Global Specialty Insurance Company Streamlines Risk and Compliance With Evisort
Since its founding several years ago, one global specialty insurance company has expanded from a small startup to a team of almost 2,000 professionals operating across 14 countries worldwide. With rapid growth comes new challenges, and as the legal team built their new legal operations function, they knew they needed a scalable solution that was accessible to everyone who worked with contracts.
Identifying opportunities and solutions
Ultimately, they chose to explore intelligent contract lifecycle management (CLM) software to provide them with the capability to:
- Centralize all the company’s contracts
- Make all contracts searchable
- Provide secure access for the globally dispersed team
- Control access to specific contracts based on business needs (e.g., by role, department, or geographic location)
- Automatically alert contract owners about upcoming renewal and expiration dates
Experiencing Evisort in action
The insurer’s legal team heard about Evisort’s AI-powered contract management platform from a lawyer at the parent company, who had been using it successfully for about a year. Demonstrations of the platform’s contract intelligence in action proved that Evisort could help them meet all their requirements and empower them to operate at scale as their business grows.
Quickly centralize and analyze contracts.
The legal team set up Evisort to sync with the shared folder that stored all the company’s contracts and provisioned access appropriately by team and role. The platform’s AI analyzed every contract, even those written on third-party papers, to identify key clauses and surface metadata for each contract.
“As the company has grown, we have found it to be vital to create a single source of truth for vendor management. Evisort helped us do that – fast,” said their Chief Product Counsel. “We didn’t have to move any of our files and the platform even copied our existing folder structure for us.”
With Evisort, the team quickly identified which agreements were active and which were not, and immediately archived at least 600 inactive contracts, so they could focus their searches and reporting solely on active agreements.
“We have a lean legal team, so efficiency is a must for us,“ she added. “Evisort enables us to do so much more than we did before, and in a fraction of the time.”
Create custom clause tags.
The legal team created custom clause tags in Evisort to search for and track information specific to the insurer and the insurance industry. Leveraging the platform’s search capability and automated notifications, one employee is now able to keep track of all service contracts and vital data, such as expiration dates.
Streamline vendor management.
The insurer’s IT team conducts an annual, internal review of the company’s service providers’ security. Previously, they managed that review manually in a spreadsheet; now, they use Evisort to simplify the process. Whether responding to the IT team or an external regulator, the legal team can get and report on a real-time snapshot – on demand – of where and how they are outsourcing work.
Enhance risk management and compliance processes.
The insurer also relies on Evisort to navigate external risks. With company operations throughout the globe, the legal team needs to stay on top of emerging and shifting regulations, such as data privacy laws. Using Evisort, they can quickly identify and update non-compliant language throughout all their contracts in any given region. The team can also be confident that in the event of a data breach, they’ll be able to identify and fulfill any third-party notice obligations without delay.
Allow more time for strategic work.
By streamlining contract management with Evisort, the insurer’s legal team has freed up time to focus on more strategic work. Evisort’s contract AI helps them drive consistency and efficiency, establish contract certainty, and manage risk.
Learn more about how this global specialty insurer used Evisort to centralize and streamline their CLM processes in the case study.
As an insurance company, it is critical for our global organization to conduct audits for compliance, Evisort’s AI allows us to accomplish these projects in a matter of minutes instead of months.
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