Applicable Industries
- Finance & Insurance
- Packaging
Applicable Functions
- Sales & Marketing
Use Cases
- Intelligent Packaging
- Personnel Tracking & Monitoring
About The 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.
The 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.
The 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.
Operational Impact
Quantitative Benefit
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