ExlService Holdings, Inc. (NASDAQ: EXLS)

ExlService Holdings, Inc. is a global data and artificial intelligence company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. The company harnesses data, AI and deep industry knowledge to transform businesses across insurance, healthcare and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure. It leverages over 25 years of experience managing critical operations to help enterprises unlock the value of structured and unstructured data and embed AI into workflows. ExlService delivers business outcomes at scale by combining advanced analytics, AI‑powered digital operations and domain expertise to improve customer experience, productivity, cost efficiency and growth. The firm maintains a global delivery network with over 65,000 employees across six continents.

Revenue comes from data and AI‑led solutions and services and from digital operations solutions and services. Data and AI‑led offerings embed data, analytics and AI into client workflows, providing capabilities such as data modernization, AI model development and generative AI applications. Digital operations offerings consist of technology‑enabled managed services that apply deep domain expertise to run mission‑critical functions, improve productivity, streamline workflows, reduce costs and enhance scalability. The company markets and sells these solutions through sales and client management teams aligned by its Industry Market Units, with representatives in the United States, India, the United Kingdom, Ireland and Australia. Geographic performance is reported for North America (including the United States, Canada and Mexico), the United Kingdom and Europe, and the Rest of the World.

The company operates through the following segments: Insurance, Healthcare and Life Sciences, Banking, Capital Markets and Diversified Industries, and International Growth Markets.

• Insurance: This segment serves property and casualty insurers, life insurers, disability insurers, brokers, reinsurers, annuity and retirement providers, and insurtech firms. It delivers end‑to‑end data and AI‑led solutions and digital operations across the insurance value chain, including claims management, premium and benefit administration, agency management, account reconciliation, actuarial and risk analytics, digital marketing, new business acquisition, underwriting support, policy servicing, premium audit, surveys, billing and collection, and customer service using digital technology, AI, agentic AI, generative AI, machine learning and advanced automation. The segment also provides cloud‑first digital insurance software combined with AI capabilities, a suite of data and AI‑led finance and accounting services such as financial planning, GAAP and STAT accounting, regulatory reporting and compliance, and end‑to‑end third‑party administration for life and annuity policies via SaaS platforms like LifePRO and Life Digital Suite, as well as subrogation services through the proprietary Subrosource platform.

• Healthcare and Life Sciences: This segment serves U. S.-based healthcare payers, providers, pharmacy benefit managers, and life sciences organizations. It offers care management, utilization management, disease management, payment integrity, revenue optimization, customer engagement, commercial analytics, and regulatory support. Payment integrity services improve claims accuracy and reduce fraud through pre‑pay and post‑pay audits, payment analytics that use advanced analytics, data mining, AI, NLP and automation. For providers, the segment supplies revenue cycle management, digital transformation, data‑driven analytics and contact‑center solutions; for pharmacy benefit managers it delivers digital transformation, data and analytics, and call‑center modernization. Life sciences activities combine domain expertise, data engineering, AI‑driven insight generation and digital operations to support commercial, clinical, regulatory and patient‑support functions, leveraging AI, agentic AI, generative AI, machine learning, advanced analytics and cloud‑based solutions to enhance value‑based care, optimize claims and ensure regulatory compliance.

• Banking, Capital Markets and Diversified Industries: This segment serves consumer and commercial banking, credit card and payment services, fintech, wealth and retirement services, capital markets, utilities, retail and consumer‑packaged goods, communications, media and entertainment, travel and leisure, transportation and logistics, infrastructure and other business services. It embeds analytics and AI across the entire customer lifecycle, from acquisition to retention. Risk management solutions help control credit risk, reduce fraud losses and improve collection returns. Marketing and customer analytics increase acquisitions, improve cross‑selling, maximize customer lifetime value, enhance retention and optimize portfolio performance. Integrated operations services include digital lending, omni‑channel marketing, digital onboarding, KYC and AML compliance, collections, fraud prevention and customer servicing. In retail and consumer‑packaged goods the segment enables AI‑driven supply‑chain performance, smarter merchandising, dynamic pricing and accurate demand forecasting. For energy and infrastructure it provides end‑to‑end lifecycle services covering onboarding, terminations, engineering field operations, billing and debt management, strengthened by AI‑enabled operations, advanced data management and analytics that improve collections, visibility of customer lifecycle, sentiment insights and carbon‑footprint management. In media it offers advertisement and broadcasting analytics, call‑center performance optimization, personalized marketing suites, fan‑lifecycle management and streamlined ticketing. The business and tech services group delivers integrated finance and accounting, back‑office operations, human‑resources outsourcing and customer‑service solutions.

• International Growth Markets: This segment focuses on expanding the company’s footprint outside North America and tailoring offerings to regional requirements. It serves clients in the insurance, life sciences, banking and capital markets, energy and infrastructure, retail, consumer goods and travel industries across growth markets. The segment leverages ExlService’s global data, AI and digital‑operations capabilities while adapting to local regulatory, cultural, linguistic and economic needs to deliver differentiated outcomes.

ExlService operates in a competitive market for data and AI‑led solutions and digital operations services. Competitors include large global firms such as Cognizant Technology Solutions, Genpact, Infosys, NTT DATA and Tata Consultancy Services; niche industry‑specific providers like Cotiviti and Optum Health; specialized analytics and AI vendors such as Fractal, Latentview Analytics and Guidewire; pure‑play AI platform providers including Salesforce and Gradient AI; internal capability centers of prospective clients; and leading consultancies offering AI advisory, namely Accenture, Deloitte and Capgemini. The company’s advantage lies in its ability to orchestrate artificial intelligence, deep domain expertise, data, digital technology, advanced analytics and human design expertise to deliver business value. Its strengths stem from extensive industry knowledge, sophisticated data and AI capabilities, innovative digital‑operations solutions, strong client relationships, leading talent, advanced process capabilities and differentiated technology that enable rapid responses to evolving market trends.

The company served approximately 590 customers in 2025 and 570 in 2024, each generating annual revenue exceeding $50,000. No single customer accounted for more than 10% of total revenue in either year. The top three customers contributed 17.8% of 2025 revenue, the top five 23.9% and the top ten 34.0%. Long‑term relationships often evolve from a single discrete service to a suite of integrated processes across multiple business lines, with contracts typically structured as master services agreements supplemented by individual statements of work. The customer base comprises insurance carriers, healthcare payers and providers, life sciences firms, banks, retailers, utilities, technology and media companies, among others.