Read how Quantiphi’s solution helped them monitor 7000+ Active Loans, and 45+ Document Types Processing, with more than 95%+ classification Accuracy, and 90%+ extraction accuracy.

About the Client

Our Client is a large US-based Bank with 700 Branches across the US. This financial institution specializes in providing personal and business banking services. It is known for its innovative approach, leveraging technology to enhance customer experiences and streamline operations. The bank offers a range of services, including commercial lending, private banking, and deposit products. It has a strong commitment to community involvement and financial education. Additionally, the bank is recognized for its agile response to market needs and its strategic growth initiatives.

Problem Statement

The challenge faced by our client revolved around the need to modernize their loan insurance compliance tracking process. Previously, loan reviewers were burdened with manual processing and checking for non-compliance to generate policy update notices. Compounded by the varying templates and formats of incoming documents, this approach proved time-consuming, inefficient, and error-prone.

Challenges

Labor-Intensive Process: The manual nature of loan insurance tracking made it susceptible to errors.
Notification Gaps: Borrowers often neglected to inform lenders of policy changes, leading to potential compliance issues.
Force-Placed Insurance: This costly alternative provided limited coverage, further complicating the insurance landscape.
Constant Vigilance Required: Maintaining up-to-date insurance data posed an ongoing challenge for lenders.

The Solution

Our Implemented Solution:

To solve this problem we used our flagship product, the Dociphi Loan Insurance Tracking system, a cutting-edge AI-powered Intelligent Document Management Platform engineered to revolutionise insurance coverage management for loan portfolios.
Harnessing the power of artificial intelligence and automation, this solution provides a centralized platform for tracking, verifying, and managing insurance policies associated with loans.

Key Features :

Centralized Dashboard: Gain instant access to a centralized dashboard offering real-time visibility into insurance coverage status across the entire loan portfolio. Monitor policy expiration dates, coverage amounts, and borrower information effortlessly.
Automatic Monitoring: Receive automated reminders and email notifications prompting borrowers and agents to renew documents, ensuring timely compliance.
Document Ingestion: Seamlessly ingest documents from a variety of sources, including insurance declarations, ACORD forms, flood searches, appraisals, and mortgage deeds of trust.
Entity Extraction and Approval: Enable users to review and approve extracted entities from documents, ensuring adherence to compliance standards.
Customizable Rules Engine: Configure bespoke rules and workflows tailored to specific business requirements and regulatory standards. Define rules based on entity fields, conditions, and values.
Customer/Agent Portal: Access a secure portal for borrowers and agents, facilitating the tracking of policy statuses, receiving notifications, and addressing non-compliant issues.
Reporting Features: Generate detailed reports on policy expiry, insured names and addresses, compliance metrics and status, providing valuable insights for decision-making and demonstrating the impact of the solution.
FEMA Map Integration: Integrate FEMA maps as a map tile overlay on Google Maps to show flood zone risks, providing a visual representation of potential flood risks for properties.
Integration with Customer Data Systems: Seamlessly integrate with customer data systems for the ingestion and transfer of data, ensuring a comprehensive and accurate book of records.

Results and Impact Created

Reduced Risk Exposure: Accurate tracking and verification of insurance policies significantly reduce risk exposure in underwriting.
Minimized Policy Lapses: Timely policy renewals and updates minimize the risk of lapses, ensuring continuous coverage.
Streamlined Workflows: Automation of manual processes has streamlined workflows, reducing the effort required by loan reviewers and increasing operational efficiency.
Enhanced Regulatory Compliance: The automated system ensures compliance with government regulations, avoiding penalties and ensuring adherence to industry standards.
Monetary Benefits: By reducing risk in underwriting and avoiding penalties for non-compliance, the bank realizes significant monetary benefits.
Improved Customer Engagement: Regular notices and timely communication with customers have improved engagement and satisfaction.
Impactful Reporting: Advanced reporting features provide insights into compliance status and risk levels, helping the bank make informed decisions and demonstrate regulatory adherence.
Data Security: Robust data privacy and security measures ensure the protection of sensitive customer information, fostering trust and compliance with data protection laws.