Liberis, a leader in embedded business finance, has introduced an innovative AI underwriting agent named Ada, inspired by the renowned computer scientist Ada Lovelace. This advanced tool aims to enhance accuracy and expedite funding decisions for businesses by minimizing repetitive manual tasks.
Ada leverages real-time data analysis from various sources, including financial statements, compliance records, and digital footprints. By automatically identifying key risk factors, trends, and discrepancies, Ada supports human underwriters in their decision-making processes.
With a history of utilizing AI in its operations, Liberis reports that 85% of its financing decisions are currently automated. However, human underwriters remain essential for handling more intricate cases, where underwriting can constitute nearly half of the processing time. Ada addresses these inefficiencies by automating data evaluations from open banking, Companies House records, credit bureaus, and other digital indicators.
The company anticipates a 50% reduction in manual decision-making time for complex applications while enhancing accuracy by mitigating human biases and oversights. “Ada offers advantages that extend beyond mere time savings. We all have inherent biases and blind spots; Ada helps to illuminate these issues. It highlights potential risks we might overlook, fosters fairness, and enables us to learn from previous decisions,” explains Rob Straathof, CEO of Liberis.