AI Accelerates Contract Processing by 71%

A financial group faced slow contract processing, limited visibility, and error-prone workflows. By implementing an AI-powered CLM platform, they achieved a 71% reduction in turnaround time, optimized workflows, and enhanced compliance.

Client:

National Life Group is a seasoned financial powerhouse with a 175-year legacy in life insurance and annuities. Their strong foothold in fixed-indexed annuities and extensive
customer base solidify their position as a trusted industry leader.

Problem statement:

● Manual, Paper-Based Processes: Inefficient contract creation and management.
● Slow Turnaround Times: Lengthy legal review and contract approval cycles.
● Lack of Visibility: Limited understanding of contract workflow and data.
● Error Prone: Increased risk of human error due to manual processes.
● Difficulty in Maintaining Control: Challenges in managing contract versions and changes.

Results:

☑️ 71% Faster Contract Processing: AI-powered automation streamlined workflows.
☑️ Workflow and process optimization: Advanced analytics pinpointed inefficiencies in contract processes.
☑️ Enhanced compliance: Comprehensive contract oversight ensured adherence to regulations.
☑️ Effective obligation management: Detailed contract data supported stronger supplier relationships and risk mitigation.

AI Solution:

National Life Group (NLG) implemented an AI-driven Contract Lifecycle Management (CLM) platform, Sirion.AI to streamline contract processes and improve efficiency. The solution incorporates several AI-powered features:

● AI-Driven Contract Search and Analysis: The system utilizes AI to search through a centralized contract repository efficiently, extracting key terms and provisions to identify potential opportunities and risks.
● Intelligent Contract Authoring: AI-powered automation aids in drafting contracts by suggesting relevant clauses, populating metadata fields, and minimizing errors.
● Advanced Analytics: The platform leverages AI to provide detailed insights into contract workflows, enabling data-driven decision-making and process optimization.

The AI solution enhances contract management by automating routine tasks, improving data accuracy, and providing valuable insights to support strategic decision-making.

Reference:

1. National Life Group Uses Contract AI to Improve Contract Turn Around Time By 71%

Vendor: Sirion

Client: National Life Group