NOVUNA Vehicle Solutions has launched a new auto underwriting system with the aim of improving the quality of credit applications and increasing the number of proposal acceptances.
The Capital Control system gives leasing brokers new guidance on applications for sole traders, small partnerships and incorporated companies.
A pre-qualification tool helps brokers select the right company and indicates its acceptability and whether the director’s details are needed based on the size of the company.
The system also flags companies that are dissolved or in unsupported sectors, prompting brokers to justify proceeding with such applications as they are likely to be declined.
“The feedback from brokers is that they really like the system. We don’t believe there is a system out there that will give brokers an auto accept on a non-regulated customer at the moment, and our system does that. From our perspective, it’s less resource-heavy, which enables our underwriters to concentrate on the more complex underwriting cases.”
Novuna also recently launched a new Identity & Verification (ID&V) process which uses facial recognition instead of questions based on a customer’s credit file.
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Sarah Tooze has been an automotive journalist for more than 15 years, specialising in the fleet and transport sectors. She has held senior positions at industry-leading B2B titles Fleet News and Smart Transport, and led campaigns championing motorists as consumer editor for online used car marketplace Heycar and motoring advice website HonestJohn.co.uk. In 2017 she won the Newspress Automotive Business Journalist award.
