Artificial intelligence has changed the ways of the world dramatically, affecting consumer lifestyle and reshaping business models. Imagine, you can now ask a software named Alexa to turn on the lights and music for you.
In the lucrative auto industry, AI helps form business strategies, prevent data theft, and enhance customer experience.
Examples of AI Integration in F&I
Through the following examples, further appreciate AI’s benefit of convenience, accuracy, objectivity, and predictive nature in high-value industries requiring complex decision-making.
1. Faster Claims Processing
Claims processing is probably one of the challenges that many auto dealerships face. AI can let you easily spot inconsistencies during claims and avoid paying out fraudulent claims.
AI makes the claims process faster and reduces human error. Emotional subjectivity is eliminated, which can help you assess better whether a claimant is telling the truth or not.
2. Assessing Customer Risk
Assessing accurate customer risk profiles can be a daunting task, especially if you don’t have all the data. To address this issue, AI can produce accurate results when assessing customers with the help of the Internet of Things (IoT) devices like smartphone telematics and dash cams.
AI can monitor driver performance, calculate a customer’s auto insurance points during application, and identify high-risk or low-risk applicants. These features allow you to offer safer drivers better policy pricing.
3. Secure Auto Financing
Credit fraud continues to be a threat. In 2019, 20.33% of over 3.2 million fraud cases in America involved identity theft. Hackers sometimes use bots or create fake accounts to apply for credit or compromise an existing client account.
Thankfully, sophisticated machine learning models now can differentiate real from fraud clients and detect security breaches (e.g., compromised online credentials).
4. Enhanced Customer Experience
Over 70% of consumers prefer purchasing products and services through debit or credit cards. Assessing credit scores for auto financing takes time and demands heavy paperwork.
Nonetheless, AI-powered underwriting platforms like Zest Automated Machine Learning (ZAML) automates the assessment of credit risks based on several data points and reduces errors, cutting financial losses by 23% yearly.
AI-enabled auto financing platforms create shorter auto loan processes, and even feature chatbots, offering self-service solutions and immediate personalized responses.
The ACE Group: Your Technology Partner
If you are looking for a company that provides intuitive technological solutions for your automotive business, the ACE Group is the right technology partner for you. Our company is partners with some of the leading dealers in the technology industry.
By partnering with us, we can offer you powerful tools that can help your business maximize its profit. It is our goal to address the needs of our clients, especially with the rapid changes in technology.
For more details on our technological solutions, contact us now.