Intelligent Document Processing for Auto Aftermarket Product Cancellations
SAN FRANCISCO and SOUTHLAKE, Texas, Oct. 27, 2023 /PRNewswire/ — Informed.IQ, provider of Gen AI-based software to financial institutions, and Lender Compliance Technologies (LCT), the only provider with a complete lender system of record for processing aftermarket product cancellations, have announced a partnership.
Informed.IQ will power LCT’s Intelligent Document Processing functionality (LCT IDP) that extracts, analyzes and summarizes information from voluntary protection product forms and auto lending- related documents. The partnership saves lenders from manually reviewing deal packages to find aftermarket product information in order to orchestrate cancellations.
“Through our partnership with Informed.IQ, LCT clients will have access to LCT IDP in which AI identifies specific product information so lenders can submit cancellations without manual intervention,” said Glenn Munro, President of Lender Compliance Technologies. Further, Munro pointed out that “the reason to integrate with Informed was twofold, our first goal was to reduce lender cost by leveraging technology and to decrease the time it takes lenders to refund consumers – which also addresses regulatory concerns.”
Justin Wickett, CEO of Informed.IQ, reiterated the strength of the partnership. “LCT and Informed are aligned in helping to reduce the manual work and time needed to complete ancillary product cancellations. LCT is a market-leader in this space, and we are excited to integrate our AI with their platform for aftermarket product cancellations.”
About Informed.IQ
Informed.IQ uses Gen AI and ML to instantly verify income, assets, residence, insurance, auto stipulations, credit stipulations and more, enabling real-time, reliable credit decisions without bias. Informed’s ML models are trained, leveraging a knowledge graph, to process hundreds of document types and consumer-permissioned data sources, automating stipulation clearance for lenders.
In 2022, Informed.IQ processed over 4 million consumer credit applications for major US lenders and credit unions, automating over $120 billion in loan originations to date. Informed automates verifications with 99% accuracy in seconds with no humans-in-the-loop. Originally focused on auto lending, where six of the top ten auto lenders use the solution, financial institutions now use Informed for mortgages, credit cards, personal and student loans, and automated bank account openings.
Founded in 2016, Informed.IQ raised $20M in 2021 from notable investors including Nyca Partners and US Venture Partners. To learn more, visit informediq.com and follow Informed.IQ on LinkedIn.
About Lender Compliance Technologies
Lender Compliance Technologies (LCT) is setting a new standard in compliance solutions for auto, RV, marine and powersports lenders. It brings together extensive industry experience in lending, recoveries and compliance, and SaaS development to create a compliance-driven technology solutions company. LCT serves the needs of lenders with audit-ready solutions based on industry practices and a forward-thinking roadmap. Its product, Refund Control™, helps lenders take control of the cancellation and refund process of voluntary protection products (VPP) to stay compliant with state and federal law. With the regulatory landscape intensifying, LCT is the right tech from the right team at the right time. To learn more, visit lct1.com.
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SOURCE InformedIQ