EXLS · 10-Q · 2026Q1 · Full report

Insurance Segment Growth

ExlService Holdings, Inc. · 2026-04-28 · Importance 60 · Surprise 40

Insurance revenues rose 12.7% year-over-year to $194.0 million in Q1 2026, driven primarily by expansion within existing insurer, broker and insurtech clients (11.5%) plus modest new-client contributions. The segment’s gross margin improved by 110 basis points to 37.7%, supported by higher revenues and operational efficiencies. EXL calls out platform and AI-enabled offerings (claims, underwriting, subrogation) including its Insurance LLM and LifePRO SaaS suites as strategic growth drivers in this vertical. The Insurance IMU remains the largest single segment by revenue and a core focus for productized, outcome-based engagements.