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The broking group has outlined how it will utilise AI technology to improve broker and customer experiences.
Lendi Group chief executive and co-founder David Hyman revealed how the broking group is implementing artificial intelligence (AI) technology to “revolutionise” the thousands of hours of administrative tasks taken on by brokers.
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Speaking at the Salesforce World Tour in Sydney this week, Hyman outlined two AI initiatives for 2024: a powered broker assistant for brokers to summarise broker and customer interactions and an AI bot to fast-track brokers’ policy-related queries across the 2,500 products within the group’s platform.
The former – which the group has already begun to roll out – is set to save brokers “1,000s of hours annually”, according to Lendi Group.
“Emerging from a company-wide and broker ‘hack-a-thon’ last year, it became clear the biggest problems we could use generative AI to solve for brokers was finding a solution to the 30 minutes for every customer interaction that takes place drafting post-call summaries and a further 30 minutes for every customer researching lending policies and the right data sources to answer customer queries,” Hyman said.
According to Hyman, the “conservative estimate” of these AI tools once productionised is 8,600 hours of associates’ time and 44,800 hours of broker time, which amount to “multimillion-dollar operational savings annually”.
“By using OCR (optical character recognition) technology, we can implement automatic information extraction from customer’s uploaded documents, such as identity documents, payslips, bank statements, etc. This will help pre-fill and QA information to expedite application process,” he said.
General manager of productivity at Lendi Group, Shanique Busby, said the group’s next step with AI is to continue “building on the foundation architecture for boosting future AI tool development capabilities within Lendi” and use AI as a “co-pilot” to assist brokers in achieving better outcomes.
“This is just the start, but we remain focused on building foundation architecture for boosting future AI tool development capabilities that use AI to help our brokers have better outcomes,” she added.
Prior to this, Lendi Group announced the appointment of its new general manager of data, Jade Clarke.
Clarke, a former head of commercial data analytics and founder of Westpac DataX, moved to the broking group in December 2023 to develop broker AI tools.
The newly created role aims to be “tech-driven” and “data-focused”, Lendi Group stated, with Clarke helping further the aforementioned AI initiatives.
[RELATED: Lendi Group welcomes new hire to spearhead AI initiatives]
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