LEGAL SERVICES OVERVIEW - CONTRACT MANAGEMENT LSS CONTRACT MANAGEMENT SERVICES – KEY DRIVERS EXL provides industry-specific technology solutions to legal clients, while also providing legal support services Providing optimized solutions taking into consideration: • Client metrics and guidelines • Client preferred positions • Business and legal nuances and preferences • Optimal cost models that offers the potential for savings • Saves more for the client than the expenses incurred • Creating virtual collaboration libraries and repositories for contract clause guides standard templates and negotiation playbooks for contracts • Analyze and understand actual business expectations and benefits • Transparent, real-time solutions that cut down turnaround time for contract executions EXL vision of risk assessment in management renders following benefits: • Minimizing business and legal risks • Ensuring maximum business and legal protection • Transferring and managing risks with other party’s concord • Proficient in multiple legal bill review platforms- Legal-X, CounselLink and Passport • Skilled in leveraging the latest contract management tools like SAP Ariba, IBM-Emptoris, Coupa, and Oracle-Q • EXL’s proprietary tool MedConnection SM can be tailored as per client’s requirements Latest Technology and Infrastructure Risk Assessment and Management Comprehensive Approach Rapid Turnaround Time and Speed Best Practices Reduced Cost CHALLENGES FACED BY CLIENTS Reduce legal spend on a sustainable basis Reduction in contract execution cycle time No standardized and centralized processes to prioritize processing of a contract Need to improve timelines for contract executions No tracking of deliverables & obligations as per each contract Limited bandwidth to process significant volume of contracts in timely manner END-TO-END CONTRACT MANAGEMENT SERVICES FOR PROCUREMENT DEPARTMENT (in case of denial) • Contract abstraction (abstracting key terms) • Contract indexing and summarization • Contract deliverables and obligations (D&O) management • Supplier SLA reviews - action and remedy for any deficiencies observed in contract • Analysis of scope or terms and conditions of contract • Contract compliance • Contract compliance management • Reporting • Planning, authoring, development, implementation and creation of contracts • Contract rule book creation • Routing contracts for signatures, execution and finalization • Setting up and registering the supplier in customer contracts management portal • Supplier administration (information and status changes, insurance renewals- notification and escalations) • Contract review, revision and redlining • Creating parent-child relationship • Coordinate actions with internal procurement, business, risk assessment and legal teams as needed • Contract negotiations with third parties • Obtaining approvals from internal business, legal department and other stakeholders • Negotiation with vendor and business BENEFITS AS SEEN BY CLIENTS CONTRACT MANAGEMENT LIFECYCLE Standard Template Creation Playbook Creation Authoring & Draſting Negotiation with Stakeholders Contract Approval Process Supplier Onboarding & P2P Contract Execution Contract Administration Obligation & Risk Assessment Contract Compliance and Optimization Reporting High quality legal support Cut down on turnaround time Consistent and high quality work Transparent, real-time solution An extended arm to the client’s legal department Parent-child nested relationship Supplier pricing tracking Clients can track suppliers’ performance Contract compliance and timely renewal Deliverables and obligation management (D&O) Suppliers’ efficiency analysis as per performance Significant reduction in legal spend, while reducing attorney case load Tracking of amounts payable to suppliers as per contractual obligations – ensuring surplus is not paid Validation of SLA compliance and supplier benchmarking/ comparison (cost optimization and service credits and savings) EXLSERVICE.COM | ©2020 EXLSERVICE HOLDINGS, INC. ALL RIGHTS RESERVED For more information go to www.exlservice.com/legal-disclaimer Contact Us to Learn More Chris Tidball [email protected] +1.904.742.9031 Vice President, Sales and Claims Transformation exlservice.com/insurance