Quicker underwriting in India

Cyber Highways is launching a service offering a quicker underwriting service for lenders by sub-contracting it out to India electronically.

In the UK, underwriting can be a lengthy process, taking up to three months from offer to completion.

Cyber Highways is trying to cut down this time by scanning the necessary forms and sending them to Pune, India, where its underwriters can complete and return the forms within days.

Sanjai Gajjar, president of global development and operations at Cyber Highways, says: “We are looking for lenders with large volumes of applications, so they can spend more time with customers.

“We found it is not the expense that worries lenders, it is the speed of service. We borrow the data from their databases for three days and then return the information, completed.”

In recent years many banks have been criticised for sub-contracting call centres to India, resulting in inferior service and widespread criticism.

Matt Dalwood, vice-president of UK sales at Cyber Highways, says: “Lenders need a contact in this country or it wouldn’t work. We have regional sales teams all over the country that will be the voice of Cyber Highways for all our customers.”