Updraft client: Telesure Holdings

Telesure Holdings

Industry

Short and long term insurance

Challenge

As one of the largest players in the highly regulated insurance sector, Telesure was weighed down by its annual re-contracting processes with its service providers and brokers. Constantly changing directives from regulatory bodies and changes to its fee structures meant that its legal team was snowed under with large scale redrafting projects, as well as repetitive approval and vetting tasks.

Solution

  • By implementing MatterMap, the entire process of onboarding brokers and other insurance service providers has been automated, including streamed approvals and escalations; collation and filing of all vendor registration documents; electronic signatures and the drafting of SLA’s and all associated compliance documents, tailored to the specifics of each transaction.
  • Seamless communications with third parties is ensured via audited email and webpage links that collect drafting instructions and approval data, whilst simultaneously allowing non-users to upload any supporting documentation.
  • Automated rejection thresholds and escalations are included, in line with legislative requirements and pre-defined business rules.
  • Annual re-contracting with large bases of service providers has become a fully automated, paperless process completed within days, instead of months.
  • All contract amendments, renewals and approvals are audit trailed and version controlled.
  • Previously collected data is automatically injected into any new documents, ensuring that all new contracts, addenda and correspondence are drafted with minimal effort.
  • A separate electronic folder is maintained for each service provider, with a complete history of all interactions and documents.

Result

The Updraft consulting and implementation team were so helpful in guiding us towards the ideal workflows and the support has been fast and professional throughout.  For both the legal team and the business, the adoption of this legal technology has been an absolute game-changer. The guided process does not allow for unauthorised contract terms and there is a full audit trail and oversight.

Amina Sayed
Head of Legal, Telesure Holdings Limited