment with EXL in connection with the acquisition transaction. The new restricted stock awards will vest over a period of four years, subject to such grantee’s continued employment with EXL on the applicable vesting date, the press release said.
