Contract Management

Reimagine the contract management process—less time searching and more time acting on relevant information.

The SItuation

A financial institution needed to review non-disclosure clauses in 60,000 US client accounts. Previously the organization employed a team of 12 attorneys to review the documents manually and create an Excel spreadsheet with the results.

The Problem

The organization had a massive repository of poorly scanned client documents and no one knew what was inside of it. When an executive asked the team what their obligations were in terms of non-disclosure on these accounts, it took the team of 12 attorneys six weeks to determine an answer.

The Solution

Applica took the historical non-disclosure agreements, extracted the required information, and put it all in a structured, searchable form. Now whenever anyone has a question on these documents, they can execute a simple query and have an answer the same day. New non-disclosure documents are also put into this structured database for self-service use.

The Results

By automating this process and making it easy to access for repeatable future use, the organization no longer needed to employ the team of 12 attorneys to review the data, reducing costs by 80%. The turnaround time decreased from six weeks to less than one day.

More Use cases

Financial Services
Mortgage Origination
Comprehend and extract information from nearly all document types involved in the mortgage life cycle–resulting in greater speed, scalability, and profitability.
Loss Runs
Applica eliminates the need for data labeling and requires less time, effort, and fewer document samples than other solutions, giving you more control over loss run reports and data lake analysis.
Lab Reports
Applica can automatically process thousands of forms in minutes, regardless of complexity or variability.

Curious how Applica can support your business?

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