Hub International Limited, a global insurance brokerage, has launched HUB Contract Review, a self-service technology platform that leverages artificial intelligence and human expertise for effective contract review and to quickly reduce contractual risks. The platform is designed to meet the increasing demand for efficient contract review across all industries, especially agribusiness, construction, healthcare, hospitality, real estate, and transportation.
Introducing HUB Contract Review: AI-enhanced contract review platform
HUB Contract Review is a new self-service technology platform that assists clients in reducing contractual risks through AI-enhanced contract review. The platform utilizes artificial intelligence and human expertise to streamline the contract review process, allowing clients to efficiently identify and reduce contractual risks. The technology can review any contract with insurance provisions to meet compliance and identify adversarial or missing clauses, as well as recommend alternative language to reduce contractual risk. Clients can use the technology to negotiate contracts quickly, safely, and affordably.
Why effective contract review is key to mitigating risk
With nuclear verdicts increasing across various industries, the importance of effective contract review cannot be overstated. New business contracts offer revenue opportunities, but they also increase liability risk if proper contract review protocols aren’t followed. Litigation resulting from poorly negotiated contracts could lead to severe financial impacts due to large judicial payouts. Organizations have been strengthening their contract review processes to shift exposures and secure the required insurance. Despite this, more time spent on legal reviews can delay response time to bid on new work. HUB Contract Review accelerates the contract review process so that clients can negotiate contracts quickly, safely and affordably.
How HUB Contract Review accelerates contract review and reduces contractual risk
HUB Contract Review is available 24/7 and provides clients with unlimited product training and technical support. Clients also have access to experienced insurance professionals for guidance on shifted contracts. The platform is designed to optimize contract review, reduce the time and resources needed for legal review, and mitigate contractual risks, thereby facilitating efficient responses to new business opportunities.
Chris Treanor, HUB President of Programs & Specialties, spoke on the importance of reducing risks and the potential financial consequences of litigation, stating that “the value of reducing risk and conversely the potential financial consequence of litigation can have a large impact for any organization.”
In conclusion, HUB Contract Review is another example of how HUB International continues to provide tailored solutions and unrelenting advocacy to clients. The platform is optimized for quick and efficient contract review and designed to reduce contractual risks, shift exposures and secure the required insurance.