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Industry: Insurance

We now have a shared, centralized and real-time version of truth regarding our commercial relationships. Critical contract data that once took several hours, or even days, to locate and assess is immediately available at our fingertips.”
— Jayne Rothman, Senior Vice President, General Counsel, Vertafore
 

Executive Summary

With more than 45 years of expertise, Vertafore provides leading-edge insurance management software solutions to 500,000 customers. That translates into massive, complex stores of customer contracts, documentation and data. To further complicate matters, many Vertafore customers have undergone mergers, acquisitions and name changes over the years. It is also common for customers to have multiple contracts and agreements with different terms and renewal dates.

Pramata enabled Vertafore to consolidate huge stores of contracts and customer documentation across databases, business applications, legacy systems and hard-copy storage facilities into a “single version of truth.” With immediate access to critical commercial relationship data, Vertafore can now:

  • Better understand and support customer relationships
  • Drive more effective renewals
  • Reduce storage costs
  • Assess risk and speed business processes
  • Free up professionals to work on higher-value tasks. 

Challenges

  • Massive, complex stores of customer contracts, documentation and data
  • Many customers have undergone mergers, acquisitions and name changes over the years
  • Common for customers to have multiple contracts and agreements with different terms and renewal dates

Solution Benefits  

  • Pramata team digitizes documents, understands nature of the terms and conditions, normalizes data, and keeps customer relationship information updated daily
  • Sales team access valuable data directly from their Salesforce CRM because of Pramata’s seamless integration
  • Deeper customer insights drive new conversations about renewals, contract terms, the consolidation of multiple agreements and longer-term contracts to help customers with financial planning
  • Risk analyses can be performed and risk scores assigned to contracts
  • Mountains of duplicate data that Vertafore amassed over the years can be eliminated to reduce storage costs