The State Of Systems Of Agreement, 2021: A Spotlight On Financial Services And Insurance

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The past year has taught us that digital processes are essential for organizations to thrive. Navigating a fully remote work environment forced organizations to speed up digital implementation processes, and those who may not have had a digital strategy in place were left to figure it out as quickly as possible. Most organizations were pushed to upgrade their agreement processes to continue to conduct business effectively.

In this study, we found that the financial services and insurance (FSI) industry reports a higher level of digitization and modernization process than other industries. Fifty-six percent of FSI respondents say they were already fully digital, compared to just 15% of total respondents. Even though most organizations have started to move to a more digital agreement process, many still depend on some manual work. The good news is that 63% of respondents say modernizing contract and agreement processes is a high priority. This modernization is key to overcoming current pain points experienced across the agreement lifecycle.

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