AXA XL has partnered with Document Crunch to offer a Contract Review Benchmarking service for construction insurance clients in North America.
According to AXA XL, this new service uses industry data on key contract terms to provide its construction insurance clients with best practices and benchmarking comparisons, supporting their risk management efforts to minimise contractual liability.
Cheri Hanes, AXA XL’s Head of Innovation and Sustainability, commented, “Effective contract review and negotiation is a vital risk management tool in the construction industry.
“As part of their insurance coverage, we provide our clients with insight on how their contracts stand up to others in the industry. With this, they gain a competitive edge in seeing how their contractual stance on key contract terms aligns with industry best practices and their peers.”
Josh Levy, Document Crunch’s CEO and Co-Founder said, “Historically, construction contracting is largely done in siloes with no objective standardisation to the review process.
“We now have access to data, and we should be using this to make our contracts better. We’re thrilled to be partnering with AXA XL and their clients on this benchmarking initiative to help bring data insights around contract risks to the industry.”
In a brief rundown of this process, AXA XL notes that to initiate the review, construction firms upload 10-15 private-contract construction agreements, dated 2019 or later, to Document Crunch’s platform, which will then “crunch” the contracts and produce a summary report of the results.
In combination with Document Crunch’s evaluation, AXA XL’s construction risk engineers provide a best practice benchmarking service on key contract terms, complete with scores and customisation.
AXA XL’s team then combines Document Crunch’s summary report with aggregated and anonymised customer data to develop a final report.
