AI Contracts Manager

Vendor management and legal departments in large companies often face significant challenges when managing and reviewing large volumes of contracts from multiple vendors. These tasks include analyzing contracts, ensuring compliance with internal and external standards, and addressing potential issues. The process is typically time-consuming, costly, and prone to human error.

To address these challenges, AI-powered solutions can help automate and streamline contract review processes. By reducing manual effort and harnessing AI's ability to analyze unstructured data, these solutions can help improve efficiency and ensure compliance.

Our client, a global leader in reinsurance and insurance solutions, sought to modernize their legal department by implementing an AI-driven system to automate contract validation and compliance checks.

We developed an AI-powered application to meet their needs. The application allows users to upload contracts, analyze them using GenAI, find and highlight specific issues, calculate compliance scores and track contract progression.

Key highlights:

• Contract Manager Application: A user-friendly application was built, enabling users to upload and manage contracts seamlessly. The interface is intuitive and designed for ease of use.
• Compliance Scoring: GenAI engine analyzes contracts using predefined and AI-generated rules. It then calculates a compliance score based on the contract's adherence to these criteria.
• Review and Issue Resolution: The application provides users with a detailed interface to track compliance scores, review issues, and view references to corresponding parts in documents. GenAI suggests resolutions for the identified issues, which users can accept or reject. Users also have the option to manually review contracts and add issues if needed. Once an issue is resolved, the compliance score is updated based on the issue's weight.
• Versioning: The system supports version control. Each time an issue is resolved, a new version of the document is created. Users can access the full revision history for transparency and tracking.
• Visualization and Analytics: The application integrates with visualization tools like Power BI, allowing business users to monitor key metrics such as the number of contracts, compliance statuses, review progress, and other relevant data. These metrics are displayed on interactive dashboards for easy tracking and analysis.
• Knowledge Graph: Business users can access a dynamic knowledge graph, built using DIAL Mind Map, which visually represents all contracts and their relationships. This tool provides high-level insights into contract details and includes an AI-powered chat. The chat enables users to ask questions about contracts and receive accurate, source-referenced answers, reducing the risk of AI hallucinations and ensure transparency.

Vision into the future:

The next version of the tool is planned to integrate with Microsoft Word. This integration will take advantage of Word's existing features and functionality while offering a familiar review interface for business users.

Benefits achieved:

This GenAI-powered solution has delivered significant benefits to the client, including:

• Time Savings: Automation has drastically reduced the time spent on manual contract reviews.
• Improved Compliance: The system help ensure that contracts meet both internal and external compliance standards.
• Increased Efficiency: Streamlined workflows have made the legal department's operations more efficient.