Whether you’re modernizing a credit origination system, insurance underwriting application, rating engine, or product configurator, SMARTS™ can help. Here are some decision management applications from our clients for credit and risk management.
Credit and Risk Management Use Cases
For credit and risk management, many of our clients leverage SMARTS™ because they can respond to changes faster. Therefore, if you’re company operates in a very dynamic environment, SMARTS™ may be the smart approach for your business.
Credit Risk Management
An American rating agency uses SMARTS™ so that corporate clients can easily manage their credit risks from screening to closing. With SMARTS™, the agency manages credit risk for 4 of top 5 telcos and 30 of top 40 banks.
Loan Origination
A Chinese financial services provider uses SMARTS™ to manage loan origination. Decisions include identity verification, credit scoring, loan amount and rate calculation, and money transfer. The fintech company increased loan volumes to over 38 million lending transactions with greater control over its business risk.
Deposit Risk Management
A consortium of US banks specializing used SMARTS™ to run simulations for various deposit risk strategies. They were able to simulate 1 billion transactions on 4 cores in less than 42 minutes. The consortium could then quickly execute their decisions based on the wining strategy.
Flash Fraud Detection
A global online payment platform used BluePen for fraud detection. Since the deployment of the model, the detection time of a fraudulent transaction has been reduced from two weeks to less than a day, and the saving amounts to $10M’s per ongoing flash fraud. Learn more about BluePen in our Geneva release.
Insurance Claims Adjudication
A major US-based third-party administrator for long term care insurance products uses SMARTS™ as the decision management engine for the company’s claims adjudication system, which processes 90,000 claim decisions per month over 1.3 million policies. Development and deployment took less than 6 months.
Health Insurance
A global risk platform company has used SMARTS™ to create, test, validate and put into production COVID-19 conditions for its drug prescriptions for more than 500,000 policyholders, located in more than 10 countries. Full development from specification to production took less than 12 months.
Life Insurance Underwriting
A Chinese life insurance company uses SMARTS™ so that all the underwriting rules and nearly 70% of the claims rules are managed by business experts, without calling on the IT department to update the rules. This allowed IT to focus on the reliability and availability of the system. Additionally, updating rules now takes no more than an hour from development to production.
Benefits
As reported by our customers, credit and risk analysts were able to leverage data and scoring models to intuitively build credit and risk management applications that can easily evolve with the business activity, internal policies, and industry regulations.
They also benefited from SMARTS™ agility and flexibility, giving them the ability to configure and refine decision logic, test, simulate decision services, experiment, choose decision strategies, and finally publish and manage deployment. Credit and risk analysts were able to participate in the entire solution lifecycle through web forms and point-and-click interfaces, without the sole reliance on IT.
On the other hand, IT had all the required performance, security, integration, and scalability capabilities to fit their enterprise architecture and governance without additional development or changes in the current applications. SMARTS™ was delivered in the form of a containerized product ready to install, deploy, and run as part of an interactive system, a service to invoke in a service-oriented environment, a program to call in a message-oriented environment, or a batch processing application.
To explore more, we invite you to visit our blog, webinar, resources, and demo pages where you can learn about SMARTS™ capabilities, features, and tools that make it an all-in-one low-code platform for building smart decisioning applications without a heavy involvement from IT beyond first installation.
Further Reading
- Sparkling Logic SMARTS™ in 10 Questions and Answers. A recent blog post that presents SMARTS™ all-in-one decision management platform through 10 most common questions and responses.
- Sparkling Logic: Decision Making Rendered Simple and Holistic. A “30,000-foot view” of SMARTS™, Sparkling Logic’s low-code digital decision-making platform by CIOReview magazine.
- NinjaHoldings Revolutionizing FinTech Solutions for the Underbanked through SMARTS™. News on how a fintech is leveraging SMARTS™ to manage credit risk.
- Sparkling Logic Selected for DataTech50 2024 List. News of why FinTech Global identified Sparkling Logic as an innovator leading the way to improving data management in financial institutions.
Learn more about Decision Management and Sparkling Logic’s SMARTS™ Data-Powered Decision Manager