Algebrik AI has joined forces with Auto Exam, a provider of vehicle service contracts, GAP insurance, and collateral protection products, to deliver auto loan protection solutions.
Through the partnership, Algebrik AI aims to modernise auto lending by incorporating comprehensive protection solutions into the loan origination process. This initiative is expected to offer enhanced value to lenders and borrowers alike.
Algebrik AI founder and CEO Pankaj Jain said: “Integrating Auto Exam’s robust protection solutions into our cloud-native, AI-powered, digital-era LOS enables auto lenders to offer unparalleled value to their borrowers.
“This partnership reflects our commitment to innovation and excellence in auto lending, ensuring borrowers receive comprehensive protection alongside efficient loan processing.”
The collaboration will also enable financial institutions to offer comprehensive vehicle protection.
Firms using Algebrik AI’s cloud-native, artificial intelligence (AI)-driven loan origination platform (LOS) can integrate Auto Exam’s suite of products, including extended vehicle service contracts and GAP insurance, directly into their auto loan offerings.
By utilising Algebrik AI’s advanced LOS, lenders can also automate the inclusion of protection products, reducing manual efforts and accelerating loan approvals.
Borrowers, in turn, gain access to comprehensive vehicle protection solutions that safeguard against unexpected expenses, such as repair costs or loan deficiencies.
This streamlined process is expected to enhance borrower satisfaction and increase efficiency for lenders.
Besides, the partnership helps reduce financial risks for borrowers by offering products that cover unforeseen vehicle repair costs and potential loan deficiencies.
For lenders, the integration of these products simplifies workflows, resulting in faster loan processing times and improved operational efficiency. Additionally, lenders can expand their market reach by providing tailored loan packages that include essential protection services.
Auto Exam CEO Shane Vaughn said: “At Auto Exam, we are dedicated to providing top-tier vehicle protection products that safeguard consumers’ investments.
“Partnering with Algebrik AI allows us to extend our reach and seamlessly integrate our solutions into the lending process, enhancing the overall borrower experience.”
