Scientia potentia est – Knowledge is power – it’s a trusted truism dating back thousands of years. In the business realm, knowledge means not merely understanding the demands of your industry and clients – it means knowing how to use the information you have to improve the overall health of your business.
Exari is launching a competition for practitioners of the London Insurance Market and their overseas colleagues. We are looking for suggestions of widely used documents that would benefit the market most if automated.
Neuroplasticity is a relatively new term that describes the way our brains are capable of continually adapting and changing in ways that are both surprising and amazing. It turns out that we form new neural connections throughout our lives in response to new situations or changes in our environment.
On 7 January 2014, Exari, along with its partner Tier 2, will present an overview of the SmartForms project at the first Lloyd’s Technology Thought Leadership Session of 2014. During this event, Martin Kett, VP, Insurance Client Development at Exari, will show how complex MRCs can be created efficiently and accurately using Exari’s web-based questionnaire, capturing risk data as a by-product of the process without any additional effort. The 25-30 minute presentation will be followed by a 10-15 minute Q&A session and will take place at the Old Library at Lloyd’s in London.
Can machines out-think humans, today or maybe someday? And what impact could this eventuality have on professions such as the law? Will computers replace the lawyers and contract managers who currently create, negotiate, analyze and track contracts? Or does the complexity of these tasks require a mysterious human touch?
The pressure is on. Regardless of your industry, you are expected to deliver more with less: more revenue with less cost and more results with less risk.
The good news for Legal and Sales Operations teams is that intelligent contract management can help you meet these challenges, with substantial benefits flowing to your bottom line.
In reviewing how one of the world’s largest audit firms uses its Exari Document Assembly software and what benefits are delivered, some interesting insights have arisen that can apply to any business case that needs to justify spend on Contract Management and Document Assembly solutions.
Imagine the following scenario: You’ve been negotiating hard on a big deal for weeks. Late nights, heated disputes, neither side giving an inch. Finally, miraculously, a compromise is reached, all parties are equally dissatisfied and the contract is inked.
Brokers in the London insurance market still, largely, rely on a document called a “slip” or, more officially, a “Market Reform Contract” (MRC) to negotiate commercial insurance risks with underwriters. The process varies between the 197 Lloyd’s brokers, but generally, begins with the preparation of an MRC in MS Word. Little or no data is captured during the process, and any information needed to track the deal is rekeyed (often multiple times).
Five years ago, I was at a party for my wife’s sailing group. Bored, I started a conversation with someone I knew from volunteering in my small Massachusetts town.