Table of contents:
Summary
- Credibly uses GenAI to automate manual underwriting due diligence steps, resulting in greater efficiency when processing unstructured data
- GenAI allows underwriters to focus their expertise and time to resolve more complex files
- Credibly's GenAI innovation resulted in an 85% cost reduction and expedited review times from minutes to seconds during parts of the underwriting process, which greatly improved overall efficiency and user experience
Manual processes limited by technology
When evaluating a business financing application, online searches can often reveal valuable insights about a business. For example, an online search can help verify a business address or surface any recent news articles involving the business.
These due diligence steps, however, require the ability to navigate and understand the messy and unstructured nature of web data and discern what is relevant and what is not. As a result, many companies, Credibly previously included, traditionally conduct this process manually, taking up time and resources.
In Credibly’s underwriting process, this online search step of underwriting could take 10 minutes or more per file, depending on the search results, and required outside resources to ensure timely processing of files.
Leveraging GenAI & human expertise for efficient and accurate results
With advancements in GenAI, Credibly identified an opportunity to automate these online searches. By integrating GenAI in its underwriting systems, Credibly can process the unstructured data and produce valuable insights from online search results with precision and speed.
Credibly’s model uses data available in real time and does not require additional training, reducing the resources needed for maintenance.
How it works
Time and resources saved for a better customer experience
Immediately upon launch, automating the online search processes had a large impact on both the customer and employee experience.
The Credibly GenAI online search model runs 24/7, meaning files can be processed quickly at scale. In addition, multiple files can be reviewed at the same time, meaning customers get decisions on their financing applications faster. The changes to this process have reduced file review time by 10 minutes.
Implementing automation also resulted in an 85% cost reduction compared to the former manual review process. This allowed Credibly to bring hiring back in-house and invest in more training for its employees.
Underwriters can now focus their knowledge and efforts on more complex cases, using the insights from this system to help them quickly make more informed decisions and reduce the time they once spent on mundane and tedious tasks.
Future impact
The early impact of implementing this GenAI solution points to the potential for using similar technology in the future to improve the efficiency of tasks requiring online searches and more.
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