Sentry Insurance Implements EXL’s LifePRO Administration System

NEW YORK and INDIANAPOLIS, March 31, 2011 /PRNewswire/ — ExlService Holdings,
Inc. (Nasdaq: EXLS), a leading provider of outsourcing and transformation
services, announced that Sentry Insurance based in Stevens Point, WI, has
successfully implemented EXL’s LifePRO® Insurance Administration System,
converting individual life, health, and annuity contracts from three different
legacy mainframe systems to LifePRO®.

Fred Schroeckenthaler, IT Director at Sentry Insurance, said, “EXL’s technical
and business consultants were essential members of Sentry’s dedicated project
team. They helped out with all phases of this challenging project to consolidate
three separate mainframe legacy systems. Their technical support included
project management, defining products within LifePRO®, mapping policy data from
legacy systems to LifePRO® tables, and developing business processes for ongoing
policy administration.”

Mr. Schroeckenthaler added, “EXL’s consultants were highly knowledgeable and
provided the right support at the right time to complement Sentry’s project
team.”

“Our solutions for the insurance industry – which bring about improvements in
the efficiency, effectiveness and control environment of processes – combine our
capabilities in outsourcing and transformation,” said Pavan Bagai, Chief
Operating Officer of EXL. “We believe that a proven insurance policy
administration system, which covers the entire insurance life-cycle, is critical
for gaining operational efficiency and thereby winning a competitive edge over
peers. We are glad that the implementation of LifePRO® will help Sentry create
value through added flexibility and scalability. We remain committed to the
sustained development of LifePRO® in order to outpace the changes in the
insurance industry.”

About Sentry Insurance

Sentry Insurance, Stevens Point, WI, is one of the nation’s leading insurance
companies. Founded in 1904, Sentry and its subsidiaries provide property and
casualty insurance, life insurance, annuities and retirement programs for
businesses and individuals throughout the United States. Sentry’s individual
life and annuities are issued and administered by Sentry Life Insurance Company
and Sentry Life Insurance Company of New York, Syracuse, New York. Visit
www.sentry.com for more information.

About ExlService Holdings, Inc.

ExlService Holdings, Inc. (Nasdaq: EXLS) is a leading provider of outsourcing
and transformation services. EXL’s outsourcing services include a full spectrum
of business process outsourcing services from offshore delivery centers
requiring ongoing process management skills. Transformation services enable
continuous improvement of client processes by bringing together EXL’s
capabilities in decision analytics, risk and financial management and operations
and process excellence services. Headquartered in New York, EXL primarily serves
the needs of Global 1000 companies in the insurance, utilities, banking and
financial services, transportation and logistics, and travel sectors. Find
additional information about EXL at www.exlservice.com.

About EXL’s LifePRO®

LifePRO® is an administrative solution, developed specifically to take advantage
of client server technology, providing flexible support for an extremely broad
range of life, health and annuity products. LifePRO® streamlines policy
administration through features such as a flexible product engine, real-time
customer service and extensive agent compensation support. Communication with
other applications is enhanced via the use of Microsoft SQL as the operational
database. In addition, Application Programming Interfaces (API’s) developed in
NET provide real-time access to LifePRO® data and business logic for the
purposes communicating with external applications such as client and agent web
portals.

This press release contains forward-looking statements by ExlService Holdings,
Inc. (the “Company”). You should not place undue reliance on those statements
because they are subject to numerous uncertainties and factors relating to the
Company’s operations and business environment, all of which are difficult to
predict and many of which are beyond the Company’s control. Forward-looking
statements include information concerning the Company’s possible or assumed
future results of operations, including descriptions of its business strategy.
These statements may include words such as “may,” “will,” “should,” “believe,”
“expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions.
These statements are based on assumptions that we have made in light of
management’s experience in the industry as well as its perceptions of historical
trends, current conditions, expected future developments and other factors it
believes are appropriate under the circumstances. You should understand that
these statements are not guarantees of performance or results. They involve
known and unknown risks, uncertainties and assumptions. Although the Company
believes that these forward-looking statements are based on reasonable
assumptions, you should be aware that many factors could affect the Company’s
actual financial results or results of operations and could cause actual results
to differ materially from those in the forward-looking statements. These factors
are discussed in more detail in the Company’s filings with the Securities and
Exchange Commission, including the Company’s Annual Report on Form 10-K for the
year ended December 31, 2010. These risks could cause actual results to differ
materially from those implied by forward-looking statements in this release. You
should keep in mind that any forward-looking statement made herein, or
elsewhere, speaks only as of the date on which it is made. New risks and
uncertainties come up from time to time, and it is impossible to predict these
events or how they may affect the Company. The Company has no obligation to
update any forward-looking statements after the date hereof, except as required
by federal securities laws.