Insurance

A large US based Insurance company who does underwriting of Auto, General and Umbrella policies

Insurance

About Company

This is an insurance company that has huge presence in most of the states in US and underwrites auto, general and umbrella policies ( both B2C and B2B).

Contract Challenges

If a state law changes specific to an industry such as Automobile coverage, the company has to incorporate the changes(revise the policy document0, vet through the legal department and finally sends to IT to publish on the website for self-servicing customers. Any omissions in language, semantics or grammatical errors while this is finally published causes a huge liability.

It takes several man days for completion of the comparison and review of the final documents and hence a need to accelerate the process of review cycle and cut down the turnaround times.

How Smart Contract Analytics was Helpful?

The SCA platform has compare features that is built on top of the NLP ( Natural Language Processing) using deep learning algorithms. The compare feature has two componnets:

  • Comparing documents with a standard template
  • Comparing two executed documents of similar contract type

With this compare feature, the review time of the new versions of the documents took a few minutes of time rather than full days.The ROI is immediately realized and the company was able to save thousands of dollars spent on the reviews.This helped in meeting regulatory compliances, productivity and turn-around times.

Apart from this, the company now had a single platform where all the versions of the documents are saved along with the changes that were made and perform analytics on various key data elements of the contracts.

Business Benefits

The following key features are being used:

  • Discovered all their contractual documents
  • Identified the necessary specific clauses by state and jurisdiction
  • Created a fully searchable contractual document corpus
  • Fully audited process to review all necessary contractual documents.
  • Reduced time and cost for initial contract review and final review before it goes live

To understand how Smart Contract Analytics can help you reduce your day to day contractual pain points and save your time, resources and money.