Revolutionizing Pre-Qualification and Underwriting with Under.io
The underwriting process has long been a tedious and time-consuming task. Traditionally, it involves numerous emails exchanged between parties, repeated requests for documents, and a constant need to verify the legitimacy of information provided. This back-and-forth not only delays the process but also increases the chances of errors and omissions. However, with Under.io, these challenges are a thing of the past. Let's explore how Under.io simplifies and automates pre-qualification and underwriting.
The Typical Underwriting Process: A Use Case
Imagine a financial institution undergoing a typical underwriting process. Each step involves manually sending and receiving emails, requesting documents, verifying information, and ensuring the legitimacy of every document submitted. This manual process can be cumbersome, prone to delays, and fraught with risks.
Competitors in the Financial Onboarding Space
Several players in the financial onboarding space aim to streamline this process, particularly in KYC and KYB verifications. Competitors like Blend, Roostify, and Ellie Mae offer digital solutions for financial institutions. While they provide some level of automation, gaps remain in seamless integration, document verification, and real-time data access.
Why Under.io Stands Out
Under.io addresses these challenges head-on by integrating powerful tools to create a smooth, automated underwriting experience. In addition to simplifying Know Your Customer (KYC) and Know Your Business (KYB) processes, Under.io eliminates the common pain points:
- Plaid Integration: View bank data in real-time, ensuring accurate financial information without the need for multiple document submissions, a crucial aspect of KYC and KYB.
- Isoftpull for Credit Checks: Instantly access credit reports without hard pulls, speeding up the pre-qualification process.
- Mastercard Match: Verify if merchants are on a bad list, reducing the risk of fraud.
- Twilio for Multi-Factor Authentication: Secure the process with multi-factor authentication whenever customers log in to continue filling out information.
- eSignatures Integration: Collect legally binding electronic signatures quickly and efficiently, eliminating the need for physical documents and ensuring the underwriting process, including KYC and KYB, remains entirely digital.
Step-by-Step Guide: Automating Underwriting with Under.io
Sign Up for a Free Account
Start by visiting app.under.io/register to create a free account. Registration is quick and easy, getting you ready to start in no time.
- Create a New Template
Once logged in, navigate to the "Templates" section. Click on "Create New Template" to begin building your online form. This form will serve as the foundation of your automated underwriting process, incorporating essential KYC and KYB verifications. - Integrate Verifications
Within your template, integrate the following verifications:- Plaid for real-time bank data access.
- Isoftpull for instant credit checks.
- Mastercard Match for merchant verification.
- Twilio for secure multi-factor authentication.
- Attach Financial Institution PDFs
Upload your financial institution’s PDFs to the template. These documents can be used alongside the data collected to ensure comprehensive underwriting packages. - Send a Secure Authentication Link
Send a link to your customer for secure authentication using multi-factor authentication (MFA). This step ensures that the customer's identity is verified, providing an additional layer of security before they continue providing information. - Prepare for Underwriting
With all the necessary data and verifications in place, you can compile a complete underwriting package. This package includes all data, accompanying documents, and signatures, ready for export directly from the platform.
The Benefits of Under.io
By leveraging Under.io’s automated underwriting system, financial institutions can:
- Reduce processing time.
- Minimize errors and omissions.
- Ensure data accuracy and legitimacy.
- Enhance security with multi-factor authentication.
- Save money when removing all the other dedicated software.
Under.io’s automated underwriting software streamlines the entire process, offering a comprehensive solution for underwriting automation. It transforms traditional methods into a more efficient and accurate automated insurance underwriting process. Moreover, Under.io is considerably cheaper than all the alternatives that you have to combine to get the full end-to-end workflow, making it a cost-effective choice for financial institutions.
Conclusion
Under.io revolutionizes the underwriting process by automating key tasks, integrating essential verification tools, and providing a seamless platform for managing financial data. Sign up today at app.under.io/register and experience the future of underwriting automation.
