CIG Financial’s Partnership with Point Predictive Produces Eye-Catching Risk Separation
Tim Grace, Co-Founder and CEO of Point Predictive, described how his companys advanced data science can improve on an established and effective model.
Point Predictive Inc., the San Diego-based company that provides machine learning solutions to lenders, announced today that CIG Financial has successfully completed its Auto Fraud Manager™ implementation, showing that the availability of its unique, real-time Consortium fraud alerts and sophisticated Artificial + Natural Intelligence™-powered fraud scores substantially enhances its own already effective predictive models, helps determine the most appropriate stipulations or waivers, and improves the speed and quality of funding decisions. With Auto Fraud Manager live and in production, CIG will use Point Predictive’s fraud alerts & scores in real-time within the lender’s native loan origination environment for its entire loan application volume.
CIG’s pilot program demonstrated that Point Predictive can provide substantial savings in annual fraud losses and material improvements that capture additional revenue by streamlining and reducing friction for consumers and dealers in its process. These results will help CIG to confidently grow its portfolios and deliver a modern borrower experience that gets more trustworthy people into the cars they need.
Tim Grace, Co-Founder and CEO of Point Predictive, described how his company’s advanced data science can improve on an established and effective model. “Even the most rigorous of lenders can benefit from Auto Fraud Manager, which is powered by a vast, unique dataset consisting of billions of risk elements gleaned from over 100 million historical auto loan applications.” He continued, “By intelligently automating aspects of the lending decision, CIG is able to get a 25x separation in their risk analysis, one of the best results we have seen in our experience.” He concluded by thanking CIG for its partnership. “CIG was one of the earliest lenders to realize Point Predictive’s vision of reduced losses, increased revenue, and a more automated process that protects against the widest range of first- and third-party fraud risks.”
Sona Shakoory, Risk Operations Manager at CIG, described the benefits she observed during the Auto Fraud Manager implementation. “CIG Financial’s fraud prevention efforts are already world-class, but we are always searching for tools and technology to help us improve,” she said. “We found such a tool with the Auto Fraud Manager, and we were incredibly impressed by the results from a retrospective analysis and pilot.” She concluded, “CIG is a proud member of Point Predictive’s anti-fraud Consortium since fraud risks are best managed through a collaborative, cross-industry approach.”
Jeff Butler, President at CIG, believes “a major aspect of delivering consistent performance is flushing out fraud, and that is inherently more prevalent in the sub-prime space. Point Predictive, we believe, significantly enhances our ability to do that.”
The Irvine, California-based full-spectrum auto lender’s enthusiasm stems from key aspects of the Consortium approach that address elevated risks of fraud based on geographic factors, income misrepresentation, and suspicious vehicle identification number activity.
Justin Davis, Senior Fraud Consultant with Point Predictive, emphasized the enhanced borrower experience stemming from CIG’s extremely focused results. “Auto Fraud Manager will greatly increase its operational efficiency, allowing its underwriting and fraud analysis teams to zero in on where the fraud typically resides,” he said.
CIG Financial’s experience provides yet another proof point that Point Predictive’s cross-industry anti-fraud Consortium, combined with its patented Artificial + Natural Intelligence, makes a borrower- and dealer-friendly, real-time, automated lending experience possible.
Auto lenders that are interested in more information on Auto Fraud Manager or Consortium data are welcome to contact [email protected].
About Point Predictive Inc.
Point Predictive powers a new level of lending confidence and speed through the unique combination of artificial and natural intelligence using decades of risk management expertise. The company’s technology solutions quickly and accurately identify who is reporting truthfully on their loan applications and who is not. As a result, lenders are now able to fund loans easily without asking the vast majority of applicants for onerous documentation such as paycheck stubs, utility bills or bank statements. This improves funding rates by 40-50% while reducing overall early payment default losses by more than 30%. Borrowers get loans faster and we significantly boost profits to a lender’s bottom line. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
About CIG Financial
CIG Financial, recognized by customers, associates, and business partners as the auto finance industry’s premier specialty lender, operates with the highest standard of integrity. CIG is a company that is built to last, fostering a supportive and rewarding environment for our associates and provide value for our customers, while providing stellar financial results. Based in Irvine, California, more information about CIG Financial can be found at www.CIGfinancial.com.
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