Sagicor Bank Selects Newgen for Transforming Retail Loan Origination

The Jamaica-based bank aims to reduce turnaround time, enhance customer experience, and increase efficiency

February 28, 2023: Newgen Software, a global provider of low code-based digital transformation platform, NewgenONE, announced that Sagicor Bank Jamaica, the third largest commercial bank in that country, will implement Newgen's Retail Loan Origination Solution.

Newgen's retail loan origination solution, built on NewgenONE digital transformation platform, is completely aligned with Sagicor Bank's strategic digitization objectives. Using the solution, the bank aims to reduce loan processing time, increase efficiency through process automation, and enhance customer experience. The solution will enable the bank to offer a consistent experience across the bank's delivery channels.

"This partnership with Newgen for improved loan origination will strengthen our operations and help us drive process improvement and business growth," said Howard Gordon, Senior Vice President – Group Technology and SLJ Operations, Sagicor Group Jamaica Limited.

"Newgen's solution complements the cutting-edge technology that we have introduced to our operations in the last few years, such as Sagicor Payment Gateway and Swype, and reaffirms our commitment to always be in our clients' corner with a personalized and seamless banking experience," Gordon added.

"We are excited that Sagicor Bank selected Newgen as its digital transformation partner. With Newgen's Retail Loan Origination Solution, the bank can deliver a great customer experience, enhance operational performance, and ensure better security and compliance. This will directly impact the growth and development of the bank's loan portfolio," said Virender Jeet, CEO, Newgen Software.

The solution's rules-driven workflows enable easy access to information throughout the process, reducing manual intervention and allowing seamless information flow across all products.

About Sagicor Bank

Sagicor Bank is the third largest commercial bank in Jamaica, and a member of the Sagicor Group Jamaica financial services conglomerate. The Group offers products and services in the areas of Banking, Insurance, Investments, Real Estate, Asset Management and Retirement Planning. Sagicor Group Jamaica is a member of the wider Sagicor Financial Corporation, which operates in over 20 countries, and dates back to 1840.

For further information, please visit Sagicor.com or call Michelle-Ann Letman at 876-936-7838; 876-818-6204 or email michelle-ann_letman@sagicor.com

Sagicor Group Jamaica, 28-48 Barbados Avenue, Kingston

About Newgen Software

Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities. Globally, successful enterprises rely on Newgen's industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries. Newgen unlocks simple with speed and agility.

For more details, visit www.newgensoft.com