BILL uses AI agents to cut underwriting wait times from 3 hours to 12 minutes

Automating the underwriting workflow

BILL, a company that provides a financial operations platform for businesses, has significantly accelerated its underwriting process. The company utilized its risk team to build more than 100 AI agents over the past year to perform work around the clock. These agents are designed to complete specific tasks independently rather than just assisting human workers.

The AI agents perform several functions, including pulling case files, drafting credit assessments, and writing model documentation. By automating these repetitive tasks, the company aims to remove friction from its internal operations. This shift allows the organization to focus on higher-level tasks while the machines handle the data heavy lifting.

According to Lacerte, the company's leadership, these agents work across several functions to improve productivity. The goal is to create a more streamlined environment where information flows more quickly between departments. This move is part of a broader strategy to transform the company into an AI-native organization.

The Robin AI suite

A specific suite of three AI agents called Robin was developed to handle underwriting cases. Robin functions by sending each individual case to the correct underwriter automatically. It also pulls the necessary customer data into a single summary for the human reviewer.

Before this system was implemented, underwriters had to manually piece together information from various sources. This included searching through chat messages, checking different dashboards, and looking through separate emails. The manual process was fragmented and required significant time to organize the necessary facts for a decision.

With the new system, underwriters can now make a decision using a one-click link provided by the AI. This transition has reduced the customer wait time from three hours to about 12 minutes. Lacerte noted that this change provides a faster and more personalized experience for small and medium-sized businesses.

Operational shifts and workforce changes

The integration of AI at BILL has led to significant changes in how the company manages its human resources. In May, Lacerte announced plans to reduce the company's workforce by 30% by the end of that quarter. This move was intended to sharpen the company's focus on AI technologies and streamline its operations.

Following the workforce reductions, the company overhauled its leadership team to support its transformation. These restructuring actions were designed to accelerate the company's shift toward an AI-native model. The leadership team aims to remove friction to unleash greater clarity and velocity in their product development.

The company reported that these changes are already showing results in their product velocity. BILL launched five products during the recent quarter and successfully built a Visa pilot in just four weeks. These milestones serve as early indicators of the company's progress toward its new operational goals.

Impact on customer support

Beyond the underwriting department, BILL is using AI to manage its interactions with the general public. The company launched an AI-powered Chat with BILL to assist users with their inquiries. This tool is now handling 45% of all customer support conversations for the platform.

By automating a large portion of support requests, the company can manage a higher volume of customers without necessarily increasing headcount. This allows human support agents to focus on more complex issues that require a personal touch. It also ensures that common questions are answered quickly by the AI system.

The success of the chat tool is another example of the company's broader move to shift operations to AI. By integrating these tools into the core of the business, BILL seeks to improve the experience for its users. The company views these technological updates as essential for maintaining productivity in a competitive market.

The path to an AI-native company

BILL is currently in the midst of a fundamental reshaping of how it operates as a business. The company's primary goal is to become an AI-native company by the fiscal year 2026. This involves moving away from traditional manual processes and toward systems where AI agents perform the majority of routine work.

The company's leadership believes that these actions will lead to better financial discipline and faster sales execution. By removing the friction of manual data entry and organization, they hope to create a more agile organization. The progress seen in the first quarter is being used as a benchmark for future growth.

As the company continues this transformation, it will likely see more AI agents being deployed across different departments. The success of the Robin suite suggests that the company will continue to look for ways to automate multi-step workflows. The ultimate objective is to provide a more efficient platform for businesses to manage their financial operations.