Contract Data Intelligence
Shareforce’s AI/NLP-powered Contract Data Intelligence solution enables clients to unlock (legacy) contract data at its deepest level. By building contracts digitally from inception, based on granular building blocks, contract data in every part of your legal documents is accessible. We combine the strength of the clause-component databases (“clause library”) with all usage data in the platform to facilitate quantitative (variables) and contract wording analysis. In addition, by extracting the digital “DNA” from contracts, Shareforce offers an even deeper level of contract data, providing clients the most detailed and accurate insights from both individual contracts and aggregate contract portfolios.
Shareforce includes analysis and extraction of data from legacy (pre-Shareforce) contracts. Our platform extracts contract data from PDF, MS Word & many other formats, as well as using API’s. Having the ability to unlock contract data from both legacy documents (T-1) and documents created in Shareforce (T+1) in one platform is a truly unique offer.
The result is a completely novel and automated solution that solves many crucial industry challenges in contract operations.
Repapering & Remediation
Shareforce enables clients to automatically distribute updates to all relevant templates and signed contracts; at the touch of a button, firms are compliant, avoiding errors, fines and remediation actions. Repapering and remediation (discovery, analysis and amending) of all contracts (legacy and contracts created in Shareforce) is possible.
Legacy Document Migration
Shareforce enables importing legacy contracts and matching these to relevant product Templates to determine equivalence. Large scale contract (e.g. life insurance policies) comparison is utilized for efficient automated contract migration purposes.
Automated Claims Handling
Shareforce extracts all risks, risk objects, risk situations and event chains from each contract, including legacy documents or documents located across multiple systems/applications across the organization. These event chains and risk objects are utilised to automate claims handling processes.
3rd Party Document Risk Assessment
Shareforce provides an automated topic-based risk analysis of 3rd party contracts vs a client’s own contract terms. By comparing terms dictated by third party contracts and matching these to the client’s standard contract content, embedded contract rules and playbooks, our solution determines similarity and differences in content and context.
Actionable Insights
Bespoke, easy-to-navigate dashboards provide a graphical representation of the collective contract knowledge of your company and give customers actionable insights in their contracts and clause usage. All contract data is available to be used as input in clients’ own Business Intelligence tools.
- Risk analysis & Risk Monitoring: perform quantitative risk analyses (financial exposure) via variables on individual contract level or portfolio (aggregated) level.
- Querying & Reporting: extract instant insights from the clause-component database, obligations, risks, and critical data in your contracts. Find deviations in your contracts from standard clauses/templates and the degree of deviation.
- Data mining: extract and discover patterns in your contract data set. Find and replace legal content that has been flagged as ‘risk’. Perform country, sector, product analysis or any exposure you deem relevant.