Convex partners with EXL to accelerate operational excellence through data and technology

Rhea-AI Summary

EXL, a data analytics and digital operations company, has been chosen by Convex Group for a multiyear partnership to enhance their business operations. The collaboration aims to improve efficiency, customer experience, and deliver a more cost-effective, scalable, and resilient operating model.

EXL will support Convex in:

• Delivering operational excellence and efficiency
• Enhancing workflows
• Providing integrated data-enriched management information, analytics, and AI

This partnership will allow Convex to maintain its client-centric focus and growth momentum while leveraging EXL's expertise in insurance operations and AI capabilities. EXL's multi-tower and multi-geography delivery centers will provide Convex with flexible access to evolving skills and resources.

Positive

• Multiyear engagement with Convex Group , potentially leading to long-term revenue stream
• Opportunity to showcase EXL's expertise in insurance operations and AI capabilities
• Expansion of EXL's client base in the insurance sector
• Potential for increased revenue through implementation of transformational solutions

Negative

• None.

Insights

Insurance Operations Expert

This partnership between Convex and EXL represents a significant strategic move in the insurance sector. By leveraging EXL's expertise in data analytics and digital operations, Convex aims to enhance its operational efficiency and customer experience. The multi-year engagement focuses on:

• Improving operational efficiency
• Enhancing customer experience
• Developing a more cost-effective and scalable operating model
• Implementing integrated data-enriched management information, analytics and AI

This collaboration aligns with the industry trend of insurers seeking to modernize their operations through technology and data-driven solutions. For Convex, this partnership could lead to improved decision-making capabilities, faster growth and a competitive edge in the specialty insurance and reinsurance markets. The emphasis on flexibility and adaptability in skills and resources also positions Convex well for future market changes and technological advancements.

While the immediate financial impact is not disclosed, the long-term benefits of operational excellence and efficiency gains could significantly enhance Convex's profitability and market position. Investors should monitor the execution of this partnership and its impact on Convex's performance metrics in the coming years.

Technology Analyst

EXL's selection by Convex for this strategic partnership highlights the growing importance of advanced technology in the insurance sector. Key technological aspects of this engagement include:

• Implementation of AI and data analytics across operations
• Enhancement of workflows through digital solutions
• Deployment of integrated data-enriched management information systems

This partnership demonstrates EXL's strong position in the insurance technology market, leveraging its expertise in data analytics, AI and digital operations. For EXL, this multi-year engagement with a prominent client like Convex could lead to increased revenue streams and potential for similar deals with other insurers.

The focus on "future technological advancements" suggests ongoing innovation and potential for EXL to expand its service offerings. This could drive long-term growth and maintain EXL's competitive edge in the insurance technology space. Investors should consider how this deal might impact EXL's market share and its potential to attract similar high-profile clients in the future.

NEW YORK, Oct. 17, 2024 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company, was selected by Convex Group Limited (“Convex”), the international specialty insurer and reinsurer, for a multiyear engagement focused on accelerating delivery of its business operations. The program will improve efficiency and customer experience, delivering a more cost-effective, scalable and resilient operating model.

As part of Convex’s strategically differentiated approach to outsourcing, EXL will help deliver the next phase of development in operational excellence and efficiency, enhancing workflows and delivering integrated data-enriched management information, analytics and AI across the breadth of the operating model. This will allow Convex to continue to maintain its client-centric focus and growth momentum while drawing on EXL’s deep expertise in insurance operations and market-proven AI and data capabilities. In addition, EXL’s multi-tower and multi-geography delivery centers and transformation center of excellence will support Convex’s requirements for flexible and adaptable access to evolving skills and resources.

“We are excited to work closely with Convex to evolve their operating model, supporting better business decisions through data and technology while delivering greater scalability and efficiency in their operations,” said Vikas Bhalla, president, EXL and head of Insurance business. “Partnering with EXL will not only support Convex in its continued growth and deployment of current technologies but also help the organization leverage future technological advancements with speed and agility.”

“We selected EXL as a strategic partner because we felt they aligned well with our values while demonstrating a strong capability and drive to leverage cutting-edge technology and data in the delivery of services,” said Adrian Spieler, chief operating officer at Convex. “EXL not only brings the London market experience but also the experience of implementing transformational solutions alongside transparency and high-quality management information into operations. We see this engagement as an accelerator for delivering operational excellence to our brokers and clients.”

EXL works with more than 550 global insurers, re-insurers, brokers and Insurtech firms to leverage data and artificial intelligent based solutions to help our clients improve risk mitigation, reduce indemnity spend, enhance customer experience and lower service costs. With a 25-year heritage in the insurance industry, EXL’s global presence and deep insurance expertise help clients stay resilient and leverage the best-of-breed solutions to stay ahead.

To learn more about EXL’s data-led approach to digital transformation, please visit here.

About EXL
EXL (NASDAQ: EXLS) is a leading data analytics and digital operations and solutions company. We partner with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to transform operations for the world's leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 55,000 employees spanning six continents. For more information, visit http://www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.
© 2024 ExlService Holdings, Inc.  All rights reserved. For more information go to www.exlservice.com/legal-disclaimer

Contacts
Media
Keith Little
+1 703-598-0980
media.relations@exlservice.com

Investor Relations
John Kristoff
+1 212 209 4613
IR@exlservice.com

FAQ

What is the purpose of EXL's partnership with Convex Group ?

EXL's partnership with Convex aims to accelerate delivery of business operations, improve efficiency and customer experience, and deliver a more cost-effective, scalable, and resilient operating model for Convex.

How will EXL support Convex's operational excellence?

EXL will enhance workflows, deliver integrated data-enriched management information, analytics, and AI across Convex's operating model, leveraging its expertise in insurance operations and market-proven AI and data capabilities.

What benefits does Convex expect from partnering with EXL (EXLS)?

Convex expects to maintain its client-centric focus and growth momentum, gain access to EXL's deep expertise in insurance operations, and leverage cutting-edge technology and data in service delivery, supporting their continued growth and technological advancements.

How many insurance-related companies does EXL work with globally?

EXL works with more than 550 global insurers, re-insurers, brokers, and Insurtech firms to leverage data and AI-based solutions for improving various aspects of their operations.