Solutions

Government Benefit Program Administrators

Informed speeds up the cumbersome verifications required when people apply for Government benefits such as Supplemental Nutrition Assistance (food stamps), Medicare, Medicaid, Unemployment Insurance, Temporary Assistance for Needy Families (TANF) (formerly known as welfare), Social Security Disability Insurance (SSDI) Benefits, and the Affordable Connectivity Program (ACP), etc.

Using Informed’s Artificial Intelligence (AI) and Machine Learning. Benefits Administrators can verify income, identity and residence from applicant documents in real time, eliminating the manual work needed to confirm whether an applicant is eligible for the assistance.

Applicant Verifications are time and labor intensive

Applying for government assistance and getting approved is a time consuming and arduous process. Applicants are forced to send income documents via unsecure email or portals that can’t confirm whether the documents are even associated with the applicant or their income. Once the documents are received, program administrators must go document by document to manually calculate income from pay stubs, W-2s, bank statements, etc. often using inefficient calculation methods prone to human error.

Solution

With Informed Benefits Program Administrators can leverage CollectIQ enabling applicants to upload documents anytime, anywhere via a white-labeled text message experience. They get instant feedback as to whether the applicant uploaded the correct document so that they can be confident they are receiving the right information. 

Once Informed receives the documents (which can also be programmatic via API), AI and Machine Learning instantly extract the pertinent information and verify identity and residence, and calculate accurate income based on the program’s policy. Informed supports multi-document upload and verification (i.e. applicant uploads 2 pay stubs and a bank statement) and also identifies potentially fraudulent documents.

Government Benefit Program Administrators

The Benefits

Informed drastically reduces applicant turnaround time – Administrators see verified income in seconds compared to 15+ hours and:

Eliminates manual work for Benefits Administrators

Saves 50%+ in cost per verification by eliminating the need for legacy income verification vendors

Eliminates human error, leading to lower risk of ineligible applicants

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.

New: American Banker - Sharing information = best defense against AI fraud

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