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AI-BASED BROKERING TECHNOLOGY PLATFORM TO FIND THE PERFECT MATCH BETWEEN THE CUSTOMER AND BANK

Periodic Reporting for period 1 - IRMELI (AI-BASED BROKERING TECHNOLOGY PLATFORM TO FIND THE PERFECT MATCH BETWEEN THE CUSTOMER AND BANK)

Reporting period: 2019-12-01 to 2020-02-29

For consumers, it is laborious and time-consuming to find and compare loan or insurance providers. Without the comparison, customers waste money and gain less beneficial terms of the contract with the non-optimal bank or insurance company.

LVS Brokers is a fintech company that has developed an AI-based brokering technology platform and provides brokering services in the financial industry, e.g. to banks and lenders. Brokering service finds the perfect match between the customer and the bank. The innovative AI-based LVS platform develops itself based on previous and new decisions and is scalable to other areas and all languages. The unique AI-based technology digitalises and automatizes the work that competitors perform mainly manually. Proof-of-concept on the national market in Finland shows high success and client need: currently the loan application volume is over 5 billion €, the company has over 500 000 customers, and over 50 service providers are using the platform.
LVS Brokers delivers more business for banks and other companies, such as electricity companies, real estate agencies and insurance companies, and it saves time and money for corporate and consumer customers in brokering processes. The company targets the emerging global market on online brokering services and has multiple scalability opportunities in service and market sectors. The commercialisation is well prepared, and the Phase 1 feasibility study produced the detailed business plan to support the scale-up.
The target is to reach 100 million € revenue during the 5-year period (less than 1% market share). LVS Brokers has a talented and dedicated group of 25 employees with in-depth international business and industry expertise and technology understanding in the fields of software, AI, machine learning engineering and integrations. Ongoing recruitments and an active network of relevant partners and stakeholders support the scale-up.
This feasibility study aimed to analyse the feasibility from different perspectives. The feasibility study covered technical, practical and economic feasibility. During the process, the company investigated bottlenecks in the global market uptake and established a plan on how to overcome potential problems. The results were gathered to a full business plan for scaling up the LVS Platform for the insurance sector. The innovation has scale-up potential on global markets.
The scale-up strategy has been estimated and developed during the project. The insurance sector has been selected as one of the key target areas in the near future. New partnerships have been formed to support the technology finalisation and business scale-up. The company has confirmed the feasibility of the technology and detailed the stages towards commercialisation. The project resulted in a full business plan describing the steps to market for LVS Insurance Service.
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