Firehorse isn’t dependent on a particular path; we’re free to solve each problem without constraints, which is unique in today’s landscape. For example, the mortgage industry only abstracts the minimum data required from mortgage documents; in the case of the paystub, only one number is required: gross pay. The only way to determine whether that singular piece of data is accurate requires human intervention (or an awful lot of technology), which gets expensive, so the fewer the numbers, the better! 

Firehorse takes in all the data from the paystub.  By tying all the numbers we can guarantee that one number in particular, Gross Pay, is correct.  Knowing that we know (accuracy!) removes the need for human intervention or an awful lot of technology to get a confidence level on accuracy.  Now there is no need for every new person who looks at a mortgage file to check to see  that the Gross Pay from the paystub is correct.

Taking in all the data makes it easier to deal with exceptions.  In the example below, a paystub with a year end bonus has been added to the file.  By taking in all the numbers, we can ingest the Bonus number into a standard format and use it in our calculation.  Having all the data makes it easy to create algorithmic solutions.  In cases where AI makes sense, having a complete dataset improves the accuracy of AI decision-making.  After all, how could a human or a machine make a good decision if there actually is a Bonus but neither the human or machine knows the amount or even that it exists!

Taking in all the data future proofs your hard earned business processes and technology platforms.  What if a new piece of data becomes important to underwriting in the next year?  For example, a decade ago a gig economy second job rarely existed.  By having a process to take in all data also means we have a process for taking in NEW data.  That means as the world changes, flow changes as well without any need to change any of your other systems or processes.

What makes Firehorse better?  Our data abstraction is more precise, accurate and less expensive than traditional methods.  We’re faster, too!  We can handle exceptions better and future proof your current processes and systems.