Driving digital transformation in the insurance industry
The client: Concirrus
Concirrus is right at the heart of digital transformation in the insurance industry. Using its deep understanding of the industry and data science, it has built Quest - a big data, machine learning platform that helps to properly assess behaviours and claims in the shipping market. This enables insurers to properly quantify risk, reducing losses and boosting profits.
The problem:
Concirrus’s customers are generally very large insurers and brokers. They all have in-house or retained lawyers who always want to negotiate Concirrus’s standard Master Services Agreement (MSA). Concirrus wanted to streamline this process to try and secure sales and revenue quicker.
How we've helped:
We started by updating the MSA. It was drafted from a more consultative/project driven approach. This is not unusual for a tech company who develops its products in conjunction with early customers, but it was no longer the best approach. Instead, we shifted the MSA to a standard product approach and this ‘productisation’ simplified the contract and removed some of the previous areas of negotiation.
We then worked with Concirrus to develop a contract process. The outcome of this is a one-stop, simple guide to be followed by the sales and management teams. It sets out ‘the playbook’ - a pre-agreed guide to areas within the contract that the sales team can agree changes. It also includes an escalation matrix which enables the salesperson to escalate more significant requests to management or to us.
This is also a cost-effective legal solution for Concirrus as it means they can now deal with a lot of the ‘first line’ legal issues themselves, only using us for the more serious, escalated issues.
The result:
These changes increased the efficiency of the sales process and removed some of the previous roadblocks. The sales team now understands exactly how to use and prepare the contracts properly. The playbook allows the salesperson to agree certain changes and the escalation matrix shows them who to escalate other issues to and the process for resolution.
The sales team now has a streamlined process, in which they can operate in confidence. From management’s perspective, they know they are getting to sales and revenue quicker, whilst managing risk better.
What they say about us...
"Roxburgh Milkins have provided us with an excellent legal platform that has been developed in close collaboration with us, through a close partnership approach. They took time to fully understand the changing needs of our business model and who our customers are, then worked to those guidelines, rather than suggest a generic solution that would not be fit for purpose. The legal framework gives me full confidence that we have strict processes in place during our sales cycle and in addition an MSA that we can put to customers that fully protects our interests. It is always a pleasure to work with Ian Grimley and his team, as I know I will always get a swift, pragmatic and cost-effective response when discussing and wanting to understand complex legal matters."
Adrian Turner, Chief Financial Officer