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(“EXL,” “we,” “us,” “our” or the “Company”), incorporated in Delaware in 2002, is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed.
−Removed: EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others.
+Added: EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure, among others.
EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect.
−Removed: We are headquartered in New York and have approximately 59,500 employees spanning six continents.
−Removed: We deliver advanced analytics and AI-powered digital operations and solutions to our clients, driving enterprise-scale business transformation initiatives that leverage our deep domain expertise in generative AI and cloud technology.
−Removed: Data, AI, analytics and digital have become core to virtually every significant move a business makes to serve customers, optimize business processes, stay competitive and grow.
−Removed: Our vision of being an indispensable partner for data and AI-led transformation reflects the long-term priorities of our clients' businesses across industry sectors, and we continue to evolve our offerings to drive business outcomes.
−Removed: Our data and AI-led value creation framework enables better and faster decision making, leveraging our end-to-end data, analytics, AI capabilities and deep industry knowledge to drive improved business outcomes, and re-designing of operating models to integrate advanced technology into operational workflows.
−Removed: We embed AI, digital operations and solutions into clients’ businesses and introduce our data and AI-led approach to transform operations with every new engagement, which helps our clients achieve better customer experience, higher productivity, cost efficiency and improved business outcomes.
−Removed: Through the end of 2024, we managed and reported financial information through our four reportable segments or strategic business units:
−Removed: Insurance, Healthcare, Analytics and Emerging Business, which reflected how management reviewed financial information and made operating decisions throughout that period.
−Removed: Our strategic business units align our products and services with how we manage our business, approach our key markets and interact with our clients.
−Removed: These business units develop client-specific solutions, build capabilities, maintain a unified go-to-market approach and are integrally responsible for service delivery, customer satisfaction, growth and profitability.
−Removed: By integrating AI, data and analytics directly into our client workflows, we drive intelligence into our clients’ digital operations that drive superior sales outcomes, optimize costs and power resilient and agile business models.
−Removed: Digital Operations and Solutions
−Removed: Our digital operations and solutions, which we deploy for our clients from our Insurance, Healthcare and Emerging Business strategic business units, are focused on solving complex industry challenges.
−Removed: We use a focused industry vertical approach, and our solutions are designed to help our clients realize their business and innovation goals and improve their strategic competitive position.
−Removed: Some of our data and AI-driven digital operations and solutions include:
−Removed: a) multi-modal data ingestion using AI, and converting unstructured content into curated and usable data, b) real-time and comprehensive data insights with end-to-end data management and 360-degree customer views for our clients, c) omni-channel and frictionless customer experience including self-service, conversational AI and smart agent assist, d) AI-powered automation of transaction processing and e) automated quality, compliance and audits.
−Removed: Using these solutions, we have transformed client operations such as underwriting operations, claims processing, accounts payables processing, utilization management, member and provider contact center services and collections and accounts receivables.
−Removed: We manage and digitally transform these operations for our clients by deploying our solutions through a software-as-a-service (“SaaS”) model via our partners’ cloud network or a client’s on-cloud deployment model, to digitally transform their retained operations.
+Added: We are headquartered in New York and have over 65,000 employees spanning six continents.
+Added: Using our deep understanding of the industry that we have developed in over 25 years of managing critical business operations, we help enterprises unlock the full value of their structured and unstructured data and embed AI into their workflows.
+Added: We deliver business outcomes for our clients at speed and scale, by reinventing their business models through advanced analytics and AI powered digital operations to help them achieve superior customer experience, higher productivity, cost efficiency and business growth.
+Added: Our vision of being an indispensable partner for data and AI-led transformation reflects the long-term priorities of our clients' businesses across industry sectors, and we continue to evolve our offerings with a variety of AI services and solutions.
+Added: One of our key assets is our global delivery network, which includes highly trained industry and process specialists across the United States, the United Kingdom, Latin America, South Africa, Europe and Asia (primarily India and the Philippines).
+Added: We have operations centers in India, the United States, the Philippines, South Africa, Colombia, Bulgaria, Romania, the United Kingdom, the Czech Republic, Mexico and the Republic of Ireland.
+Added: In the first quarter of 2025, we implemented operational and structural changes to accelerate the execution of our data and AI strategy and align with how our management reviews financial information and makes operating decisions.
+Added: The new operating model is comprised of Industry Market Units (“IMUs”) to focus on delivering higher value to clients leveraging our full suite of capabilities;
+Added: and Strategic Growth Units (“SGUs”) to focus on rapidly advancing our operational, analytics, data management, digital engineering, and AI capabilities specific to our chosen industries.
+Added: Our IMUs focus on managing customer relationships and delivering the “One EXL” value proposition to clients, maintaining a unified go-to-market approach and being integrally responsible for growth, profitability and client satisfaction.
+Added: Accordingly, our new reportable segments, aligned to our IMUs, are as follows:
+Added: • Healthcare and Life Sciences,
+Added: • Banking, Capital Markets and Diversified Industries,
+Added: • International Growth Markets
+Added: The primary changes in our new reportable segments reflect 1) the integration of our former Analytics reportable segment as a core capability within each of our IMUs, ensuring alignment with the specialized needs of our clients across IMUs, 2) the reorganization of our former Emerging Business reportable segment into a Banking, Capital Markets and Diversified Industries reportable segment, excluding Life Sciences, which is now a part of the new Healthcare and Life Sciences reportable segment, and 3) the formation of International Growth Markets as a separate IMU to represent all our services and solutions offerings to clients in the United Kingdom, Europe, Middle East, Asia-Pacific and South Africa geographies across all industry verticals.
+Added: The International Growth Markets IMU is helping strategically expand our footprint in markets outside of North America and drive focus on offerings and expansion in those markets in new and existing clients.
+Added: In addition, our revenues by service type are now presented as data and AI-led solutions and services and digital operations solutions and services.
+Added: Revenues attributable to geographical regions are now presented as North America (including the United States, Canada and Mexico), the United Kingdom and Europe, and Rest of World.
+Added: We provide data and AI-led solutions and services and digital operations solutions and services to our clients.
+Added: We market and sell our solutions and services to existing and prospective clients through our sales and client management teams, which are aligned by our IMUs.
+Added: Our sales and client management teams operate primarily from the United States, India, the United Kingdom, Ireland and Australia.
+Added: Ta ble of Contents
+Added: Data and AI-led
+Added: In our data and AI-led solutions and services we embed data and AI into client workflows, leveraging our deep domain knowledge, analytics, data management and digital engineering expertise.
+Added: Our industry-specific offerings are designed to help our clients address large and complex business challenges, accelerate growth, improve customer experience, enhance efficiency, and deliver lasting competitive advantages.
+Added: As clients evolve from digital operations to data and AI-powered operations, this evolution represents the next stage of enterprise transformation.
+Added: We deliver modern, cloud ready data management by unifying fragmented data, strengthening governance, and enabling AI driven decisioning.
+Added: Our capabilities span data modernization, automated quality, secure pipelines, and enterprise grade data architecture.
+Added: Our digital engineering teams design and build scalable, intelligent solutions across cloud, automation, application modernization, and digital product development.
+Added: By combining engineering rigor with deep domain knowledge, we help clients accelerate transformation, modernize legacy systems, and rapidly deploy AI-enabled digital experiences.
+Added: We support our clients wherever they are in their AI transformation journey—early discovery, data modernization, pilot experimentation, or enterprise-scale deployment.
+Added: Our role includes defining strategy, strengthening data readiness, building and operationalizing AI products, and embedding AI within everyday processes.
+Added: As part of this journey, we help clients build scalable, cloud-native data platforms by migrating legacy environments using our proprietary accelerators and strong partnerships ecosystem.
+Added: Our focus is on creating AI-ready data foundations—ensuring that client data is well-organized, high-quality, secure, and accessible across the enterprise.
+Added: By modernizing data environments and enabling reliable, governed, and unified data assets, we position organizations to confidently adopt advanced analytics, machine learning, and generative AI at scale.
+Added: This accelerates their transformations and unlocks faster, more measurable business value from AI.
+Added: We aim to facilitate AI adoption in a manner that is practical, secure, value-driven, and aligned to our clients’ business priorities and industry-related requirements.
+Added: With our proprietary agentic AI platform, the orchestration of data, digital, and domain-specialized AI solutions is being enabled to transform mission-critical operations at scale.
Our key digital and AI capabilities that drive data and technology-led transformation for our clients include generative AI, reinforcement learning, hyper automation, cloud data management, conversational AI, robotics, enterprise architecture development, integration platform as a service and AI for operations.
Some of our key solutions are:
−Removed: • Insurance Large Language Model (“LLM”) is an industry-specific LLM that supports critical claims and underwriting-related tasks, such as claims reconciliation, data extraction and interpretation, question-answering, anomaly detection and chronology summarization.
+Added: • EXL Domain or Industry Specific Large Language Model (“LLM”).
+Added: For example, Insurance LLM is an industry-specific LLM that supports claims and underwriting-related tasks, such as claims reconciliation, data extraction and interpretation, question-answering, anomaly detection and chronology summarization.
+Added: • EXLData.AI, an agentic AI-native solution which modernizes and unifies fragmented, siloed enterprise data embeds intelligence across the full data lifecycle using agentic architecture, integrates seamlessly with Databricks, Snowflake, AWS and other ecosystems, and accelerates AI adoption by making enterprise data “AI ready”.
• Generative AI platform for the development and deployment of our proprietary solutions, including, among others, Smart Agent Assist, Claims Assist, Conversational Business Intelligence and Code Harbor.
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PayMentor is an AI-powered collections and receivables management solution designed to optimize the debt collection process.
−Removed: • Digital Finance Suite automates and streamlines financial processes and key finance and accounting tasks, which helps customers gain real-time visibility into financial operations leading to faster decision making and reduced risks, among others.
−Removed: • Data and AI-led Customer Experience:
−Removed: Delivers AI-infused customer experiences across multiple customer journeys and touchpoints.
−Removed: • Digital Lending and Embedded Financing:
−Removed: AI-powered financing solution that reimagines and delivers a seamless and end-to-end origination, service and payments journeys for multiple credit and loan products across industries.
−Removed: • Data and AI-led Automation Solution eliminates friction and fragmentation in transaction processing using some of our proprietary workflow solutions.
−Removed: We use AI, data, and cloud technology, including our suite of solutions and accelerators, within a standardized, reusable and shared engineering and delivery infrastructure, which allows us to leverage our investments across multiple clients.
−Removed: Our strategic business units, which provide digital operations and solutions, are described below:
−Removed: Our Insurance strategic business unit serves property and casualty insurance, life insurance, disability insurance, insurance brokers, reinsurers, annuity and retirement services and insurtech companies.
−Removed: We provide end-to-end digital transformation solutions and data and AI-led operations services across the insurance industry encompassing claims processing, premium and benefit administration, agency management, account reconciliation, policy research, underwriting support, new business acquisition, policy servicing, premium audit, surveys, billing and collection, commercial and residential survey and customer service using digital technology, AI, including generative AI, machine learning (“ML”) and advanced automation.
−Removed: We provide end-to-end third-party administration for life and annuity insurance policies, which includes digital customer acquisition services using a SaaS delivery model through our LifePRO® and Life Digital Suite platforms that help clients administer life insurance, annuities and credit life and disability insurance policies.
−Removed: We also provide subrogation services to property and casualty insurers using a business process-as-a-service delivery model and our proprietary Subrosource® software platform, the largest commercial end-to-end subrogation platform.
−Removed: Subrosource® integrates with client systems, manages recovery workflow, increases recoveries and reduces costs.
−Removed: We provide a suite of data and AI-led finance and accounting services that include financial planning and analysis, decision support, GAAP and statutory reporting and compliance services in addition to core finance operations.
+Added: Our generative AI ecosystem spans data to decision pipelines, combining platform-native accelerators, agentic automation, domain specific LLMs, workflow orchestration, code modernization tools, and enterprise enablement frameworks.
+Added: Together, these tools make AI deeply embedded in client workflows, delivering faster, more intelligent, end to end digital transformation.
+Added: Digital Operations
+Added: Our digital operations business comprises technology-enabled managed services that blend our deep domain expertise with our industry-specific solutions and services that help clients run mission-critical business functions with enhanced productivity, streamlined workflows, greater speed and improved accuracy, reduce operating costs and gain more scalable business outcomes.
+Added: Drawing on over two decades of experience in managing complex operations across insurance,
+Added: Ta ble of Contents
+Added: healthcare and life sciences, banking, capital markets, and diversified industries across markets, our digital operations team applies deep industry expertise and tailored proprietary or client-owned technology to solve complex challenges and drive measurable outcomes.
+Added: These digital operations deployments form the foundation for future client transformation opportunities to infuse AI into client workflows and unlock even greater value.
+Added: Our reportable segments, aligned to our IMUs, which provide data and AI-led solutions and services and digital operations solutions and services, are described below.
+Added: Our Insurance IMU serves property and casualty insurance, life insurance, disability insurance, insurance brokers, reinsurers, annuity and retirement services and insurtech companies.
+Added: Our data and AI-led solutions and services and digital operations solutions and services span across the insurance value chain.
+Added: We provide end-to-end data and AI-led solutions and services and digital operations solutions and services across the insurance industry encompassing claims management, premium and benefit administration, agency management, account reconciliation, actuarial and risk analytics, policy research, digital marketing, new business acquisition, underwriting support, policy servicing, premium audit, surveys, billing and collection, commercial and residential survey and customer service using digital technology, AI, including agentic AI, generative AI, machine learning (“ML”) and advanced automation.
+Added: We also combine our cloud-first digital insurance software solutions and industry expertise with agentic AI, generative AI, machine learning, advanced analytics, and platforms.
+Added: Our Insurance Large Language Model (“LLM”), an industry-specific generative AI platform for claims, underwriting and subrogation that we developed leveraging our deep experience and proprietary data in the insurance industry.
+Added: In addition, we provide a suite of data and AI-led finance and accounting services that include financial planning and analysis, decision support, GAAP and STAT accounting, regulatory and statutory reporting, and compliance services in addition to core finance operations.
We bring a data and AI-led and practical digital approach to finance and accounting, enabling our clients to simplify and scale their finance and accounting processes, drive stakeholder centricity, improve controls and compliance, reduce operating costs and deliver rich data and AI-led insights to our clients’ businesses.
−Removed: Our Healthcare strategic business unit primarily serves U.S.-based healthcare payers, providers and pharmacy benefit managers organizations.
−Removed: We combine deep healthcare domain expertise with data and AI-led insights and technology-enabled services to transform how care is delivered, managed and paid.
−Removed: We provide services related to care management, utilization management, disease management, payment integrity, revenue optimization and customer engagement directly addressing the market need for improved healthcare outcomes, patient and provider experience and access to the healthcare system in the healthcare market and optimized healthcare spend.
−Removed: We offer digital operations, SaaS and platform services designed to serve the healthcare industry.
−Removed: Our integrated care management offering, including our proprietary clinical data, connects payers, providers and members to increase efficiencies and effectiveness across all aspects of care management, including medical, pharmacy and behavioral health.
−Removed: Our data and AI-led digital operations and solutions infuse advanced analytics, AI, generative AI, cloud, ML and robotics capabilities to improve efficiency, business outcomes and the consumer experience in healthcare across patient/member management, contracting and network management, health and care management, claims administration and business operations.
−Removed: Similar to our Insurance strategic business unit, we also provide finance and accounting services, digital transformation and advisory/consulting services to our clients in the healthcare industry.
−Removed: Our Emerging Business strategic business unit provides AI and data led enterprise solutions in the areas of finance and accounting, customer experience management and revenue enhancement to clients primarily in the banking and capital markets, utilities, retail and consumer packaged goods, technology, media, and telecom, travel and leisure, manufacturing, transportation and logistics and business services industries.
−Removed: These enterprise solutions complement our domain-specific industry solutions enabling our clients to deliver superior performance.
−Removed: Our AI and data driven finance and accounting services include high-end analytical services, including financial planning and analysis, management reporting, advanced forecasting and decision support, data management, regulatory reporting and risk and compliance services in addition to core transactional finance operations.
−Removed: Our Digital Finance Suite, which is now an AI powered integrated cloud-based hyper-automation insights, and processing platform, helps chief financial officers transform finance into an AI and data-led, digitally enabled, scalable function that drives economic performance for the enterprise, delivers improved business outcomes with lower cost to serve, and better stakeholder experience.
−Removed: Our client experience management solutions that run on a combination of client, partner and proprietary platforms, help our clients improve their end-customer experience across the front, middle and back-office, integrating data flows, redesigning customer service processes and delivering a digital omni-channel customer experience.
−Removed: To deliver these solutions, we combine our deep industry knowledge with advanced analytics and digital capabilities, including robotics, proprietary and partner-driven AI and ML solutions.
−Removed: Our revenue enhancement solutions include lead generation, inside sales and digital marketing, pricing, customer and marketing analytics, billing and proprietary revenue assurance solutions, which helps deliver direct topline and margin impact to our clients’ business.
−Removed: We also provide industry-specific digital operations and solutions.
−Removed: For our clients in the banking and financial services sector, we provide a range of AI enabled digital solutions, including residential mortgage lending, title verification and validation, retail banking and credit cards, trust verification, commercial banking and investment management.
−Removed: In the retail and consumer packaged goods sector, we provide supply chain management services and AI-led advanced analytical services including merchandising, pricing and demand forecasting.
−Removed: For our clients in the utilities sector, we offer AI enabled digital operations and solutions related to end-to-end customer life cycle management including onboarding and terminations, engineering field services, customer service, billing and debt management and collections.
−Removed: In the technology, media, and telecom sector, we manage media and advertising reconciliations, order entry, fulfillment and licensing management operations.
−Removed: For our clients in the travel and leisure sector, we provide corporate and leisure travel services, including, AI enabled digital reservations, customer service and fulfilment services.
−Removed: In the transportation and logistics sector, we provide our clients with AI enabled digital freight billing, collections, claims management, freight audit, freight scheduling, supply chain management and revenue assurance services.
−Removed: Our Analytics strategic business unit helps clients build data-led businesses using AI, generative AI, advanced analytics solutions and services, and cloud technology.
−Removed: By leveraging our suite of end-to-end analytics capabilities, we aim to drive better business outcomes for our clients by unlocking deep insights from data and creating data and AI-led solutions across all aspects of our clients’ businesses.
−Removed: Our Analytics teams deliver predictive and prescriptive analytics in the areas of customer acquisition and life cycle management, risk underwriting and pricing, operational effectiveness, credit and operational risk monitoring and governance, regulatory reporting, and data management.
−Removed: We enhance, modernize and enrich structured and unstructured data and use a spectrum of advanced analytical tools and techniques, including our in-house and third-party AI, generative AI, and ML capabilities and proprietary solutions, to create insights, improve decision making for our clients and address a range of complex industry-wide priorities, including:
−Removed: • Superior customer experience, driving engagement, loyalty and increasing cross-sell through a deeper understanding of consumer behavior;
−Removed: • Solutions for risk models, stress testing, Basel risk-weighted assets, reserves, and economic capital calculation;
−Removed: • ML models for fraud monitoring, loss mitigation, and implementation and execution of fraud strategies;
−Removed: • Enhanced decision-making in underwriting, claims processing and policy renewal through cognitive image analytics;
−Removed: • Payment integrity services in the U.S.
−Removed: healthcare industry ensuring accurate reimbursement and help prevent fraud, denials, and revenue leakage.
−Removed: Our Analytics team is comprised of approximately 9,900 professionals, including data scientists, data architects, business analysts, statisticians, modelers and industry domain specialists.
−Removed: We help our clients leverage internal and external data sources, enhance their data assets, identify and visualize data patterns, and utilize data and AI-led insights to boost their effectiveness.
−Removed: Our Analytics services include:
−Removed: • Identifying, cleansing, matching and using of internal and external structured, semi-structured and unstructured data;
−Removed: • Integrating data insights and predictive models into real-time, decision-making processes to drive measurable business impact;
−Removed: • Designing and implementing services that enable data visualization and management reporting enabling business users to segment, drill down, and filter data;
−Removed: • Deploying analytics professionals and data scientists who utilize analytics tools, cutting edge statistical techniques and methodologies in ways designed to help customers better understand their data to generate actionable business insights;
−Removed: • Harnessing the power of AI, including generative AI to elevate decision-making paradigms, enabling our clients to achieve a sustainable competitive advantage amid rapid technological innovation.
−Removed: Our Analytics engagements include both project work and longer-term arrangements where we provide ongoing analytics modeling and services for a year or longer.
−Removed: We utilize our deep industry knowledge to drive these engagements across our various competencies, including, data management and cloud enablement, AI, generative AI, ML, advanced analytics and insights, data-enabled marketing solutions and strategic data assets.
−Removed: Our Analytics services support:
−Removed: (1) retail banking, commercial banking, wealth management and investment banking and management for the banking and financial services industries;
−Removed: (2) marketing analytics, clinical analytics, patient engagement, pharmaco-economics outcomes and cost optimization solution within the healthcare industry;
−Removed: (3) marketing and agency analytics, actuarial, servicing and operations, customer management and claims and money movement within the insurance industry;
−Removed: and (4) marketing analytics, supply chain, logistics and digital operations and solutions within the retail and consumer packaged goods, media and telecom and utilities and manufacturing industries.
−Removed: As technology evolves and AI adoption increases, capturing and enriching data has become a key differentiator for clients and their speed of decision making necessitating the adoption of AI, including generative AI and ML techniques.
−Removed: The accelerated adoption of cloud-based solutions has increased our clients’ needs for a suite of cloud migration and enablement capabilities.
−Removed: We have built a scalable and customizable multi-cloud cross-sector generative AI platform with pre-built accelerators and packaged solutions.
−Removed: Our AI and analytics solutions include Bank Transaction Insights, which provides insights from bank data and Customer 360 Insights, which provides agent and customer relationship insights.
−Removed: Conversational business intelligence generates insights from data using natural language and other Generative AI-led assistants for various functions.
−Removed: Our EXLClarity TM platform supports risk adjustment and quality management for payers and providers and helps to optimize their revenue.
−Removed: Our payment services support payment integrity and maximize performance and financial-related results by leveraging our multi-payer dataset and applying digital solutions, such as AI, natural language processing and robotics.
−Removed: These services involve verifying the correct party pays the claim, membership eligibility, contractual adherence, and detecting and preventing fraud, waste, and abuse.
−Removed: Our EXLVantage TM platform offers population health analytics for enhanced care and network optimization.
−Removed: These analytics models integrate with campaign management and marketing analytics to support member acquisition and clinical program interventions.
−Removed: We offer end-to-end data management services to support data strategy, ingestion, normalization, quality, security, governance, visualization and data architecture development and deployment via agnostic tools and flexible delivery models.
−Removed: We continue to strengthen our expertise in data and product engineering, ML operations, cloud enablement and managed services.
−Removed: We have expanded our footprint within our existing clients in the insurance, healthcare, banking and financial services, retail and consumer packaged goods, media and telecom, utilities and manufacturing industries by cross-selling our enhanced data management and cloud enablement offerings.
−Removed: 2025 Operating Model
−Removed: In the first quarter of 2025, we began to implement operational and structural changes to accelerate the execution of our data and AI strategy, capture a greater share of the growing AI market and drive our long-term growth.
−Removed: The new operating model is comprised of Industry Market Units (“IMUs”) to focus on delivering higher value to clients leveraging our full suite of capabilities;
−Removed: and Strategic Growth Units to focus on rapidly advancing our capabilities specific to various industries and client needs.
−Removed: This will enable us to further embed analytics throughout each of our IMUs, enhance our client relationships, deepen investments in data and AI capabilities, develop industry-specific AI solutions, form partnerships, access new client buying centers, enable expansion of our addressable markets across industries and geographies, and provide more professional development opportunities for our employees.
−Removed: Our IMUs, Insurance, Healthcare and Life Sciences, Banking, Capital Markets and Diversified Industries, and International Growth Markets, reflect how management will review financial information and make operating decisions beginning in the first quarter of 2025.
−Removed: These IMUs will focus on managing customer relationships and delivering the “One EXL” value proposition to clients, maintain a unified go-to-market approach and be integrally responsible for growth, profitability and client satisfaction.
−Removed: Our new reportable segments, aligned to our IMUs, effective from the first quarter of 2025 will be as follows:
+Added: We also provide end-to-end third-party administration for life and annuity insurance policies, which include digital customer acquisition services using a SaaS delivery model through our LifePRO® and Life Digital Suite platforms that help clients administer life insurance, annuities and credit life and disability insurance policies.
+Added: In addition, we provide subrogation services to property and casualty insurers using a business process-as-a-service delivery model and our proprietary Subrosource® software platform, the largest commercial end-to-end subrogation platform.
+Added: Subrosource® integrates with client systems, manages recovery workflow, increases recoveries and reduces costs.
Healthcare and Life Sciences:
+Added: Our Healthcare and Life Sciences IMU primarily serves U.S.-based healthcare payers, providers, pharmacy benefit managers (“PBMs”), and life sciences organizations, helping them address their operational, regulatory and customer-facing dynamic business challenges.
+Added: We combine deep healthcare and life sciences domain expertise with data, analytics and AI-led insights and technology-enabled services to transform how care is delivered, managed and paid at these organizations.
+Added: We provide services related to care management, utilization management, disease management, payment integrity, revenue optimization and customer engagement, commercial analytics, regulatory support, which address the market need for improved healthcare outcomes, enhanced patient and provider experience and optimized healthcare spending.
+Added: Through our integrated range of data and AI-led solutions and services and digital operations solutions and services offerings, we streamline healthcare administration processes, enhance operational efficiency, reduce costs for both providers and consumers and improve consumer experience by simplifying complex workflows and, minimizing administrative hurdles.
+Added: For healthcare payers, our payment integrity services help improve claims accuracy and reduce fraud, and waste.
+Added: We offer pre-pay and post-pay audit solutions, payment analytics that leverage advanced analytics, data mining, AI, NLP, and automation to identify overpayment claims, verify eligibility, assess contractual compliance to support both pre‑pay and post‑pay audit programs.
+Added: In addition, we offer subrogation and claims recovery, care management and patient navigation solutions to our clients.
+Added: For healthcare providers, we offer revenue cycle management, digital transformation, data-driven analytics and contact center solutions.
+Added: For PBMs, we provide digital transformation, data and analytics and call center modernization.
+Added: Our integrated care management offering, including our proprietary clinical data, connects payers, providers and members to increase efficiency and effectiveness across all aspects of care management, including medical, pharmacy and behavioral health.
+Added: Ta ble of Contents
+Added: Our Life Sciences offerings combine domain expertise, data engineering, AI-driven insight generation, and digital operations to deliver outcomes across commercial, clinical, regulatory, and patient support functions.
+Added: We act as a transformation partner for life sciences organizations seeking to modernize operations, comply with evolving regulations, accelerate clinical and commercial performance, and embed AI deeply into the enterprise.
+Added: We leverage AI, including agentic AI and generative AI, ML, advanced analytics, and cloud-based solutions across the segment to enhance value-based care, optimize claims, and ensure regulatory compliance to deliver improved efficiency, business outcomes and consumer experience.
Banking, Capital Markets and Diversified Industries:
+Added: Our Banking, Capital Markets, and Diversified Industries group delivers comprehensive solutions across a broad spectrum of sectors, including 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.
+Added: By integrating deep domain expertise with AI-driven decision-making, we enable financial institutions to innovate, enhance operational agility, and adapt to evolving market demands.
+Added: We embed analytics and AI across the entire customer lifecycle, from acquisition, customer management to retention.
+Added: Our risk management solutions help clients manage credit risk, minimize fraud losses and maximize returns from collections.
+Added: Our marketing and customer analytics solutions help clients increase acquisitions, improve cross-selling, maximize customer lifetime value, enhance retention and optimize portfolio performance.
+Added: Our integrated operations services encompass the full range of banking operations, including digital lending solutions that improve underwriting and compliance, omni-channel marketing, digital onboarding, know-your-customer (“KYC”) and anti-money laundering (“AML”) compliance, collections, fraud prevention, and customer servicing, among others.
+Added: Our industry-leading, AI and automation driven service offerings are designed to drive operational efficiency and foster innovation across the financial services and other industries.
+Added: In the retail and consumer packaged goods sectors, we enable advanced supply chain performance through AI-driven analytics.
+Added: Our solutions support smarter merchandising, dynamic pricing, and highly accurate demand forecasting.
+Added: In the energy and infrastructure sector, we deliver comprehensive end-to-end lifecycle services covering onboarding, terminations, engineering field operations, billing, and debt management.
+Added: These capabilities are strengthened by AI-enabled operations, advanced data management, and analytics solutions that improve collections, customer lifecycle visibility, sentiment insights and carbon footprint management.
+Added: Collectively, these capabilities position enterprises to deliver more proactive processes, enhanced operational efficiency, and predictable, high-quality customer experiences.
+Added: In the media industry, we help clients unlock new growth opportunities through data-driven insights.
+Added: Our offerings include advertisement and broadcasting analytics, call center performance optimization, personalized marketing suites, fan lifecycle management, and streamlined ticketing operations.
+Added: Our business and tech services group delivers comprehensive solutions including integrated finance and accounting services, back-office operations, Human Resources Outsourcing (“HRO”), and customer service solutions that form the operational foundation for our clients' success.
+Added: By embedding intelligence, automation, and strategic data insights across these diverse sectors, we empower businesses to innovate, operate efficiently, and stay ahead in a rapidly evolving marketplace.
International Growth Markets:
−Removed: The primary changes in our new reportable segments reflect 1) the integration of our former Analytics reportable segment as a core capability within each of our IMUs, ensuring alignment with the specialized needs of our clients across IMUs, 2) the reorganization of our former Emerging Business reportable segment into a Banking, Capital Markets and Diversified Industries reportable segment, excluding Life Sciences, which is now a part of former Healthcare reportable segment, and including data and analytics services, and 3) the formation of International Growth Markets as a separate business unit to represent all our service and solutions offerings to clients in the United Kingdom, Europe, Middle East and Asia-Pacific geographies across all industry verticals.
−Removed: The International Growth Markets business unit will help strategically expand our footprint in markets outside of Americas and drive focus on offerings and expansion in those markets in new and existing clients.
−Removed: The reporting segment changes align with how our Chief Executive Officer (our chief operating decision maker) will review financial information in order to assess performance and allocate resources between segments.
−Removed: This change in segment presentation will not have any effect on our consolidated statements of income, balance sheets or statements of cash flows.
−Removed: The revised presentation will be reflected in our periodic and annual reports beginning in the first quarter of 2025.
+Added: Our International Growth Markets (“IGM”) IMU is focused on strengthening our global footprint outside of North America and customizing offerings for diverse regional requirements.
+Added: We ensure customized delivery while leveraging EXL’s global capabilities in data, AI, and digital operations to drive differentiated business outcomes for our clients in growth markets.
+Added: This provides us with opportunities to leverage our investments, experience, and expertise from the North America market to expand our global client base, drive further growth, and bring us closer to our clients and partners across the world.
+Added: IGM consists of dedicated teams servicing clients in the insurance, life sciences, banking and capital markets, energy and infrastructure, retail, consumer goods, and travel industries in growth markets.
+Added: This IMU is instrumental in localizing our global capabilities with the local regulatory, cultural, linguistic and economic needs of our clients across industry segments.
+Added: Across all regions in which we operate, we combine deep domain industry experience with our data and AI expertise to help clients innovate, enhance operational agility, adapt to changing market demands, and drive business transformation.
Business Strategy
−Removed: EXL is a global data and AI company and is a strategic services and solutions partner for data and AI-led businesses.
−Removed: We reinvent business models, drive better business outcomes and unlock growth with speed for our clients through advanced analytics and AI -powered digital solutions on the cloud.
−Removed: We do this through our data and AI-led value creation framework to enable better and faster decision making, leveraging our end-to-end data and analytics capabilities to drive improved business outcomes, and we re-design operating models to integrate advanced technology into operational workflows.
+Added: We are a global data and AI company that provides strategic data and AI-led solutions and services and digital operations solutions and services to our clients.
+Added: We help our clients reinvent their business models, drive better business outcomes and unlock growth with speed.
+Added: We do this through our data and AI-led value creation framework to
+Added: Ta ble of Contents
+Added: enable better and faster decision making, leveraging our end-to-end data and analytics capabilities to drive improved business outcomes, and re-designing operating models to integrate AI and advanced technology into operational workflows.
+Added: To enable these AI-led workflow transformations, we employ our deep understanding of process workflows, access to proprietary and real-time data, and industry-specific AI solutions to help us drive performance and differentiate ourselves as the partner of choice for our clients and prospective clients for AI-led transformation.
+Added: We have invested in advancing our data and AI capabilities, including our domain-specific AI solutions that we can scale quickly across clients and industries, where applicable.
Below are some of our strategic focus areas.
−Removed: Expanding our Services in Large Addressable Markets
−Removed: We continue to focus on the insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure industries, among others, which are large markets with high demand, as well as pursuing opportunities in emerging industries.
+Added: Expanding our Addressable Markets
+Added: Our continued focus is on the insurance, healthcare and life sciences, banking, capital markets and diversified industries including retail, communications and media, and energy and infrastructure industries, among others, which are large markets with high demand, as well as pursuing opportunities in emerging industries.
We also continue to build our client portfolio and increase client penetration across all of our services offerings.
−Removed: We are strategically equipped to help clients apply relevant digital technologies to enterprise processes and business priorities at every step of the digital transformation journey, by bringing together domain expertise with data, advanced analytics, cloud, AI and ML.
−Removed: Demand for our services is expected to continue to exhibit growth in the next several years.
−Removed: Integrating our Data and AI-Led and Domain Capabilities
+Added: We are strategically equipped to help our clients through each step of their digital transformation journeys based on our deep baseline understanding of their businesses and processes gained from delivering digital operations solutions and services.
+Added: Combining our domain expertise with data, advanced analytics, cloud, AI and ML, we achieve desired transformational outcomes with speed.
+Added: As demand for AI services increases, we will see adoption move to embedding AI directly into redesigned operational workflows.
+Added: We look for opportunities to penetrate deeper into new buying centers at existing clients.
+Added: At the same time, we aim to strengthen our market presence by acquiring new clients and continue to enhance our offerings through innovation and expanding our partner network.
+Added: This approach positions us well to drive sustainable growth, increase revenues, and build long-term strategic partnerships across industries.
+Added: Integrating our Data and AI-Led Capabilities and Domain Expertise
The combination of our data and AI-led capabilities and domain expertise has been central to our market differentiation.
−Removed: We are also well-positioned with our suite of advanced analytics, data and AI-powered digital solutions on the cloud to create integrated services and solutions under one brand.
+Added: Our unique combination of long standing, trusted industry client relationships, data and analytics foundation and AI-powered workflows drive our sustainable revenue growth.
Cultivating Long-term Relationships and Expanding our Client Base
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• Increasing the depth and breadth of the services we provide across our clients’ value chains and geographies;
−Removed: • Offering the full suite of EXL services, which includes AI-powered digital operations and solutions, consulting and data analytics services;
+Added: • Offering the full suite of our services, which include data and AI-led solutions and services and digital operations solutions and services;
• Supporting our clients’ geographic expansions by leveraging our global footprint.
We intend to continue building a portfolio of Fortune 500 and Forbes Global 2000 companies in our focus industries that have complex and diverse data and AI-led processes and, accordingly, stand to benefit significantly from our services.
−Removed: We also intend to cultivate long-term relationships with medium-sized companies in our focus industries by leveraging our data analytics, and digital operations and solutions offerings.
+Added: We also intend to cultivate long-term relationships with medium-sized companies in our industries by leveraging our data, AI solutions and services, and digital capabilities.
Optimizing our Global Delivery Footprint and Operational Infrastructure in the Countries and Regions where we Operate
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Pursuing Strategic Acquisitions and Partnerships
−Removed: We intend to continue making selective acquisitions within our target industry verticals that enhance our competitive differentiation and meet our strategic and financial criteria.
−Removed: We consider selective strategic partnerships with industry leaders that can establish new long-term client relationships, enhance the depth and breadth of our services and solutions and complement our business strategy.
−Removed: We expect that the digital assets, intellectual property and client access this ecosystem provides will enhance our go-to-market opportunities, expand the scope and effectiveness of our services and solutions, help us to win new clients, and allow us to enter new industry verticals and geographic markets.
−Removed: Digital operations and solutions
−Removed: As a provider of digital operations and solutions, we work with clients to execute enterprise-scale business transformation initiatives that enable improved customer experience, revenue growth, operational efficiency and reduced risk.
−Removed: Our asset-based operations services combine the industry-specific knowledge of our global workforce with an ecosystem of partner and proprietary digital solutions.
−Removed: These digital solutions help clients achieve their desired outcomes in three key ways:
−Removed: 1) leveraging advanced analytics that combine publicly available data, proprietary data sets and clients’ own data to help power faster, more strategic decision making, 2) integrating AI/ML-driven natural language processing to help streamline manual, labor-intensive workflows and improve end-customer engagement and experience, and 3) implementing AI/ML-powered operating models that help our clients transition from legacy business operations and get to value faster.
−Removed: This comprehensive approach acknowledges the critical role that digital capabilities play in both the operational business process and consumer-facing customer engagement and user experience, as our clients’ customer touch points, interactions and experiences have increasingly shifted to digital channels.
−Removed: Digital transformation is a long-term strategic commitment for a company that, once begun, is generally not subject to cyclical spending or information technology budget fluctuations.
−Removed: Increased global demand, cost improvements in international communications and the automation of many business services have created opportunities for digital operations
−Removed: providers with offshore delivery capabilities, and many companies are moving select office processes to providers with the capacity to perform these functions from overseas locations.
−Removed: Data Analytics
−Removed: As a provider of advanced analytics, AI and data services, we help companies access and deliver real-time data and insights at multiple points in their overall workflows so that all parts of the organization are working from the same data pool.
−Removed: Leveraging a large number of high-frequency, granular, non-traditional data elements aggregated across proprietary data sets, client data and publicly available sources, advanced analytics enables clients to deliver personalized customer experiences at scale, settle consumer issues efficiently and rapidly adapt their business strategies in response to market changes.
−Removed: The enhanced generation of business data across multiple formats, substantial reduction in data storage costs, growing enterprise demand for data and AI-led decision making and availability of sophisticated analytics tools, have enabled companies to make better decisions.
−Removed: By leveraging our end-to-end offerings, we develop industry-specific AI and advanced analytics solutions and generate data insights, which makes us well-positioned to benefit from this global trend.
+Added: The selective pursuit of mergers and acquisitions (“M&A”) continues to be important to the execution of our growth strategy, and is aimed at strengthening our capabilities, enhancing our solutions roadmap, and boosting our competitiveness.
+Added: Ta ble of Contents
+Added: We will continue to deploy capital to accelerate our data and AI-led growth agenda, and develop industry capabilities that support vertical and geographic expansion through M&A.
+Added: Similarly, engagement across the partner ecosystem remains an important component of our data and AI-led strategy.
+Added: Close collaboration with strategic partners enables us to combine our deep industry and implementation expertise with their horizontal and technology capabilities to deliver differentiated solutions and services that address evolving client needs.
+Added: We aim to position EXL as a preferred partner by leveraging our strengths in domain and data, investing in partner capabilities and aligning go-to-market activities with key partners.
Sales, Marketing and Client Management
We market and sell our services to existing and prospective clients through our sales and client management teams, partner relationships, industry forums, and marketing programs.
−Removed: Our sales and client management teams are aligned by industry verticals, and have expertise in data and AI, analytics services, and digital operations and solutions.
+Added: Our sales and client management teams are aligned by IMUs, and have expertise in data and AI-led solutions and services and digital operations solutions and services.
As of December 31, 2025, we employed approximately 390 sales, marketing, business development, and client management professionals based in various geographies, including the United States, the United Kingdom, Ireland, Australia and India.
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No client accounted for more than 10% of our total revenues in 2025 or 2024.
−Removed: Our revenue concentration with our top clients remains consistent year-over-year and we continue to develop relationships with new clients to diversify our client base.
−Removed: We believe that the loss of any of our ten largest clients could have a material adverse effect on our financial performance.
+Added: Our revenue concentration with our top clients typically remains consistent year-over-year, but we continue to develop relationships with new clients to diversify our client base.
+Added: We believe that the loss of any significant client in a particular segment could have a material adverse effect on the financial performance of that segment.
For details refer Part I, Item 1A, “Risk Factors” under “Risks Related to Our Business––We earn a substantial portion of our revenues from a limited number of clients that are mainly located in the United States.”
Our long-term relationships with our clients typically evolve from providing a single, discrete service or process into providing a series of complex, integrated processes across multiple business lines.
−Removed: For digital operations and solutions other than consulting, we generally enter into long-term agreements with our clients with typical initial terms of three to five years.
−Removed: Consulting engagements have typical terms of six to twelve months.
−Removed: Agreements for our analytics services are either project based or have shorter initial terms, which are typically between one to three years.
−Removed: However, each agreement is individually negotiated with the client.
−Removed: Competition in the data analytics and digital operations and solutions industry is intense and growing.
−Removed: For further details, refer to Part I, Item 1A, “Risk Factors” under “Risks Related to Our Business––We face competition globally from other providers and from our clients, who may build global capability centers to perform digital operations and solutions and analytics services themselves, either in-house or other arrangements.” Many companies, including some of our clients, opt to perform some or all of their front-, middle- and back-office analytics and processes internally, utilizing their own employees and digital applications to provide these services as part of their regular business operations.
−Removed: We believe our key advantage over in-house business processes and analytics management lies in our ability to orchestrate relevant domain, data, digital,
−Removed: advanced analytics and human design expertise to enable delivery of sustainable outcomes allowing companies to focus on their customers, core products and markets.
+Added: Our contracts with clients typically take the form of a master services agreement (MSA), which is a framework agreement that we then supplement with statements of work (SOWs), which are each individually negotiated with the client.
+Added: Competition in the data and AI-led solutions and services and digital operations solutions and services industry is intense and growing.
+Added: The competitive landscape continues to converge on AI, with various service providers embedding and providing AI as part of their solutions, including consultants, advisory service providers, or pure-play AI products, or clients opting to develop AI solutions internally.
+Added: We believe our key advantage is our ability to orchestrate AI, domain expertise, data, digital, advanced analytics and human design expertise to enable delivery of business.
We compete primarily against:
−Removed: • large global companies with digital operations and solutions and operations capabilities, such as Accenture, Cognizant Technology Solutions, Genpact Limited, IBM, Infosys, NTT DATA, Tata Consultancy Services, and WNS (Holdings);
−Removed: • niche industry-specific digital operations and solutions providers such as Cotiviti and Optum Health;
−Removed: • niche analytics services and digital platform providers;
−Removed: • leading accounting and management consulting firms.
−Removed: We compete against these entities by working to differentiate ourselves as a strategic partner for businesses with deep industry expertise, sophisticated data and analytics capabilities, innovative digital operations and solutions and technology strong client relationships, leading industry talent, superior process capabilities and differentiated technology, which enable us to respond rapidly to market trends and the evolving needs of our clients.
+Added: • large global companies with data and AI-led capabilities, who help to implement AI into business workflows such as Cognizant Technology Solutions, Genpact Limited, Infosys, NTT DATA, and Tata Consultancy Services;
+Added: • niche industry-specific digital operations solutions and services providers such as Cotiviti and Optum Health;
+Added: • niche analytics/AI services providers and platform providers such as Fractal, Latentview Analytics and platform vendors like Guidewire;
+Added: • pure-play AI solutions / platform vendors such as Salesforce, Gradient AI;
+Added: • global capability centers or other internal resources of a potential client;
+Added: Ta ble of Contents
+Added: • leading management consulting firms providing AI advisory and embedding AI solutions in workflows such as Accenture, Deloitte, Capgemini.
+Added: We compete against these entities by working to differentiate ourselves as a strategic partner for businesses with deep industry expertise, sophisticated data and AI capabilities, innovative digital operations and solutions, strong client relationships, leading industry talent, advanced process capabilities and differentiated technology, which enable us to respond rapidly to market trends and the evolving needs of our clients.
+Added: For further details, refer to Part I, Item 1A, “Risk Factors” under “Risks Related to Our Business––We face competition globally from other providers and from our clients, who may build global capability centers to provide data and AI-led solutions and services and digital operations solutions and services themselves, either in-house or other arrangements.”
Intellectual Property
Our intellectual property consists of proprietary platforms, software, data, databases, models, methodologies, know-how, names, designs, domains, user interfaces, applications and operating procedures among other materials.
−Removed: We have obtained or are in the process of obtaining patents on a number of our proprietary solutions.
+Added: We own patents on a number of our proprietary solutions and are engaged in the process of assessing new inventions and obtaining patents, whenever appropriate, on an ongoing basis.
We consider many of our business processes and implementation methodologies to be trade secrets or proprietary know-how and confidential information.
We seek to protect our intellectual property through a combination of patent, trademark, copyright and trade secret laws, as well as through confidentiality procedures and contractual provisions.
+Added: In recent years, we have continued to expand our patent portfolio.
+Added: In 2025, we added 9 new patents, increasing our total number of patents to 12 since the inception of our patent program.
Clients and business partners typically agree in writing to confidential treatment of our intellectual property.
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The solutions we offer our clients often include our software, data and other intellectual property assets developed by our data scientists and engineers, combined with software and data licensed by us or by clients from third parties.
−Removed: We also leverage strategic partnerships with third parties to facilitate our solution offerings to clients, including, among others, robotics and process automation software providers, platform providers, and AI solutions providers.
+Added: We also leverage strategic partnerships with third parties to facilitate our services or solution offerings to clients, including, among others, robotics and process automation software providers, platform providers, foundry partners, and AI solutions providers.
We typically retain ownership of any pre-existing proprietary intellectual property assets, including modifications or enhancements to such pre-existing proprietary assets developed while providing client services, and also seek to retain the right to use anonymized data derived from client engagements.
−Removed: Independently or while working on client engagements, we also often develop new tools, methodologies and models, including AI and ML models that can be leveraged for various use cases.
+Added: Independently or while working on client engagements, we also often develop new tools, methodologies and models, including AI/LLM and ML models that can be leveraged for various use cases.
We endeavor to negotiate contracts that give us ownership or broad licenses to use, develop, demonstrate and offer such newly developed intellectual property assets to or for other clients.
We operate in a highly competitive and rapidly evolving global market.
−Removed: We seek to continue providing value to our clients with our deep industry knowledge, ability to advise clients on how to transform their processes and deliver transformation that drives business value, and ability to provide innovative services and solutions, including digital offerings that incorporate AI and ML capabilities.
+Added: We seek to continue providing value to our clients with our deep industry knowledge, ability to advise clients on how to transform their processes and deliver transformation that drives business value, and ability to provide innovative services and solutions, including digital offerings that incorporate AI/LLM and ML capabilities.
We also rely on our reputation, client references, ability to sustain long-term client relationships, as well as our global reach and scale, and competitive pricing to maintain our competitiveness in our industry.
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Human Capital Management
−Removed: At EXL, our identity is deeply rooted in five core values:
+Added: We are a global organization comprised of passionate and talented colleagues who are solution driven.
+Added: Our guiding principle is simple:
+Added: there is always a better way to do things.
+Added: This belief drives everything we do.
+Added: Global Presence
+Added: • We have a workforce of over 65,000 professionals as of December 31, 2025.
+Added: • Our teams operate across six continents and from over 50 offices worldwide, with our largest talent presence in India and Philippines with approximately 43,200 in India and 13,400 in Philippines, complemented by teams of about 4,100 in South Africa, 2,900 in the United States and 1,500 across other countries.
+Added: Ta ble of Contents
+Added: We believe in a shared purpose—for our clients, colleagues, partners, and communities.
+Added: Our culture is built on accountability and creativity to deliver exceptional value and is rooted in our five core values:
innovation, collaboration, excellence, integrity and respect.
−Removed: Guided by these principles, we acknowledge the essential role our workforce plays in our success.
−Removed: We are committed to fostering the growth and development of our employees, recognizing that their advancement is vital to our continued performance and long-term success.
−Removed: Our global workforce spans six continents, operating from more than 50 offices worldwide.
−Removed: As of December 31, 2024, we have a team of over 59,500 employees, including approximately 39,100 in India, 12,000 in the Philippines, 4,200 in South Africa, 2,800 in the United States, and 1,500 across other countries.
−Removed: As a data and AI-driven digital organization, our talent strategy is focused on building a team with deep expertise in these fields.
−Removed: We strive to enhance our capabilities and ensure alignment with the evolving demands of digital technologies, methodologies, and advancements through talent development centered around democratized self-learning.
−Removed: Our learning management system, reNew, provides learning opportunities for our employees to develop their capabilities across AI/GenAI, data and readiness, cloud platforms, domain, and leadership skills and enables us to expand the qualified digital talent we need.
−Removed: Building on the momentum of 2023, which saw our strategic expansion into Ireland and our partnership with University College Dublin, 2024 was a year dedicated to advancing our recruitment strategy through automation and innovation.
−Removed: We aim to maintain a work environment that harnesses the power of diversity of thought and experience to drive business performance.
−Removed: We recognize that the world we live and work in is diverse and fueled by innovation.
−Removed: To thrive in this environment, we foster a culture that values varied experiences and perspectives.
−Removed: All employees have access to our employee resource groups that are organized around certain shared experiences and interests, and serve as a platform for networking, support and creating a sense of belonging.
−Removed: In addition, our employees receive training on topics such as compliance with our code of conduct and ethics.
−Removed: Our operations have consistently remained unaffected by industry or labor disruptions, underscoring our favorable employee relations.
+Added: We look deeper, find better solutions, and make them happen.
+Added: Talent Strategy
+Added: As a data and AI-led solutions and services and digital operations solutions and services organization, our talent strategy focuses on creating knowledge and driving innovation through three pillars:
+Added: Strengthen our existing talent base through structured learning and cross-skilling initiatives, building expertise in AI solutions, LLMs, and digital tools, while enhancing domain and technology capabilities and accelerating time-to-productivity.
+Added: Grow certifications and technology capabilities through strategic partnerships, ensuring we keep pace with industry standards.
+Added: Bring in talent that fits our strategy and creates value.
+Added: We value different perspectives and experiences because they drive innovation and performance and aim to create a working environment that reflects these values and encourages collaboration.
+Added: All employees have access to our employee resource groups, which help our people connect, share experiences, and feel a sense of belonging.
+Added: We also provide training on ethics and compliance to each of our employees in line with our core values of excellence, integrity and respect.
Recruiting, Developing and Engaging our Employees
−Removed: We have developed a comprehensive and integrated talent management framework that fosters collaboration among our recruitment, capability development, and business human resources teams.
−Removed: Our approach prioritizes attracting top talent and enhancing their expertise, including in the areas of AI technologies, through targeted learning academies, stringent promotion criteria, and specialized client and industry-focused training programs.
+Added: We have developed a comprehensive and integrated talent management framework that fosters collaboration among our recruitment, capability development, and business human resources teams while supporting the dynamic requirements of our IMUs and SGUs.
+Added: We prioritize attracting top talent with skills relevant to the services delivered within these IMUs and SGUs.
+Added: We are committed to strengthening their expertise, including data and AI-led capabilities, through targeted learning academies, stringent promotion criteria, and specialized client and industry-focused training programs.
We offer competitive, performance-driven compensation packages, including incentive-based rewards.
−Removed: Our talent strategy aims to facilitate EXL’s current needs and support the long-term business objective of transforming data into a competitive edge for our clients.
−Removed: To achieve these objectives, we identify critical skills and roles that are our core business requirements and then build a talent pipeline through market mapping exercises followed by initiatives to attract and retain talent.
−Removed: We optimize shared resources across our services by leveraging personnel with versatile skill sets applicable to a broad range of data, digital, cloud, and AI/ML services.
−Removed: Additionally, we have dedicated domain experts in key industries and subject matters, supported by our specialized training academies.
+Added: Our talent strategy is designed to address our current needs while supporting the long-term business objective of transforming data into a competitive edge for our clients.
+Added: To make our strategy impactful, we identify critical skills and roles required across each IMU and SGU and then build a talent pipeline through market mapping exercises followed by initiatives to attract and retain talent.
We have implemented a framework of practices, processes, and programs designed to make learning accessible, collaborative, and integrated into daily workflows.
−Removed: Through virtual training and upskilling opportunities, our employees engage in continuous development.
Our dedicated employee relations function helps to foster a supportive and responsive work environment that seeks to understand and address employees’ needs, concerns, and aspirations and provide timely and tailored responses.
−Removed: Our approach is centered on attracting, developing, and retaining top-tier professionals, for a skilled and engaged workforce that drives organizational excellence.
−Removed: The talent acquisition strategy is underpinned by a comprehensive "Build, Acquire, and Partner" framework.
−Removed: Since 2020, our transition to an online model for recruitment and training has provided enhanced flexibility and an improved experience for both candidates and recruitment teams.
−Removed: The process has continuously evolved, incorporating AI-based smart screening and real-time proctored online assessments, and in 2024, we introduced a recruitment solution across seven of our geographies, which automates key recruitment processes, streamlines workflows for hiring managers and recruiters, and establishes a standardized approach to talent acquisition.
−Removed: The recruitment process involves comprehensive assessments, including multiple rounds of video interviews, before extending offers, as well as a background check process is conducted in alignment with client mandates.
+Added: Our overall approach focuses on building a skilled and engaged workforce that drives excellence across our business.
+Added: We maintain an online model for recruitment and training, incorporating AI-based smart screening used to assist with and bolster our ongoing use of traditional screening processes and real-time proctored online assessments.
+Added: In 2024 and 2025, we introduced a recruitment solution across seven of our geographies, which automates key recruitment processes, streamlines workflows for hiring managers and recruiters, and establishes an improved and standardized approach to talent acquisition, all aimed at providing a seamless candidate application experience.
+Added: Our hiring model involves comprehensive assessments, multiple rounds of video interviews, and background checks aligned with client mandates before extending offers.
Our hybrid working model offers employees enhanced flexibility.
−Removed: Leveraging digital-first and multi-channel communication strategies, we continuously refine our approaches to keep our global workforce informed and engaged.
+Added: By leveraging digital-first and multi-channel communication strategies, we continuously refine our approaches to keep our global workforce informed, aligned and engaged.
+Added: Ta ble of Contents
Employee Benefits and Experience
−Removed: We offer a competitive compensation and benefits program that we refer to as our “Total Rewards” program, which is designed to attract, motivate, and retain top talent and support the diverse needs of our workforce.
−Removed: This includes competitive cash compensation, equity opportunities, and a comprehensive range of benefits tailored to the markets where we operate.
−Removed: Key components of our Total Rewards program include:
+Added: As a global organization in data and AI-led solutions and services and digital operations solutions and services, we continue to evolve our “Total Rewards” framework to attract, engage, and retain top talent while meeting the diverse needs of our workforce.
+Added: Our approach integrates competitive pay, performance-linked bonuses, benefits and equity programs.
+Added: The key pillars of Total Rewards:
• Compensation:
−Removed: Competitive base salaries, performance-driven bonuses, and equity incentives that recognize employee contributions and align them with our overall success.
+Added: Base pay, annual bonuses, and equity programs to recognize and reward employee contributions aligned with individual and Company success.
+Added: • Market Alignment and Best Practices:
+Added: Regular benchmarking ensures competitiveness and supports best practices such as pay reporting and flexible structures for emerging industry skills.
• Health and Wellness:
−Removed: A suite of programs designed to support physical, mental, and emotional well-being of our employees, including enhanced health insurance options, and wellness resources tailored to specific geographies.
+Added: Comprehensive medical, dental, vision, and mental health programs, supported by an integrated benefits platform.
• Work-Life Balance:
−Removed: Subsidized meals, free or subsidized transport to and from work, and recreational facilities available at select locations to foster a positive work environment.
+Added: Flexible work arrangements, parental leave, and wellness stipends enabled by digital platforms for real-time access.
• Career Growth and Recognition:
−Removed: Rewards and benefits that evolve as employees progress in their careers, reflecting their growing contributions and skills.
+Added: Internal mobility and recognition programs to foster advancement and engagement as our colleagues progress through the upskilling and professional development processes.
+Added: • Other initiatives:
+Added: Committed to fair, equitable and transparent pay across demographics through a robust non-executive incentive program aligned to market standards.
Capability Development
−Removed: We continue to promote opportunities for large-scale upskilling and reskilling of our employees, while also fostering a learning environment conducive to individual skill-building and career advancement.
−Removed: In 2022, we implemented a fundamental shift in our capability development approach, transitioning from a corporate-driven model to an ecosystem of democratized self-learning, where our employees have access to our digital learning ecosystem.
−Removed: This enables our employees self-driven learning and growth experiences based on their personal goals and skills by using AI to anticipate and build market-relevant skills and capabilities, curated libraries and intelligent web-sourced content.
−Removed: Our employees are supplied with specialized learning pathways to build digital capabilities, skill mapping to direct them to courses as needed, chat groups where they can collaborate and discuss the latest trends, practice questions, practice labs for real-world and hands-on experience, supervisor dashboards and leaderboards, and learning on the go.
−Removed: Our talent development strategy is comprehensive and aligned to EXL’s overall business strategy.
−Removed: We aim for our employees to develop expertise around the specific technologies, tools and frameworks required to successfully execute projects for our clients, as well as a mindset focused on agility, speed, creativity, innovation and collaboration.
−Removed: We create thought leaders with high industry acumen who are better able to address our clients’ business priorities.
−Removed: We also provide a career-linked learning path to our employees from new hires to tenured employees to senior levels of leadership.
−Removed: Our domain academies focus on building domain expertise through certifications and specialization.
−Removed: These include our Insurance Academy, Travel Academy, Finance and Accounting Academy, Healthcare Academy, Analytics Academy, Utilities Academy, Consulting Academy, Sales Academy and Digital Academy.
−Removed: These academies focus on achieving excellence and developing skill sets that can be used across the different domains.
−Removed: Our training includes behavioral and functional components to enhance and ensure job readiness as well as also boosting ongoing productivity and effectiveness.
−Removed: We have a global presence catering to the specific learning requirements of each geography.
−Removed: We provide learning through our blended learning methodology comprising of virtual, classroom, on the job coaching and technology-led learning.
−Removed: In addition to our existing academies, we also introduced specialized academies such as the GenAI Academy, and CX Academy to further deepen our employees' understanding and capabilities in these critical areas.
−Removed: Our Operations Excellence trainings engagement emphasize best practices and process improvement techniques to enhance operational efficiency.
−Removed: We also invested in innovation capability development to reflect the rapidly evolving technology landscape.
−Removed: Our Integrated Leadership Development Framework brings together industry expertise, knowledge of EXL’s products and solutions, technical acumen, and partner ecosystems to equip leaders with the necessary skills.
+Added: We continue to promote large-scale upskilling and reskilling while fostering a learning environment that supports individual skill-building and long-term career advancement.
+Added: We operate in a democratized learning ecosystem that enables employees to drive their own development through AI-based recommendations, curated content libraries, intelligent web-sourced resources, peer learning groups, hands-on labs, and supervisor dashboards.
+Added: This approach delivers personalized, market-relevant learning pathways and ensures capabilities remain aligned to business priorities and evolving client needs.
+Added: Our talent development strategy is comprehensive and deeply aligned to EXL’s focus on data and AI-led, and industry-specific value creation.
+Added: We aim for employees to build deep expertise in the technologies, tools, and frameworks required for complex client engagements, while also strengthening mindset around agility, speed, creativity, innovation, and collaboration.
+Added: Employees have structured career-linked learning opportunities, spanning from new hires to senior leadership, to enable sustained growth across technical, domain, and leadership capabilities.
+Added: Our industry-focused academies continue to build deep industry, domain and techno-functional expertise through certifications, immersions and specialization tracks.
+Added: These academies provide blended learning through virtual sessions, classroom training, on-the-job coaching, and technology-enabled modules.
+Added: Our programs integrate behavioral, functional, and consultative skills to ensure job readiness and sustained performance across roles and geographies.
+Added: We have continued to expand our specialized capability development initiatives, including AI, analytics and CX focused programs, in response to shifting industry and client priorities.
+Added: We have strengthened technical specialization tracks focused on agentic AI, AI and data engineering, cloud engineering, and solution architecture enabling deeper expertise in advance and emerging technologies.
+Added: To accelerate innovation at scale, we have invested in the EXL Innovation Sandbox, enabling a rapid “fail fast” environment for prototyping, testing, and deploying new ideas that is available to all of our employees.
+Added: Innovation culture initiatives—including Idea Tank hackathons, “ideas for innovation,” and enterprise-wide innovation skilling—have further strengthened organizational innovation capability and speed.
+Added: We continue to build deep expertise in strategic partner technology ecosystems through certifications in partnership with NVIDIA, Databricks, Microsoft, AWS, Google, and Snowflake, ensuring our teams stay aligned with the latest advancements in data and AI platforms.
+Added: In parallel, our continued focus on deep domain expertise and consultative capability is supported through EXL-created programs such as the customized “Domain Expertise Acceleration Program” (DEAP) track and structured domain
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+Added: certification pathways.
+Added: Our “Tech Savviness” track helps growth leaders to strengthen their understanding of data, analytics, and technology trends to better guide client conversations and solutioning.
+Added: Leadership development remains a core pillar of our capability strategy.
+Added: Our Integrated Leadership Development Framework combines industry expertise, EXL’s solutions knowledge, technical depth, and partner insights to equip leaders to drive business impact.
+Added: We have further enhanced leadership development through collaborations with global academic institutions such as Kellogg, University College Dublin, and Trinity College Dublin, offering focused development programs that prepare leaders for future market demands.
+Added: Through this integrated approach to data and AI capability building, deep domain development, leadership excellence, and innovation at scale, we continue to cultivate a workforce equipped to deliver high-value outcomes for our clients and accelerate EXL’s long-term growth agenda.
Employee Retention
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These initiatives reflect our core values and will make us a stronger, more impactful organization to work for that can deliver exceptional results for our clients, employees, communities and stockholders.
−Removed: Our most recent Sustainability Report is available on our website.
−Removed: The information contained on our website (including the Sustainability Report) is not included in, or incorporated by reference into, this Annual Report on Form 10-K.
Community Activities
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education, digital skills development, employee engagement, and community impact.
−Removed: Our employees leverage their expertise to help build market-relevant technical and life skills programs that we deploy in communities we operate.
+Added: We engage a high percentage of our employees in these activities by permitting them to leverage their expertise to help build market-relevant technical and life skills programs that we deploy in the communities in which we operate.
+Added: We have programs in India, the Philippines, South Africa, Europe and the United States aimed at STEM learning, skills development and workforce readiness.
We seek out community-based, regional, and global partners and emphasize employee volunteering.
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In addition to our focus on education and skills development, we also work to advance positive environmental and health outcomes for our communities.
−Removed: Through partnerships with local non-governmental organizations in India, the United States, the Philippines, and South Africa, we have contributed to tree planting, beach and sea-bed cleaning exercises and supported organizations focused on community members’ mental and emotional well-being, among others.
Environmental, Health and Safety
−Removed: Our environmental, health and safety (“EHS”) program is focused on reducing our carbon footprint, conserving energy, minimizing waste, and achieving workplace safety objectives in order to drive business performance.
−Removed: Our delivery centers are ISO 45001:2018 and ISO 14001:2015 certified, meeting international standards for health and safety and effective environmental management systems, respectively.
−Removed: We have also established Company-wide and worksite-specific workplace safety objectives that are integrated into our EHS Management System.
−Removed: Where aligned with our strategic objectives, we seek to integrate EHS with our business activities and to maintain a responsible supply chain by stating our expectations for our vendors in our Supplier Standards of Conduct.
−Removed: Our operations are subject to rules, regulations and statutes in the jurisdictions in which we have operations and where we deliver services as a result of the diverse and complex nature of our offerings.
−Removed: Consequently, we comply with certain rules and regulations applicable to us in delivering our services.
−Removed: We provide third-party administrator insurance services from India and the Philippines in a majority of states in the United States.
−Removed: Further we are licensed or otherwise eligible to provide third-party administrator services in all states within the United States, as well as utilization review, claims adjuster and insurance producer services in select states.
+Added: Our Environmental, Health and Safety (“EHS”) program focuses on managing occupational health and safety risks, maintaining regulatory compliance, and improving the environmental performance of our delivery centers, in each case in alignment with our business strategy.
+Added: In 2025, we continued to reduce our carbon footprint, improve energy efficiency, minimize waste, and strengthen water management across our delivery centers.
+Added: Our major delivery centers are certified to ISO 14001:2015 and ISO 45001:2018, supporting consistent environmental management and workplace safety practices.
+Added: We track key metrics including energy use, greenhouse gas emissions, waste generation, health, safety and well-being performance through our EHS Management System and review our progress annually.
+Added: We promote responsible sourcing practices through our Supplier Standards of Conduct, which outline environmental and safety expectations from vendors.
+Added: Where aligned with operational requirements, we integrate EHS considerations into facility planning, procurement, and business operations.
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+Added: We comply with various local rules, regulations and statutes as a result of the diverse and complex nature of our offerings.
+Added: We provide third-party administrator insurance services from India and the Philippines.
+Added: We are licensed or otherwise eligible to provide third-party administrator services throughout the United States, as well as utilization review, claims adjuster and insurance producer services in select states.
We require certain categories of our professionals to be individually licensed, as applicable.
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organizations that work to improve health care quality through the administration of evidence-based standards, measures, programs, and accreditation.
−Removed: We continue to obtain licenses and accreditations required from time to time by our business operations.
−Removed: Our healthcare platform and infrastructure have also been assessed and certified by HITRUST®, an information protection standards organization and certifying body.
+Added: Our relevant healthcare systems and endpoints have also been assessed and certified by HITRUST®, an information protection standards organization and certifying body.
+Added: We obtain additional licenses and accreditations as may be required from time-to-time by our business operations.
Our operations are also subject to compliance with a variety of other laws, including tax laws in the jurisdictions where we conduct our business.
−Removed: See Part I, Item 1A, “Risk Factors” under “Risks Related to the International Nature of Our Business––Our global operations expose us to numerous and sometimes conflicting legal and regulatory requirements, including, accreditation or licensing standards that govern our business, and violations of these requirements could harm our business.”
+Added: See Part I, Item 1A, “Risk Factors” under “Risks Related to the International Nature of Our Business––Our global operations subject us to numerous legal and regulatory requirements, including, accreditation or licensing standards that govern our business.”
We benefit from certain corporate tax holidays for our operations located in qualified Philippines Economic Zone Authority units.
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We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
−Removed: The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically through the EDGAR System.
+Added: The SEC maintains a website at https://www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically through the EDGAR System.
You may access the information filed by us with the SEC by visiting its website.
−Removed: We also maintain a website at http://ir.exlservice.com.
+Added: We also maintain a website at https://ir.exlservice.com.
Information on our website does not constitute a part of, nor is it incorporated in any way, into this Annual Report on Form 10-K or any other report we file with or furnish to the SEC.
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and its subsidiaries.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.