Solutions

Funding Auto Loans

Lenders spend countless hours manually verifying loan applicants’ information – specifically, their income (and manually calculating it), residence, employment, and proof of insurance, among other things. In addition to verifying consumer information, there is ample work required to review deal jackets and corresponding ancillary product contracts, such as a vehicle service contract, embedded within.

On average, eContracts contain 15+ additional trailing docs within a single PDF that are not part of the digital contract verification. AI determines the start and end of each trailing document to segment them properly. OCR does not. One page can contain several documents, like a driver’s license and an insurance card. AI detects and crops out each document for downstream tasks. OCR does not.

Challenge

Manual processes can lead to long funding timelines, resulting in held offerings and contracts-in-transit. This situation causes an undesirable customer experience, dealer dissatisfaction (including a potential lost sale), and high operating expenses for lenders.

Solution

Informed’s Vertical AI is pre-trained to automate eContract trailing doc, tens of thousands of different contract variations, long and complicated Paper contracts, and cut-off faxes. Informed offers 50+ pre-trained auto finance models versus building your own using OCR results.  We have context about dealers, contract forms/revisions, and state laws from >60M deal jacket docs. And, Model Governance from 600,000+ ML ready auto specific annotations by industry experts for oversight and SLA adherence.

Funding Auto Loans

The Benefits

Informed makes lenders easier to do business with, resulting in increased market share, improved customer retention and:

Approve applicants quickly, providing a better customer experience

Reduce bias and errors stemming from manual verification processes

Reduce costs by up to 50% compared with legacy VOIE solutions

Developing the real-time risk review of customer data in Informed’s core platform utilizes available on-demand interactive customer contact strategies. This makes operations simpler, faster, and more efficient with better outcomes for lenders and consumers.

Informed named to the Software Report's Top 25 AI Companies for 2024

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