Case Study: a global financial services company saves time and improves compliance with Corcentric Contract Lifecycle Management

Insurance and Financial Firm speeds reporting 10X with Corcentric

An insurance and financial firm faced significant compliance risks and operational inefficiencies after a random audit revealed that many of its procurement contracts lacked mandatory language and were difficult to manage. To address this, the firm created a new provider governance department and sought a contract lifecycle management solution, ultimately selecting Corcentric Contract Lifecycle Management to gain control and visibility over its contract data.

Corcentric's solution provided a flexible, searchable electronic repository for the firm's contracts. By extracting and entering 140 essential data points for each contract, the system enabled immediate access to information for audits and management requests. The implementation led to dramatically faster reporting, with one specific report time reduced from 2.5 weeks to just fifteen minutes, and provided the tools to improve vendor consolidation and achieve a return on investment within 12 to 18 months.