Contract Intelligence Objective
Implement a fully automated platform to streamline contract management across departments and subsidiaries, providing a centralized repository, improved searchability, and enhanced governance and visibility.
- Reduced turnaround time for contract execution and template creation
- Enhanced scalability without compromising accuracy or speed
- Reduced complexity with creation of one single source of truth for contract terms and information
- Integrated supplier assessment for faster onboarding
Recently, Investors Title, a rapidly growing company with multiple subsidiaries, recognized the need to overhaul its contract management system in order to support expanding operations. Contracts are foundational to insurance companies’ commercial operations and risk management, yet Investor Title’s incumbent contract management solution offered only basic repository and search capabilities.
To ensure technological readiness and support continued growth, the company wanted a system that could streamline contract management across departments and subsidiaries and bring all contracts and contract data into a centralized, searchable repository to improve visibility and enhance governance. It also needed a solution that could integrate contract data and processes into upstream and downstream financial systems, given contracts’ centrality to financial success.
Investors Title chose the Icertis Contract Intelligence (ICI) platform to meet its ambitions.
An enterprise-grade solution, Icertis fit Investor Title’s needs for an organization-wide CLM and risk management solution that could help fuel growth. With tools like workflow automation and dynamic clause libraries, Icertis accelerates and standardizes the creation, review, and approval of contracts drafted on both own and third-party paper. Teams can also track critical business and compliance performance post-execution with reports and dashboards.
Icertis also offers more than 160 APIs out of the box, including integrations with Oracle NetSuite. This enabled Investor Title to connect contract data to the financial processes that contracts help power.
Finally, Icertis’ ability to extend into surround business processes enabled the Investor Title team to incorporate the vendor risk assessment, scoring, and approval processes into the contracting workflow, greatly simplifying the vendor onboarding process. This demonstrates what a leading IT advisory firm recently cited as Icertis’ ability to “go beyond what a traditional CLM solution can do.”
The implementation partner chosen for the project was CloudMoyo, the global partner of choice for digital solutions that live at the intersection of cloud and AI.
Investors Title’s transformation journey from using a simplistic platform to adopting a sophisticated solution has been remarkable.
“Every aspect of the contract management process is optimized”
Every aspect of the contract management process is optimized: The company enjoys reduced turnaround time for contract execution and template creation; total scalability to handle growing volumes of contracts without compromising accuracy or speed; and a fully integrated risk assessment workflow that feeds directly into the vendor contracting process. Dashboard reports and alerts provide help users stay on top of contract renewals and other milestones.
Best yet, the system was delivered in a cost-effective manner thanks to CloudMoyo’s Adoption and Value Acceleration (AVA) team of functional/technical consultants and engineers, which empowers the client to leverage diverse skill sets for long-term engagement and post-go-live success.