Victor launches AI-powered contract review service in collaboration with LegalSifter

Victor, a global managing general underwriter, has launched  Victor Contract Sifter, a first-of-its-kind automated contract review tool for design professionals in the design and construction industry that enables them to more efficiently and effectively manage their contractual risk.

In collaboration with LegalSifter, a technology firm that utilises artificial intelligence and human expertise to perform fast and effective contract reviews, insured design firms will have on-demand access to automate distillation of their professional service agreements when contracting to perform work for their clients.

The Victor Contract Sifter provides an alternative to the traditional manual contract insurance terms review process provided by professional liability insurers. By combining LegalSifter’s AI technology with embedded risk management expertise from Victor, the digital tool sifts through professional service agreements and delivers options to strengthen contract language. Within minutes, the automated review provides tactical observations, explanations of identified potential issues, and suggestions to mitigate insurance risk, including alternative language samples.

Yvonne Castillo, director of risk management, Victor Insurance Managers Inc., commented: “Contract reviews on insurable issues are an integral part of the risk management process that supports our design firm insureds’ ability to manage their contractual risk. The Victor Contract Sifter not only speeds up that process, it also places more control in the insured’s hands by delivering an automated, do-it-yourself tool and on-demand access to high quality risk management expertise.”

Kevin Miller, CEO, LegalSifter, added: “LegalSifter is thrilled to provide this first and only contract reading AI in the insurance industry for Victor insureds. We have taken the foremost expertise in contract drafting and developed a simple, easy-to-use tool that will reduce contract review time, ensure compliance and reduce business risk.”

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