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Family of companies selects platform for consolidation and end-to-end processing of life, annuity & Medicare Supplement products
NEW YORK and PHOENIX, April 24, 2014 /PRNewswire/ -- EXL (NASDAQ: EXLS), a leading business process solutions company, announced today that Oxford Life Insurance Company (Oxford Life), a subsidiary of AMERCO, entered into an agreement to implement EXL's policy administration platform, EXL LifePRO®. Oxford Life will use the platform for new business; agent and commission management; policy administration; billing and collections; claims processing; reinsurance; and client management. As part of the agreement, Oxford Life's business will be migrated to the LifePRO® platform from two existing administration platforms.
"Oxford Life wanted a platform that would support our strategic goals for the future," said Mark A. Haydukovich, Chairman, President and Chief Executive Officer of Oxford Life. "The LifePRO® platform provides the capabilities necessary to support our existing product portfolio and has the flexibility to support those that we are planning to bring to market."
Founded in 1965, Oxford Life Insurance Company and its subsidiaries specialize in providing final expense, annuities, and Medicare supplement products to the rapidly expanding senior market through independent marketing organizations and general agents.
Haydukovich added that "LifePRO® is well established with a strong user community that advises on ongoing product direction. We liked that EXL is a market leader with more than 40 customers on the platform. We liked their user friendly screens and tools that enable our team members to better serve our customers."
EXL has a long history of delivering industry-specific process management, analytics and technology solutions to insurance providers. EXL LifePRO® supports a broad range of life, health and annuity products for policy administration.
"EXL is pleased to welcome Oxford Life as a customer and into the LifePRO® family. Oxford Life's decision reinforces that LifePRO® remains a cost-effective and comprehensive administration solution for insurers. EXL, as a strategic partner, enables insurers to execute upon their core strategies by partnering with a leading technology platform provider," said Keith Johnson, Senior Vice President and Head of EXL's Life and Annuities practice.
"Oxford Life wanted a policy administration platform that was production-proven in the life and annuity market, would reduce the time and effort to get innovative products to market, and provide a feature rich solution to serve their agents and policyholders ," said Tom Organ, Vice President, EXL. "LifePRO® will streamline Oxford's IT environment and position them for growth."
About Oxford Life
Based in Phoenix, Arizona, Oxford Life is a subsidiary of AMERCO, which is the parent company of U-Haul International, Inc., Amerco Real Estate Company and RepWest Insurance Company. North American Insurance Company and Christian Fidelity Life Insurance Company are strategic subsidiaries of Oxford Life. Oxford Life and its subsidiaries provide valuable solutions for the financial needs of our customers so that they have the opportunity to live in dignity in their retirement years. For more information, visit www.oxfordlife.com.
EXL (NASDAQ: EXLS) is a leading business process solutions company that looks deeper to drive business impact through integrated services and industry knowledge. EXL provides operations management, analytics and technology platforms to organizations in insurance, healthcare, banking and financial services, utilities, travel, and transportation and logistics, among others. We work as a strategic partner to help our clients streamline business operations, improve corporate finance, manage compliance, create new channels for growth and better adapt to change. Headquartered in New York and in business since 1999, EXL has more than 22,000 professionals in locations throughout the U.S., Europe and Asia. For more information, visit www.exlservice.com.
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