Everest Group names EXL a Leader & Star Performer - Property and Casualty Insurance BPS PEAK Matrix® Assessment 2022
Everest Group names EXL a Leader & Star Performer
Everest Group names EXL a Leader & Star Performer
For the 3rd year in a row, EXL continues to claim the top spot and is named a Leader and Star Performer in the Everest Group Property and Casualty Insurance BPS PEAK Matrix® Assessment 2022, reflecting the company’s continued focus on upskilling and infusing domain in its resource base, strengthening its cloud capabilities, partner ecosystem and capability development thought its digital CoEs. It recently launched an insurance focused research unit for better understanding client and industry requirements.
Everest Group cites EXL strengthened its Leaders positioning, and EXL’s well diversified portfolio across different buyer segments, and momentum growth through client renewals and new logo wins as its key market success.
Key EXL strengths highlighted by Everest Group in the report include:
- Major provider in the P&C insurance BPS market with strong delivery and domain expertise, especially in the North America region
- Augmented BPS delivery expertise with a digital solutioning-led approach through a combination of AI, analytics and cloud investments in areas such as billing and settlement, FNOL, and claims audit
- In addition to continued expansion in the US market, EXL made inroads into the UK through multiple contract wins
- Strategic partnerships across core platforms as well as a TPA provider, including partnership with ACORD to leverage ACORD’s standards and data exchange solutions in the areas of underwriting, policy servicing, accounting, settlements, and claims
Leadership perspective
“EXL’s continuous efforts in strengthening its client partnerships through well-rounded investments across domain, delivery, digital, and talent have contributed to its positioning as a Leader and Star Performer in Everest Group’s P&C insurance BPS PEAK Matrix 2022®. Having cemented a mature position in the North American market, it is further strengthening its strategic bets by expanding to other upcoming buyer markets, particularly the UK and Llyod’s market. With a go-to-market now centered around digital solutioning to alleviate value chain pain points, EXL has amped up its competitive intensity and is increasingly emerging as a reliable digital/transformation partner in the market with a strong foundational understanding of underlying domain and operations.”
Somya Bhadola, Practice Director, Everest Group
“It is staggering to consider how dramatically the insurance industry has changed since EXL was named a Leader in the first-ever Everest Group P&C Insurance PEAK Matrix® Assessment way back in 2014. We’ve worked incredibly hard to maintain that leadership role each year by helping our clients transform their businesses in the face of massive, industry-wide disruption. From our early days in business process improvement and automation to our current work on the cutting edge of AI-enabled digital transformation and data-led strategy, we are committed to keep pushing the limits, helping our clients take bold actions that keep them ahead of the curve.”
Raghav Jaggi, SVP and Global Insurance F&A and General Insurance leader at EXL