Funeral Safe is an FCA-regulated consumer credit provider, established in 2016 and launched in 2018 in Ipswich, Suffolk.
The company offers accessible and affordable finance for bereavement and legal services, aiming to ease the financial burden of funeral expenses. Their mission is to provide an additional payment option for anything funeral-related, ensuring families have peace of mind. Founded by industry experts and governed by an independent supervisory board, Funeral Safe remains a trusted partner in the funeral finance sector.
The Challenge
Funeral Safe sought to incorporate automated decisioning and gain more in-depth insights from their data to achieve a more efficient and effective form of underwriting, reducing the reliance on manual decision-making. This led them to choose LendingMetrics’ Auto Decision Platform (ADP) as their solution.
The Solution
Since implementing ADP, Funeral Safe have significantly improved their application-to-loan time, with direct approvals completed in as little as 30 seconds. When incorporating Open Banking data, the entire process takes less than 30 minutes. Additionally, in line with their broader business development, Funeral Safe has successfully increased and maintained higher lending volumes while reducing staffing requirements, estimating a reduction of around four to five roles.
A standout feature for Funeral Safe is ADP’s Test Engines, which allow them to safely explore both live and historical data without affecting business outcomes. This has enabled effective A/B testing and provides valuable insights when adjusting rulesets. It offers them greater flexibility and control over their decision engine, whilst ensuring core processes remain uninterrupted.
It’s a fantastic tool that works perfectly for our needs and once fine-tuned, will continue to deliver outstanding results for our business.
The Future
Funeral Safe plans to continue expanding and have recently adopted the LendingMetrics Exchange (LMX) multi-bureau solution, which will provide them seamless access to both Equifax and Experian data under one contract. This integration will reduce their upfront costs while enabling the company to waterfall across multiple credit, ID, bank account, and affordability checks.
As they continue to grow, Funeral Safe is well-positioned to scale operations without significantly increasing overheads. Both ADP and LMX will provide the tools needed to refine processes and ensure efficient, data-driven decision-making.
