The Contract Certainty Blog

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The Contract Certainty Blog

The Contract Certainty Blog

Breaking the "Groundhog Day" Curse

In this month’s Global Broker and Underwriter Magazine, Lloyd’s CEO Richard Ward, talks about the market’s need to “get it’s act together” to provide better service to its clients, or risk them going elsewhere. He emphasises the need for the market to embrace the Lloyd’s Exchange initiative and says that, “To some respects the market is like a Groundhog Day as nothing has materially changed.”

Too Much Sales Time Spent on Contracts

“In many organizations, up to 25% of sales time is spent on contract-related issues,” states Tim Cummins on his blog Commitment Matters. Tim is president of the IACCM, a non-profit organization that’s become the global forum for innovation in trading relationships and practices.

This is astounding. As we emerge from a very deep recession (knock on wood as GDP came out positive this week), organizations around the world are struggling to do more with less and to close sales more quickly. How do you do this when 25% less time is spent selling or prospecting?

Document Assembly Software Explained & Reviewed

Noted document assembly expert, Seth Rowland, has written a beginner's guide to Document Assembly that does a good job of explaining how document assembly software works.

Document Assembly goes by many different names, depending on the related job function and industry. It can be called document automation, document generation, contract automation, policy configuration, loan documentation, document creation and many more. For simplicity, we'll stick with document assembly here.

The 4 key challenges of contract management for law departments

Well known legal department consultant, Rees Morrison, reminds us of the four key challenges contract management poses for in-house lawyers:

  • Standardizing and simplifying contract drafting.
  • Setting policies regarding legal department review of contracts.
  • Streamlining contract negotiation.
  • Facilitating the company's adherence to its contractual obligations.

Morrison notes the role of document assembly in addressing the drafting issue. Interestingly however, all four issues can actually benefit from a document assembly solution.

Insurers improve productivity with KM

It’s one thing for us to say that we can help you improve your business. It’s entirely different for you to hear it from someone who has already succeeded in making their own business more profitable.

Les Doel, a manager at London-based Lloyd’s broker, Croton Stokes Wilson Ltd., recently spoke with KM World Magazine about his experience with document automation.

The Perils of MS Word

Our Chief Technology Officer (CTO) Justin Lipton has begun blogging over at CIO.com. From time to time we’ll share Justin’s posts in this blog as well. Here’s his most recent:

A mistake in a Word document has caused considerable damage and embarrassment to a publicly listed company in New Zealand. I recently read this post about an unfortunate comment that was left in a company’s annual financial statement. It reminded me how careful we need to be when using generic tools such as Word to produce documents.

Document Assembly for Insurance Policy Generation

Although document assembly has its origins in the world of law firms and legal contracts, it has more recently been pressed into service as a document automation platform in the document-intensive insurance world. After all, an insurance or reinsurance policy is indeed a contract.