PledgX is transforming how risk and reputation is assessed by surety bond issuers in the construction industry. PledgX is empowering construction firms to publicise their ability and automate processes.
PledgX is enabling project owners to identify the best contractor – and general contractors to identify the most appropriate sub-contractor – for the job. This is achieved through smart selection based on performance risk analysis in addition to review of financials.
The key to such transformation is in facilitating reliable and real-time data sharing between stakeholders, which is currently paper based, siloed at best and broken at worst.
PledgX has built a platform that connects stakeholders to a single source of information on contractors’ business profile, financial records, projects, personnel and references. This source facilitates better and timely assessment of a contractor’s performance risk by contract surety bond agents and issuers. The platform provides incentives to contractors, project owners and GCs for giving or receiving up to date information, by way of productivity improvements to the process of pre-qualification. PledgX analyzes the contractor’s data and offer timely insights to agents and issuers to make informed decisions. Such insights not only help agents and issuers manage their risk under contract surety but also enables them to offer timely recommendations to contractor clients about their performance and how it can be improved – generating customer service, retention and acquisition benefits.
In addition to static information on the contractor, PledgX also collects data with respect to change orders, progress payments and status reports to build a dynamic work-in-progress (WIP) statement for contractors, that is kept current at all times.
PledgX also facilitates contractors to seek references from previous project owners and consultants via a reference module. References received are collated and presented on a dashboard with project level as well as consolidated performance scores, giving third parties the confidence they need to work with the Contractor.
Contact us to learn more about PledgX and how we inspire trust with insights.
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