Mercury

Background

Mercury is a FinTech Trade credit insurer. Their objective was to create a Fintech platform that quickly assessed the risk associated with insuring a trade credit. A Trade credit is an agreement between two businesses that allows one business (customer) to purchase goods or services from another (supplier) without paying cash up front, and instead pay at a later date. Real time Integration of financial data providers to derive risk as well as iron cloud security was top of mind for the Mercury team. The different Personas using the platform were clients, brokers, and insurers.

Business Challenges

• The founders of Mercury presented several challenges and requirements to the Zazmic development team.
• Risk Scoring algorithms using multiple data providers.
• Iron cloud security demanded by several Brokers, including LLoyds Bank.
• Custom Policy tailored to each individual trade credit insurance.

Objectives

Zazmic was assigned the following tasks:

• Building a comprehensive insurance platform to insure trade credit contracts using Risk Rating while limiting Mercury’s financial exposure with guardrails such as limits. The platform was also expected to build Insurance policy & managing claims.
• This was an end-to-end Lead to Contract platform.
• Zazmic was responsible for deriving a Risk scoring algorithm with Real time Data integration including multiple financial data providers.
• Fast & Secure platform was another must have.

Solution Delivered

Zazmic developed an end to end lead to Cash Fintech platform for Mercury to effectively manage Financial trade credits. The lead to Cash platform while customized for Mercury followed the CRM industry standards.

The Risk Algorithm not only assessed and derived the contract, but also served as a financial monitor tools to review the risk exposure of the existing contract for Mercury.

The platform also ensures complete self service for all the personas of the platform: Broker, insurer, Mercury and customers of Mercury.

AWS

Mercury chose to host its application on Amazon Web Services (AWS) due to its cost-effectiveness, scalability, and security. AWS is a highly reliable and accredited cloud platform approved by the Dutch National Bank for financial organizations. Zazmic leveraged AWS’s accreditations and certifications to meet Mercury’s requirements.

IT System Security

Zazmic was responsible for IT security compliance. Audit / Pen tests were regularly performed on the platform on a regular basis by LLoyds and other third parties.

Third-Party Integrations

Zazmic integrated external APIs from third party data providers, such as Graydon, BVD Orbis, and Experian, to access real-time company data, verified credit risk and scores, and other financial insights useful for Mercury.

Maintenance and Support

The Zazmic’s team provides ongoing maintenance and support for the Fintech system. Additionally, Zazmic made the decision to completely rewrite the application from Angular to Vue.js, enhancing the system’s performance and maintainability.

Outcomes

The Platform delivered by Zazmic resulted in the following outcomes for Mercury:

• Business Advancement – The company achieved a new level of revenue and digitized previously time-consuming processes. From 0$ to 25m/year in revenue
• Process Automation – A complex insurance process got fully automated, enabling seamless operations. From hours to seconds.
• Enhanced User Experience – the solutions ensured a smooth and intuitive user experience within the platform.
• Client Satisfaction – All Personas of the platform were satisfied users of the platform.

Through the collaboration between Mercury and Zazmic, the company successfully attained its business goals, leveraging advanced technology and streamlined processes to excel in the credit insurance industry.

If you are looking to enhance your business operations and achieve remarkable results, contact Zazmic today. Our experienced development team is ready to help you overcome your challenges, streamline processes, and deliver exceptional solutions tailored to your specific needs.

Reach out to us now to discuss your development requirements and unlock the full potential of your business.