Conversica Case Studies Assure Funding Leverages AI to Boost Loan Applications and Renewals

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	Assure Funding Leverages AI to Boost Loan Applications and Renewals Conversica

Assure Funding Leverages AI to Boost Loan Applications and Renewals

Conversica

Applicable Industries	Finance & Insurance Packaging
Applicable Functions	Sales & Marketing
Use Cases	Intelligent Packaging Personnel Tracking & Monitoring
Challenge	Assure Funding, a company that works with lending partners to provide loans and capital advances to businesses, faced the challenge of cost-effectively qualifying prospects for funding, reengaging previously interested leads, pursuing leads purchased from third parties, upselling other services, and renewing existing customers. The company's model meant that more was riding on the process of qualifying, pursuing, and closing the deal with prospective clients. The company had been meeting its funding goals by employing inside sales staff to fill three key sales positions: an opener, a chaser, and a closer. However, the chaser’s role was the most time-consuming, often requiring multiple contacts with clients to gather necessary information. This manual process was adding significantly to the company’s overall cost per sale. Read More
About Customer	Assure Funding is an alternative commercial lender that works with a syndicate of lending partners to provide businesses with short-term loans, capital advances, and credit lines. The loans arranged through Assure Funding range in size from $5,000 to $2 million. The company tends to see a larger profit from each funded loan rather than just a standard broker’s commission. This model means that more is riding on the process of qualifying, pursuing, and closing the deal with prospective clients. The company had been meeting its funding goals by employing inside sales staff to fill three key sales positions: an opener, a chaser, and a closer. Read More
Solution	Assure Funding adopted Conversica’s AI Sales Assistant, Jenna Silva, to automate the process of qualifying, pursuing, and closing deals with prospective clients. The Conversica solution uses artificial intelligence to converse via email with prospects, ask and answer questions, request missing information, and nurture leads all the way to the point where they are ready to speak live with a closer. With Jenna’s help, the percentage of inquiries resulting in completed applications rose significantly. Jenna also offered Assure Funding a way to recapture opportunities from applicants who complete the funding package but change their minds, fail to qualify, or secure funding elsewhere. The AI assistant also helped Assure Funding see a significant increase in renewals – follow-on funding from existing clients who renegotiate their loans to secure additional capital. Read More Log in to view content
Contents

Applicable Industries

Finance & Insurance

Packaging

Applicable Functions

Sales & Marketing

Use Cases

Intelligent Packaging

Personnel Tracking & Monitoring

Challenge

Assure Funding, a company that works with lending partners to provide loans and capital advances to businesses, faced the challenge of cost-effectively qualifying prospects for funding, reengaging previously interested leads, pursuing leads purchased from third parties, upselling other services, and renewing existing customers. The company's model meant that more was riding on the process of qualifying, pursuing, and closing the deal with prospective clients. The company had been meeting its funding goals by employing inside sales staff to fill three key sales positions: an opener, a chaser, and a closer. However, the chaser’s role was the most time-consuming, often requiring multiple contacts with clients to gather necessary information. This manual process was adding significantly to the company’s overall cost per sale.

About Customer

Assure Funding is an alternative commercial lender that works with a syndicate of lending partners to provide businesses with short-term loans, capital advances, and credit lines. The loans arranged through Assure Funding range in size from $5,000 to $2 million. The company tends to see a larger profit from each funded loan rather than just a standard broker’s commission. This model means that more is riding on the process of qualifying, pursuing, and closing the deal with prospective clients. The company had been meeting its funding goals by employing inside sales staff to fill three key sales positions: an opener, a chaser, and a closer.

Solution

Assure Funding adopted Conversica’s AI Sales Assistant, Jenna Silva, to automate the process of qualifying, pursuing, and closing deals with prospective clients. The Conversica solution uses artificial intelligence to converse via email with prospects, ask and answer questions, request missing information, and nurture leads all the way to the point where they are ready to speak live with a closer. With Jenna’s help, the percentage of inquiries resulting in completed applications rose significantly. Jenna also offered Assure Funding a way to recapture opportunities from applicants who complete the funding package but change their minds, fail to qualify, or secure funding elsewhere. The AI assistant also helped Assure Funding see a significant increase in renewals – follow-on funding from existing clients who renegotiate their loans to secure additional capital.

Impact #1	The implementation of Conversica’s AI Sales Assistant, Jenna Silva, has brought about significant operational improvements for Assure Funding. The AI assistant has not only increased the percentage of inquiries resulting in completed applications but also helped recapture opportunities from applicants who complete the funding package but change their minds, fail to qualify, or secure funding elsewhere. The company has also seen a significant increase in renewals. Moreover, the AI assistant has allowed the company to scale back its staff while still achieving the same results, thus reducing costs. The company can now pursue additional business opportunities, including purchasing aged leads from consolidators and live transfer companies for pennies on the dollar, cost-effectively qualifying them, and passing them on to a third party to close, and qualifying clients for merchant processing and other services.

Impact #1

The implementation of Conversica’s AI Sales Assistant, Jenna Silva, has brought about significant operational improvements for Assure Funding. The AI assistant has not only increased the percentage of inquiries resulting in completed applications but also helped recapture opportunities from applicants who complete the funding package but change their minds, fail to qualify, or secure funding elsewhere. The company has also seen a significant increase in renewals. Moreover, the AI assistant has allowed the company to scale back its staff while still achieving the same results, thus reducing costs. The company can now pursue additional business opportunities, including purchasing aged leads from consolidators and live transfer companies for pennies on the dollar, cost-effectively qualifying them, and passing them on to a third party to close, and qualifying clients for merchant processing and other services.

Benefit #1	62% jump in completed loan applications
Benefit #2	42% of deals driven by Conversica
Benefit #3	30% increase in renewals

Benefit #1

62% jump in completed loan applications

Benefit #2

42% of deals driven by Conversica

Benefit #3

30% increase in renewals

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Overview

Assure Funding Leverages AI to Boost Loan Applications and Renewals

Operational Impact

Quantitative Benefit