Bethesda, Maryland - June 02, 2021 - Victor, the leading global managing general underwriter, today announced the launch of 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 utilizes artificial intelligence and human expertise to perform fast and effective contract reviews, insured design firms will have on-demand access to automated, efficient 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 sophisticated 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, said: “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. ”
The Victor Contract Sifter is accessed through the proprietary Victor School of Risk Management platform and is available in all US states.
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Victor Insurance Holdings is the world’s largest managing general underwriter with locations in the US, Canada, UK, Netherlands, Germany, Italy, and Australia. It handles more than $2.5 billion in premium on behalf of numerous insurance carriers, through a large network of more than 25,000 active insurance agents and brokers. With deep, specialized underwriting expertise, the company provides a wide range of insurance coverage – from specialty property and casualty and professional liability insurance to group and retiree benefits. Victor is committed to building on 60-plus years of experience to develop products that address risk in new and evolving areas. For more information, visit www.victorinsurance.com.
Victor Insurance Managers Inc. is a Victor company and one of the largest and most experienced underwriting managers in the US. Victor has a rich history in specialty insurance, and offers a unique range of products and programs, which are distributed through independent insurance agents and brokers. The company is committed to empowering insurance professionals and their clients through innovation, specialized underwriting expertise, and a nimble, technology-oriented business approach. For more information, visit www.victorinsuranceus.com.
LegalSifter is a combined intelligence company dedicated to bringing affordable legal services to the world by empowering people with artificial intelligence and human expertise. Our products help people negotiate contracts and organize documents faster, safer and more affordably.
Headquartered in Pittsburgh, Pennsylvania (USA), LegalSifter offers its products to thousands of people and partners in 19 countries. For more information, visit www.legalsifter.com.