Contract are mostly managed in paper form in the Insurance Industry. They are either on paper archives or, when handled electronically, they are stored as scanned documents (digital pictures) on which information is impossible to find. Answering questions like the following is a challenge, and required manual effort:
– what are the risks with this contract?
– what other contracts to I have containing this type of clause?
– how many of them?
We helped our client modernizing their contract management and analytics capabilities by introducing a system that makes use of Machine Learning and Natural Language processing to help answering those questions.
