AI Assistant Speeds Contract Queries and Reviews
Cloudaeon’s AI-driven Contracts Q&A cut manual reviews by 50%, improved customer response speed by 40% and reduced regulatory risks in financial services.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.
One of the top financial services provider managed millions of client accounts. As vast as their operations were the growing complexities in managing the huge repository of contractual documents. Their legal, compliance and operations team struggled to efficiently access the vendor contracts and agreements. Not just access, but they had difficulty interpreting critical information spread across a massive volume customer terms & condition.
A faster and scalable way to surface contractual knowledge was urgently needed.
Challenges
Document overload: The financial organisation was burdened with thousands multi-year vendor agreements. These documents were fragmented across multiple departments making it difficult to maintain a single source of truth.
Time-consuming queries: Frequently asked question like "What is the termination clause in our IT vendor's contract?" or "What are the client’s rights under the ISA agreement?" were manually searched every time. It consumed hours for legal and compliance officers, slowing down critical business processes.
Regulatory risk: Delays and inaccuracies in interpreting contractual obligations was a huge risk. It raised compliance failures, potential regulatory penalties and reputational damage too.
Solutions
To overcome these high-risk challenges, Cloudaeon implemented a Contracts Q&A system powered by Retrieval-Augmented Generation (RAG). It was designed to make contractual obligations instantly searchable and interpretable.
Digitisation & indexing: All contracts, including customer agreements, vendor contracts and compliance policies, were digitised and stored in a secure knowledge repository. A vector database indexed the contracts at the clause level by embedding fine-tuned on legal and financial language to ensure precise retrieval.
RAG-powered Q&A: This allowed employees to ask natural language questions. The AI solution would then retrieve the most relevant clauses and provide a concise answer. All responses were "cite-backed" by providing the exact clause and source document for legal defensibility.
User access & controls: A secure portal was used to provide secure portal with role-based controls to ensure authorised access.
Compliance safeguards: High-risk queries were flagged for human-in-the-loop review. To ensure accountability, an audit trail logged all queries and responses.
Integration with business workflows: The system was integrated directly into existing CRM and case management systems. This empowered client-facing teams to quickly answer customer-related queries without escalating it to the legal department.
Impact
Operational efficiency: 50% Reduction in manual review workload allowing teams to focus on strategic risk management.
Risk reduction: 35% Drop in missed obligations like vendor renewal deadlines, reducing regulatory risk and financial exposure.
Improved customer service: 40% Improvement in first-call resolution rates enabling client-facing staff to instantly answer customer queries.
Reduced response time: Routine contract lookups reduced from 3-4 hours to less than a minute.
Scalability & strategic value: Cloudaeons AI solution created a single source of truth strengthening collaboration across departments and enabling the company to identify opportunities for renegotiating vendor contracts and optimising operational costs.
Conclusion
Cloudaeon’s Contracts Q&A solution transformed how the financial services provider managed its vast contractual documents by reducing risk, accelerating response times. Their contracts repository was turned into a strategic asset.
Beyond finance, similar RAG-powered systems can streamline insurance policy lookups in healthcare, simplify lease agreements in real estate, enforce SLA compliance in procurement, interpret roaming agreements in telecom and resolve employment contract queries in HR.
Looking to simplify contract management and reduce compliance risks? Submit your use case today and explore how Cloudaeon can help.
