AXA XL partners with Document Crunch
AXA XL and Document Crunch have teamed up to launch a Contract Review Benchmarking service. This new service uses industry data on key contract terms to provide AXA XL’s Construction insurance clients with best practices and benchmarking comparisons, supporting their risk management efforts to minimize contractual liability.
Document Crunch, a startup founded in 2019, is a construction-specific, contract intelligence platform that can mine current and historical contracts and extract key provisions to identify trends and generate insights. To initiate the review, Construction firms upload 10-15 private-contract construction agreements, dated 2019 or later, to Document Crunch’s platform, which will “crunch” the contracts and produce a summary report of the results.
“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.” – Cheri Hanes, AXA XL’s head of Innovation and Sustainability.
“Historically, construction contracting is largely done in siloes with no objective standardization 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.” – Josh Levy, Document Crunch’s CEO and co-founder.