NIP Group and EXL Pioneer Industry Customized Insurance Premium Audit Solutions

WOODBRIDGE, N.J., April 16, 2024 -- NIP Group, a leading specialty insurance provider, together with EXL, a leading data analytics and digital operations and solutions company, are proud to unveil a strategic alliance. This partnership introduces an innovative insurance premium audit process uniquely designed to directly tackle specific challenges faced by brokers and their clients. By customizing the premium audit function to the 25+ industries NIP Group serves, this initiative promises to streamline the process and strengthen the insurance broker-client relationship.

As the commercial insurance sector has grown increasingly specialized over the past 25 years, the premium audit method has not kept pace, remaining overly generalized. Tom Doherty, SVP of National Programs at NIP Group, highlighted the issue, stating, “Inadequate audit experiences, stemming from a lack of industry-specific knowledge, can significantly damage the insurance carrier-broker-client relationship, risking the loss of valuable partnerships. To address this, we joined forces with EXL to craft a customized auditing solution for our programs that improves service for every stakeholder.”

Phillip Johnson, Manager of Premium Audit at NIP Group, detailed the strategy: “It includes a dedicated, industry-focused premium audit team, a more efficient premium audit process, and enhanced communication standards. These elements are key to resolving issues and guaranteeing a smooth, positive audit outcome.”

Brad Burdick, Senior Vice President, Insurance at EXL, commented on the partnership, stating, “By combining EXL's expertise in premium audits with NIP Group's deep industry knowledge in specialty insurance, we are creating a solution in the audit services process that addresses the specific challenges faced by brokers and their clients, significantly enhancing the quality of premium audits for specialty insurance providers such as NIP Group.”

Key Features of the Strategic Initiative:

• Targeted Solutions: Industry custom audit solutions designed to elevate the auditing experience and protect broker-client relationships.
• Specialized NIP Group Audit Team: A dedicated team ensures industry expertise and consistency.
• Optimized Audit Process: Improvements aimed at cutting audit competition times by up to 30 days.
• Better Communication Practices: Commitment to clear, timely, and efficient communication throughout the auditing process.

About NIP Group

NIP Group is the leading specialty insurance provider, offering comprehensive package solutions and monoline insurance products for 25+ industries and 50+ classes. For more than 35 years, we've proudly partnered with best-in-class, A rated XV carriers and a trusted, national network of insurance brokers, working together to protect safety-focused organizations from coast to coast. Learn more at http://www.NIPGroup.com.

About EXL

EXL (NASDAQ: EXLS) is a leading data analytics and digital operations and solutions company. We partner with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to transform operations for the world's leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 54,000 employees spanning six continents. For more information, visit http://www.exlservice.com.