EXL is a business process and technology services company serving large enterprises primarily in insurance, healthcare, banking, and financial services. EXL operates through two core offerings: data and AI-led services, which now account for roughly 56% of revenue, and digital operations, which covers technology-enabled managed services where EXL runs mission-critical business processes like claims management, revenue cycle management, finance and accounting, and customer service on behalf of clients. EXL sells primarily to large U.S.-based enterprises through direct sales teams organized by industry, supplemented by partnerships with firms like Microsoft, AWS, Google, Databricks, and Snowflake. The client base spans roughly 590 clients, with the top 10 accounting for about 34% of revenue. Over 75% of revenue is recurring, tied to transaction volumes in operations clients cannot easily shut down. EXL's cost structure is heavily labor-intensive, with the majority of its roughly 65,000+ employees based in India and the Philippines. A key compounding characteristic of the model is that digital operations engagements serve as an entry point — EXL embeds itself running a client's processes, builds familiarity with the client's data, and then layers on analytics and AI services over time. EXL is executing a deliberate shift toward higher-value AI services, building proprietary tools including EXLerate.AI, an agentic AI platform, and EXLdata.AI, a data modernization platform, alongside industry-specific large language models for insurance and healthcare.