The international broker Hub International Limited has announced the launch of Hub Contract Review, a self-service platform that uses artificial intelligence and human expertise to help clients manage the contract review process and identify and reduce contractual risks.
Nuclear verdicts have increased across all industries in recent years, Hub said. Litigation from poorly negotiated contracts can result in severe financial impacts on a business. With that in mind, many organizations are strengthening their contract review processes – but the extra time required can delay their response time to bid on new work, Hub said.
“We are committed to not just protecting our clients from contract risks and exposures, but also facilitating proper contract review protocols to quickly and efficiently respond to new business opportunities that affect every industry Hub serves,” said Chris Treanor, Hub president of programs and specialties. “The value of reducing risk and, conversely, the potential financial consequence of litigation, can have a large impact for any organization.”
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Hub Contract Review’s AI technology can review any contract with insurance provisions. The platform can check contracts to ensure they meet insurance compliance, identify adverse or missing clauses, and recommend alternative language to reduce contractual risk, Hub said. The platform includes unlimited product training and technical support. It also gives customers access to insurance professionals who can provide guidance on sifted contracts.
The new product launches as Hub continues its M&A spree. Earlier this month, the global broker acquired New York-based Brady Risk Management and Pennsylvania-headquartered Weiss Schantz Agency.
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