AXA XL has partnered with Document Crunch to launch a contract review benchmarking service for construction insurance clients.
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally.
Document Crunch is a contract intelligence platform that simplifies construction contracts, quickly identifying critical risk provisions and providing guidance so teams can make great decisions throughout the entire project lifecycle.
AXA XL said the partnership will improve its contract management and negotiation practices. The service will see the company’s construction clients be provided with best practices and benchmarking comparisons, supporting their risk management efforts to minimise contractual liability.
Document Crunch is a construction-specific, contract intelligence platform that can mine current and historical contracts and extract key provisions to easily identify trends and generate insights.
Cheri Hanes, AXA XL’s head of innovation and sustainability, said, “Effective contract review and negotiation is a vital risk management tool in the construction industry. As part of their insurance coverage, we provide our clients with insight on how their contracts stand up to others in the industry. With this, they gain a competitive edge in seeing how their contractual stance on key contract terms aligns with industry best practices and their peers.”
Josh Levy, Document Crunch’s CEO and co-founder, added, “Historically, construction contracting is largely done in siloes with no objective standardisation to the review process. We now have access to data, and we should be using this to make our contracts better. We’re thrilled to be partnering with AXA XL and their clients on this benchmarking initiative to help bring data insights around contract risks to the industry.”
Earlier this year, hyperexponential (hx), a SaaS pricing platform for insurers, partnered with Supercede to combine SaaS platforms to enable rapid reinsurance dealmaking.
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