Autofinace

Auto Finance Player Checkmates Manual Operational Inefficiency With Automation

Infolob Solutions Inc., supercharges letter generation and account number stamping-related operations for this leading automotive finance company using UiPath. Developed and deployed within 45 days, the automation bots now deliver ~40% greater efficiency as well as handle spikes in volume effortlessly.

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Abstract

This project was aimed at completely overwriting the existing Title Aging automation process to streamline paid-in-full (PIF)letter generation while also, in general, injecting automaton in to letters previously not handled by RPA (bots).This objective was accompanied by an automated process creation for stamping account numbers and applicable document stamp numbers to state contracts, followed by uploading the modified PDF to Global Search.

 

Busines Concerns

This client of  Infolob Solutions Inc., is a premier  automotive  finance enterprise and lender of choice with 1000s of franchised and independent dealers throughout the United  States.  Having  the  motto  of  democratizing vehicle ownership, the client possessed more than  one million customers opting in for tailored financial solutions for their personal transformation needs. In 2021, the company’s porfolio valued at multi  billion dollars.  With all  that  concurring,  the  client  faced operational bottle necks because:

  • Most of the processes were manual and performed daily
  • It harnessed the Title Aging Business Intelligence report as input and created PIF letters for all states
  • A Title Release Specialist manually printed the contract and wrote the account number (and optionally, also put document stamp number on each contract)
  • Title Release Specialist was over burned with the volume of changes

Infolob Solutions Inc., Intervention

Use of UiPath Automation, and Open BI report for the input accounts that required paid-in-full letters to be generated.

Use of bots that connect to the database and pull account information (name, amount, vehicle information) for updating word template and generating the paid-in-full letters.


Use of UiPath Automation to connect bots to BI reports to get the accounts that required stampon the contract.

Total loss Notification Automation – Total loss occurs when an insured vehicle is destroyed, lost or damaged to such an extent that It cannot be recover. In this case notification letter has been sent to borrower to continue to make the required payments on the account.

Insurance Deficiency Notice Automation – A Deficiency claim is that portion of a claim secured by a lien on vehicle that exceeds the value of the vehicle (Amount remaining after the insurance proceeds and/or gap payment has been received on the loan account). In this case a notice will be sent borrower with balance details, to make a payment.

Letter of Guarantee Automation - A letter of guarantee is requested by an insurance company when a vehicle is deemed a total due to being stolen or totaled in an accident. Title aging Report automation – When a loan account paid in full, the certificate of title, or similar lien release documentation, will be sent to the party who paid off the loan.

Business Outcomes

This automation job by Infolob Solutions Inc., nearly doubled the operational efficiency of consolidating the PIF letter process—updated with the new letter approved by legal—handling a higher volume of accounts.

The update to the BI report allowed for better quality as the data is pulled directly from tables versus the digital assistance finding the information within the Application.

Additionally, the digital worker is now able to handle spikes in volume without requiring additional staff by using additional digital assistant licenses. In numbers, the client now operates its PIF letter generation and Title Release contract creation at:

1 bot taking 2 and 3 minutes per document compared to manual users taking 3 and 5 minutes per document, respectively.