Streamlining Trade Credit Underwriting: A PEGA-Powered Transformation

Challenges

The client's outdated underwriting systems posed significant challenges to their operations and growth:

• Legacy Technology Burden: Their existing underwriting systems relied on aging technology, hindering overall efficiency and scalability. Legacy systems often struggle with processing power, security vulnerabilities, and limited integration capabilities.
• Fragmented Application Landscape: The use of multiple platforms and technologies for different aspects of underwriting created a complex and difficult-to-manage environment. This fragmentation can lead to data silos, inconsistencies, and increased maintenance costs.
• Limited Partner Integration: Manual processes and cumbersome integrations made it difficult for agents to interact with the client's systems. This hampered agent onboarding, slowed down policy processing, and limited overall collaboration.

These challenges combined to create a situation where the client couldn't fully leverage their underwriting capabilities. Outdated systems slowed down processes, limited scalability, and hindered collaboration with key partners (agents).

Solution

Coforge implemented a comprehensive solution to address these challenges and modernize the client's trade credit underwriting process:

• PEGA-based Policy Administration System (PAS): We replaced the client's legacy trade credit policy administration system with a new one built on PEGA, a leading low-code development platform. PEGA offers benefits like increased agility, improved user experience, and easier integration capabilities.
• Unified Portal: We developed a single, user-friendly portal that served as the central hub for both agents and underwriters. This portal provides a streamlined interface for accessing policy information, submitting applications, and managing workflows.
• Streamlined Integrations: Coforge implemented fast and easy API integrations to facilitate seamless interaction between the new PAS and existing agent systems. This eliminated manual data entry and onboarding complexities, improving agent efficiency.
• Reusable Workbench: We designed a set of reusable tools and functionalities within the PEGA platform. These tools can be applied to various aspects of the underwriting process, streamlining workflows and reducing development time for future enhancements.

This solution provided a modern, integrated, and user-friendly platform for trade credit underwriting. The PEGA-based PAS improved efficiency, the unified portal simplified user experience, and streamlined integrations enhanced collaboration with agents.

The Impact

• nhanced Efficiency- EStreamlined workflows and reduced processing times.
• Improved User Experience- User-friendly portal simplified navigation and task completion for agents and underwriters.
• Standardized Services- Consistent business services delivered across the organization.
• Empowered Teams- Reusable solutions and oAuth 2.0 support boosted internal and external collaboration.
• Potential for Cost Savings- Reduced maintenance costs associated with legacy systems. (While not a guaranteed outcome, this is a potential benefit of modernizing with a low-code platform like PEGA.)