LISS Systems is a leading provider of policy administration solutions for the Life and Pensions industry, combining both depth of life industry knowledge with proven expertise in the design and delivery of core system solutions. EXL is a leading operations management and analytics company that helps businesses enhance growth and profitability in the face of relentless competition and continuous disruption. Technology Holdings was the exclusive advisor to LISS on the transaction.
The acquisition provides EXL digital customer acquisition and policy administration solutions for the insurance industry and bolsters EXL`s digital capabilities with straight-through-processing and paperless policy issuance. Applicable in both Life & Pensions and General Insurance segments, LISS automates the end-to-end new business process, from quote to underwriting to issuance. LISS will become part of EXL’s insurance business unit and continue to be based in London. Terms of the transaction were not disclosed.
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 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.”