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EXL and ACORD partner to accelerate digital transformation throughout the Property & Casualty Insurance value chainNEW YORK, May 17, 2021 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a leading operations management and analytics company, has announced an ongoing strategic partnership agreement with ACORD, the global standards-setting body for the insurance industry. The partnership will enable EXL to leverage ACORD’s standards and data exchange solutions to create and commercialize next-generation digital solutions for the P&C insurance industry in the areas of underwriting and distribution, policy services, accounting, settlements, and claims. “As a partner to data-led insurers globally, we are excited about how this partnership with ACORD creates the opportunity to solve industry-wide challenges for our clients,” said Raghav Jaggi, Senior Vice President and Global Insurance F&A and P&C Co-Leader, EXL. “This initiative will combine our deep business understanding with technology to help insurers decrease frictional costs across the value chain and improve quality and turnaround time in core business functions like underwriting and distribution, policy services, accounting, settlements, and claims. Additionally, our clients will materially benefit from additional connectivity, speed, and accuracy of data exchanges.” This partnership will help EXL drive digital transformation for insurance clients by accelerating underwriting quote-to-bind-to-issuance cycle times, enhancing accuracy, enabling proactive reconciliation and resolution of book-to-bill differences, streamlining indemnification processes, and improving customer experience with seamless and user-friendly servicing. As a Licensed Integrator Partner of ACORD’s industry-owned subsidiary, ACORD Solutions Group, EXL will leverage both ADEPT (ACORD Data Exchange Plaform & Translator) and the ACORD Transcriber solution as fully integrated services to facilitate data exchange across the value chain for its insurer, reinsurer, broker, and MGA clients. ACORD Solutions Group harnesses the widely used ACORD Data Standards to provide standardized and simplified API connectivity to the global market. This includes the exchange of placing, accounting, and claims data, regardless of the maturity of messaging capability available by each trading partner, or the platform interface being used. ACORD Transcriber enables the conversion of documents into structured placing, accounting, and claims data, as well as the ability to interface with existing eMessage-enabled partners. ADEPT will enable EXL’s insurance clients to receive or share insurance data via major platforms, providing an unrestricted yet standardized approach to global data exchange. “ACORD Solutions Group’s services and solutions have been designed and developed to drive full-scale, industry-owned automation and enable straight-through processing of data across the entire insurance value chain,” said Ken Tashiro, ACORD’s Vice President, Corporate Development. “We are delighted to partner with EXL to further our mission to drive value for the industry’s stakeholders by optimizing the cost, speed and accuracy of digital data exchange.” About EXL About ACORD Solutions Group Media Contact: Michael Sherrill Vice President Marketing 646-419-0778 [email protected] Investor contact: Steven N. Barlow Vice President Investor Relations 212-624-5913 [email protected]
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