Empower underwriters with AI-powered accurate, quick case summary reports for better loan decisions
Underwrite with Confidence
Remove the fear of missing crucial risks and eliminate the worry of manual errors due to oversight with AI-powered data extraction and risk identification
Standardize the underwriting process with AI highlighting the risks and the next course of action – deviations from process guidelines and errors due to subjective analysis of risks are reduced
Faster Loan TAT
Reduce the hours spent on reading documents or manual risk evaluation, which makes quicker decisions, and reduces the time spent in traditional underwriting process
Save time for lenders
At least 50% manual labour reduced in analysing tedious loan-related documents, enabling lenders and underwriters to focus on more critical, value-adding tasks
Leverage the power of AI for accurate extraction of key data points from documents across formats and standards to enable faster loan decisions; provide actionable insights and enable faster closures
Harness AI-powered extraction of key data points from unstructured documents such as borrower loan application, credit history etc. to determine the quality of the application, identify risks and aid loan decisions
Powerful Semantic search engine enables searching loan documents based on the presence or absence of any tags, text, which can be applied at the document or provision level; and at a document-set level
Leverage canned and custom reports and dashboards that provide insights to lenders and underwriters to take actions or decisions; and intervene based on risks and severity found
The cloud-based platform enables sharing of extracted data points across your team and systems in one click; Deep linking of every data and decision to the original source document removes the fear of missing some crucial risks and eliminates the worry of manual errors due to negligence; Integration to downstream systems using our APIs; Custom organizational workflows can be set up based on user roles and business-specific need.
Botminds AI augments underwriters with automatic highlighting of risks hidden anywhere in the documents
Manual data entry needed for recording and auditing is virtually eliminated
Every data point is provided with deep linking to the original source document and hence traceability
SME knowledge is captured via bots and the process can be scaled in a few clicks
Create Underwriting Bots specific to your domain for your document types in minutes
Bring 10X efficiency in your risk underwriting with Botminds AI
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What is automated underwriting?
The automated underwriting process is mainly technology-driven, and it provides the user with a generated loan decision. The insurance landscape has mostly migrated to using new technology options like loan underwriting platforms because they help enhance the processing time for various loan types. The automation of the underwriting process includes risk evaluation that involves financial transactions for various industries like health, mortgage, automobile, and so on.
How does automated underwriting work?
The automation of the underwriting process is carried out in many capacities across the industry. Businesses are making use of automated platforms like Botminds AI for underwriting because of its ability to automatically highlight the risks hidden in various documents. Once underwriters automate the process of extracting key information that predicts risks, loan decisions can be made within minutes. Underwriting automation allows the AI to understand specific domains and the reasoning behind important decisions. When bots are powered by SME intelligence, the whole underwriting process can be scaled to one click.
What are the challenges in manual underwriting?
Be it medical history of a patient or business performance of an organization, the challenges in underwriting remains the same.
Analysing risks thoroughly by reading all submitted documents is a tedious job for underwriters. Risk evaluation is completely subjective and depends on the underwriter's analysis and understanding of the case. Auditing is broken with information used for decisions are not linked with actual source documents. Asking for more supporting documents and searching for more information to do right underwriting is fraught with lack of standardization. With huge number of policies to be underwritten it needs an automation solution to scale non-linearly and to ride over the challenges of seasonality in volume.
What are the main differences between manual underwriting and automated underwriting?
The automated underwriting process is known for using quick algorithms to analyze the client’s finances or health history. On the other hand, manual underwriting takes longer to complete and there are high chances of encountering human errors. This is because it depends on the SMEs executing the underwriting process and assessing the client’s financial process.
Manual underwriting needs quite a lot of paperwork which includes bank statements, tax returns, employment proof, demographic profiles, and medical history. Once the customer provides the underwriter with this information, then they continue with the loan process and analyse the risks in providing the loan.
Is automated underwriting better than manual?
The automated underwriting process is 100% error-free and lender companies rely on it to manage conventional loans and credit cards better.
When you partner with reputed automated underwriting process platforms like Botminds, you can use basic loan application information to retrieve relevant data. The automated underwriting platform will also process the borrower’s information to instantly make loan decisions.
What are the benefits of automated underwriting?
There are many benefits to switching to an automated underwriting process. The automation platform helps streamline operations and improve the efficiency of a lending company. The automated process is useful to analyse client data and flag any critical errors this will help with accuracy and verification. The companies that use automated underwriting platforms can have better control of creating new policies, along with pricing. The automated underwriting process is overall faster, more accurate and reliable compared to a manual process. Algorithms and AI models analyse underlying risks and provide inputs for better and quicker loan decisions for lender organisations. They can flag or highlight aspects that need manual verification or intervention. The automated underwriting platform will also process the borrower’s information to instantly make loan decisions.
Learn how Botminds Intelligent Document Process can drive ROI, reduce costs, and save time for your business.