Identifying explicit and implicit inclusions of cyber risks in commercial insurance contracts in wholesale individual business is an eminent part of the value chain. And NLP is the solution.
Process-relevant information is often hidden in plain text
Machines that can read documents like contracts take process automation to a new level.
- A hidden champion in the automotive industry had several thousand active contracts with customers and suppliers.
- Termination dates and price escalation clauses could only be tracked sporadically. For old contracts the information was not available at all, for new contracts it was recorded with fluctuating quality.
- With the docuduct standard module “Contract Master Data”, relevant information was automatically extracted from contracts.
- Critical cases were presented to clerks for review - human-in-the-loop.
- Important contract deadlines were cleanly recorded in the DMS, responsible persons were automatically reminded in time.
- In the following 12 months, savings in the seven-digit range were achieved through timely termination or renegotiation of contracts and the use of price escalation clauses.
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