Our Business Case for Insurers
Core problems of document processes
Manual document processes are costly, inefficient, fragmented, error-prone and a potential compliance risk.
Core and non-core insurance applications are legal document silos leading to repetitive processes and inconsistency. These applications contain their own isolated/application-specific policy documents, their own manual update cycles and their own automated document creation process (if any), creating many forms of duplication. In addition, interdependency between Legal/Underwriting and IT staff to update policy content in these applications creates another layer of inefficiency and delay.
Insurers do not have centralised insights in their full policy content (i.e. combining Wordings, Schedules, Endorsements) which leads to a lack of comprehensively understanding risk exposure, reduced critical decision making and poor management of legal, financial and operational risk. This means reduced productivity, higher costs and slow and inaccurate reporting.
USE CASES
Client Challenge
Commercial P&C Insurance companies are looking to significantly reduce manual policy contract updating processes as part of their technology transformations. Their common aim is to combine and centralise all policy content (e.g. Wordings, Endorsements, Schedules) in a “clause component library” and use this curated content to create structured data contracts to eliminate operationally static policy documents. In addition, to build a foundation for the future, these clause-component databases need to be modular and granular in their set-up.
Shareforce solution
Shareforce’s Enterprise Legal Content Management solution provides Insurance companies with a clause-component database (insurance policy clause library) that holds all policy content in one central location, where all content is controlled by the underwriting teams. Wordings, Endorsements and Schedules are generated from one place, creating structured data in the form of a single, dynamic, insurance contract. All legal content is managed, originated, automated, maintained and deployed at a granular level as individual components rather than managing it as an entire clause or document.
Impact
- Shareforce combines all policy content in one place, creating a ‘single source of truth’ that benefits the whole organisation.
- Shareforce enables significant improvements in quality and uniformity of policy documents, contract construction and governance. Policy wording is structured data, and no longer stored in the form of an unstructured text file.
- Our turnkey solutions improve underwriting contract process efficiencies through automation and through elimination of duplicate processes like re-feeding of details to multiple platforms and systems.
Client Challenge
Due to the fragmented nature of policy information documentation & storage, global Insurance companies are faced with a challenge to comprehensively identify and understand risk in (legacy) policies, both on an individual and aggregate policy level. As policies get updated over time, this challenge becomes even harder.
On top of that, accessing a deeper level of contract data to extract risk objects and event chains from these policies is therefore almost impossible, and inhibits firms from using this data as input to automate claims handling.
Shareforce Solution
Shareforce’s Contract Data Intelligence solution enables clients to unlock contract data at its deepest level. By building policy contracts digitally from inception, based on granular building blocks, contract data in every part of policy documents is accessible providing detailed and accurate insights from both individual policies and policy portfolios.
Shareforce includes extraction and analysis of data from legacy (pre-Shareforce) contracts located across multiple systems/applications in the organization. Our platform extracts contract data from PDF, MS Word (& many other formats, as well as using API’s) including risk objects and event chains, which can be used as inputs to facilitate automation of claims handling processes.
Impact
- Shareforce unlocks contract data from individual or aggregated policies across your organisation to facilitate contract risk analysis, risk monitoring & reporting.
- Connect to our platform and use contract data as input in your own Business Intelligence tools to measure and reduce operational risk.
- Extract risk objects and event chains from (legacy) insurance policies to enable automated claim handling.
Client Challenge
A global Speciality Risk Insurer was looking for an automated alternative to their manual, time-consuming process to determine how 3rd party policies, with terms dictated by their clients or brokers, compared to their own risk profile and appetite.
To determine how risk in 3rd party policies differs from their own clauses and internal underwriting guidelines, the solution needed to be integrated with a clause-component database (“clause library”) that held all their standard clauses and, as additional requirement, enabled policy generation.
Shareforce Solution
Our Enterprise Legal Content Management solution provides a ‘single source of truth’ clause-component database (policy building-block library) that holds all our client’s standard policy content in one central location. Bespoke, complex insurance policies are created by using Shareforce’s Automated Document Creation solution, embedding underwriting rules and playbooks. Content in Shareforce is automatically compared to 3rd party policy terms which enables a detailed comparison of risk profiles to determine acceptability.
Impact
- Shareforce provides an automated topic-based risk comparison of 3rd party policies to our client’s own acceptable policy terms.
- Our solution enables significantly faster comparison & analysis of third-party contracts based on our client’s internal risk guidelines. Shareforce detects content and context, resulting in a large reduction of time spent assessing third-party documents.
- Additional benefit: underwriting & contract creation staff save up to 80% time in drafting tailor-made, complex policy documents with Shareforce’s Automated Document Creation solution.
Client Challenge
A Multinational Life Insurance client had a major challenge migrating millions of legacy policies from more than 30 systems in over 10 countries to one new, central policy administration system. As part of the policy migration, the client wanted to significantly reduce the number of policy variations (policy templates) from hundreds to less than 25. Until now, the only way this was possible was via manual policy comparison, which was not a commercially viable route and would take many years to complete.
Shareforce Solution
Our client’s subject matter experts used Shareforce’s Contract Data Intelligence and Legal Content Management solutions to create the new template policies in our platform, by extracting and curating relevant content from their legacy policies, supported by Shareforce AI/NLP features. Each legacy policy is automatically matched with the appropriate template policy to determine equivalence, thereby enabling large scale, automated policy comparison and matching.
Impact
-
Shareforce’s leading-edge Contract Data Intelligence solution and AI/NLP capabilities offer policy migration options that weren’t available before.
-
Automated policy matching enormously speeds up the process making legacy policy migration commercially viable.
-
Additional benefit: our client can use the Clause-component database (“clause library”) and Templates going forward to automate new policy contract generation.
Shareforce offers:
Increased Productivity
A turn-key solution that serves as the ‘single source of truth’ for each underwriter and insurance document. One, firm-wide, exhaustive clause-component database for all countries, departments (e.g. underwriting, policy administration, claims processing) and systems (PAS, underwriters workbench), that becomes the catalyst for all insurance contracts. No-code Automated Document Creation offers quick, safe and flexible drafting in MS Word.
Lower IT costs
Insurers’ lawyers or senior underwriters have full control over the clause-component database. Policy content is originated, automated, maintained and deployed much faster throughout a firm, without the need for IT staff. Avoid delays, reduce the number of applications needed, and offer underwriting and contract staff the broadest flexibility.
Reduced regulatory costs & reduced risk of fines
Update and renew contracts securely and efficiently with our workflow tools. Comply swiftly with the ever-growing regulations that the industry faces. Improve contract governance and decrease regulatory risk and costs.
Actionable Insights from Contract Data
By building contracts digitally from inception, based on granular building blocks, contract data in every part of your policy documents is accessible. Shareforce is also able to unlock and extract data from legacy (pre-Shareforce) policies. Our platform extracts contract data from PDF, MS Word & many other formats, as well as using API’s. Having the ability to analyse contract data at its deepest level from both legacy documents (T-1) and documents created in Shareforce (T+1) in one platform is a truly unique offer.
Jasper Boersma
Chief Revenue Officer (CRO)
For questions, please contact me directly:
E. jasper.boersma@shareforcelegal.com
Or reach out to us via our contact form.