NEW YORK and PEORIA, Ill., July 12, 2017 (GLOBE NEWSWIRE) -- EXL (NASDAQ:EXLS) and Illinois Mutual Life Insurance Company today announced a strategic relationship to implement EXL’s LifePRO® platform for digital customer acquisition, policy administration and analytics.
The agreement encompasses the LifePRO® Digital Suite for electronic quoting and application (eApp), which includes rules-engine-based automated and accelerated underwriting, workflow, and document generation for all worksite, disability income, life insurance and annuity products. The relationship also includes the implementation of LifePRO® for administration and analytics across new business, policy administration, claims, and agent support. Illinois Mutual will migrate all existing business to LifePRO® as part of a technology consolidation strategy.
Illinois Mutual President and Chairperson Katie McCord-Jenkins said, “Illinois Mutual is preparing for a future as a digital insurer, and needed a partner and solution to help achieve four primary goals: to enable the delivery of innovative new products to market more quickly, enable straight through processing and automated underwriting, improve our business operations through streamlining and automating processes, and enhancing the service we provide to our clients and agents. Our partnership with EXL positions us to meet all of those goals.”
Said Jeffrey Wann, Vice President of IT, "The breadth of product coverage provided by EXL LifePRO® combined with web services-based new business functionality of the EXL LifePRO® Digital Suite enables solid backend processing combined with a modern, streamlined and real-time user experience."
“This new strategic relationship further demonstrates the strength of our platform transformation strategy and positions LifePRO® as an end-to-end digital solution,” said Keith Johnson, Senior Vice President and head of EXL’s Life and Annuity business. “Combined with LifePRO’s market leading position to support a broad range of life, health, disability and annuity products, the omnichannel straight-through processing capabilities of our solution will lead carriers into a new generation of insurance.”
The LifePRO® Digital Suite includes multi-channel interfaces, underwriting, workflow engines, and document production modules to automate new policy issuance. With a highly flexible architecture and modern design, LDS can be used for any life, health or annuity product, for group or individual lines of business.
About Illinois Mutual
For over 100 years, Illinois Mutual has been helping hard-working Americans safeguard their financial futures with quality life insurance, disability income insurance and workplace insurance solutions. Headquartered in Peoria, Illinois, Illinois Mutual conducts business in 47 states through an extensive network of independent agents.
About EXL
EXL (NASDAQ:EXLS) is a leading operations management and analytics company that designs and enables agile, customer-centric operating models to help clients improve their revenue growth and profitability. Our delivery model provides market-leading business outcomes using EXL's proprietary Business EXLerator Framework™, cutting-edge analytics, digital transformation and domain expertise. At EXL, we look deeper to help companies improve global operations, enhance data-driven insights, increase customer satisfaction, and manage risk and compliance. EXL serves the insurance, healthcare, banking and financial services, utilities, travel, transportation and logistics industries. Headquartered in New York, New York, EXL has more than 26,000 professionals in locations throughout the United States, Europe, Asia (primarily India and Philippines), South America, Australia and South Africa. For more information, visit www.exlservice.com.