Computable Contracting Benefits
Improving the management and creation of complex, commercial contracts, which includes the:
- Creation of core wordings and variants;
- Bespoking of contracts to satisfy customer-specific requirements – mass customisation;
- Unification of ‘hybrid contracts’ where the wordings are authored by both carriers and brokers;
- Management of the wording “estate” e.g. facilitating product harmonisation through ‘horizonal inheritance’;
- Development of new insurance propositions and products.
- Data-driven, dynamic policy shaping’ – fitting the policy to satisfy the customer requirements e.g. budget / customer harm
- Transforming 70+ pages into a dynamic, customer-centric view by cover, claim, peril etc; and
- Channel-specific rendering of wordings depending on device/document type i.e. portal, phone, pdf.
- Ensuring that the overall contract consistently reflects the contractual offer rather than using the schedule to indicate which parts of the wording are valid or not.
- Improving portfolio management and data analytics to enable:
- Scenario-based modelling to better understand overall exposure to peril P for customers C1-n with covers X, limits Y and in geography Z;
- Customer-based modelling to better determine optimum levels of coverage, and potential gaps.
- A better insight into coverage from a customer perspective, broker perspective and U/W perspective (with claims history);
- Information and decision-support for human-in-the-loop claims management – lower volume, complex claims;
- Automation of claims management for higher-volume, straightforward claims;
- Reduction in claims leakage (including fraud).
- Providing a more granular, and easily accessible insight into contract terms for negotiation;
- Information and decision-support for offer and acceptance – helps humans to speed up decision making;
- Automation of digital trading, again for higher-volume, straightforward contracts.
- A high level of control on the versioning and amendments to policy wordings;
- Automated checking of policy administration clauses e.g. declarations and registration;
- Facilitating a closer link with regulatory guidelines
