Pegasystems [NASDAQ: PEGA]: Underwriting Solutions for the Modern Day

Alan Trefler, Founder & CEO, PegasystemsAlan Trefler, Founder & CEO
AEGIS Insurance Services, a global insurance firm based in NJ, was looking for an underwriting platform suitable for today’s environment as their legacy systems did not meet the demands of their business. AEGIS approached Pegasystems—a service firm, that efficaciously streamlines critical business operations and illuminates gaps in current underwriting capabilities and modernizes technology on an enterprise scale. Pega worked with the firm and successfully modernized their underwriting system—right from quoting, rating to binding and endorsements. This transformation resulted in newfound simplified and streamlined infrastructure and AEGIS is now able to gain operational efficiencies and reduce maintenance costs. “At a time when customer demands are reaching new heights, we increasingly engage with our clients to help businesses transform to meet these challenges in new ways— offering a clear path in preparing them for the journey,” asserts Alan Trefler, Founder and CEO, Pegasystems [NASDAQ: PEGA].

“So much has changed in the business world today as the expectations of customers seemingly have no bounds, which requires marketers to deliver increasingly personalized experiences at every turn especially in the insurance sector,” asserts Trefler. In order to sustain profitable growth in the present insurance landscape, group insurance carriers are in need of an efficient underwriting environment that effectively responds to market changes and delivers improved operating result. According to Trefler, successful commercial underwriting requires the ability to model complex business logic to drive data validations, guide process steps, manage authority levels, flag alerts, calculate values and even make context-driven recommendations at various points in the process. “Pegasystems has developed an underwriting application that will improve consistency, optimize portfolio management and ultimately lead to higher profits with lower risk. This new, unified platform will make a significant difference for commercial underwriters looking to strengthen both their top and bottom lines,” notes Trefler.

Pega brings together process and decision-based technology to create a flexible, reusable underwriting environment

Pega’s Commercial Lines Underwriting application—built on Pega 7 platform is designed to help carriers improve their underwriting quality and consistency, by reducing operating expenses and capitalizing new market opportunities. Pega 7’s proven scalability ensures the application to run across the volume of users and variations in business lines, geographies and channels that today’s organizations demand. With the firm’s unified offering, the group carriers can operationalize data analytics to execute data driven strategies in line with profitability measures and targeted growth. The new application supports dynamic case management, which automates underwriting processes, improves underwriter collaboration and bridges technical silos.

The Cambridge, MA, based Pega further accelerates the deployment of enhanced underwriting functionalities across market segments. It enables insurance carriers to rapidly configure, deploy and re-use underwriting best practices that shoulders delivery time, improve quality and lower development costs. Moreover, with Pega, insurers can leverage existing technology and eliminate redundancy with fast, easy and secure integration within enterprise systems ameliorating every underwriter to execute the best—improving underwriter’s productivity. Pega modernizes underwriting environment and improves the performance of every underwriter with an intuitive, easy-to-use underwriting desktop. It reduces ramp-up time for new underwriters and optimizes efficiency for seasoned veterans. This allows carriers to institutionalize underwriting knowledge and best practices across the enterprise, making use of embedded rules and guided processes to eliminate error-prone manual processes.

Concomitantly, Pega brings together process and decision-based technology to create a flexible, reusable underwriting environment to help insurance carriers in a more efficient way—maximizing the potential impact. “We continue to drive long-term, strategic value for our new and existing clients to lead the pace of technological change as a true value measure,” concludes Trefler.