In 2019, the Coface group decided to trust Hyperlex to quickly identify the content of their contractual basis in order to extract sensitive and complex data. Brice Tariel, group innovation director, tells us how this implementation took place and its benefits.
Brice, can you tell us about your department and your tasks at Coface?
I am Brice Tariel, I have been the Group Innovation Director for almost 3 years.
Coface (French Foreign Trade Insurance Company) is a credit insurer. We help companies manage their risk of delinquency with their debtors.
Within the Coface group, what is the role of the innovation department?
We have a rather operational role. We are in charge of bringing new innovative solutions for our customers and our collaborators, as we did with Hyperlex. Innovation is one of the levers of transformation at Coface.
What issues encouraged you to seek a solution like Hyperlex?
At Coface, we operate in the agile mode. We spend a lot of time getting in touch with innovative companies like Hyperlex and when we find an interesting and relevant solution for our internal topics, we forge ahead. This is what happened with Hyperlex. We had a problem of migrating our contractual base.
We were looking to migrate all our customers on a massive scale to a new type of contract. This change of product also implies a change of contract for our customers, bringing a problem into light: the lack of detailed readability on our contractual basis. Without tools, this migration operation would have forced our account managers to open all the contracts signed with our clients (at times clients for more than 20 years) and study the contractual content one by one, to summarize these before the migration operation.
How was this solution implemented?
Our team found the tool efficient because Hyperlex is technically very competent. Our request took away a core solution within your tool and even so, you were able to adapt to it rather quickly.
Regarding the adoption of the project at Coface, some of our employees were immediately able to detect the value of Hyperlex, while others took longer to find it, because they were used to their habits and their ways of working had already been established... Change management is part of the project management.
Overall, due to the very strong support we received from your teams, the implementation of Hyperlex at Coface went well.
The Hyperlex teams have been able to adapt and meet our needs. They are attentive, responsive and committed, sources of proposals, they ensure the success of projects.
What are the benefits of our solution?
This migration project is a very important project for Coface. With Hyperlex, our teams have saved a major amount of time. You have to understand that a contract has many amendments. The solution developed with Hyperlex gives access to a summary of their contractual relationship, alerting to non-conforming elements. This summary avoids tedious work such as opening all amendments to understand what they contain.
Hyperlex also offers operational risk control. Naturally, when we ask one of our employees to manually check all the amendments of a contract, they miss out on the information ... With artificial intelligence, we reduce the operational risk due to the automatic recognition of key elements.
Hyperlex in a few words for you....
Most of all, a team with the primary goal of providing value to its customers. At this stage, the solution is already very efficient, and it keeps improving as the months go by.
An innovation director is reading you, what advice would you give him to get his employees on board when it comes to the digital transition?
Choose a few important issues and get to the bottom of things. The 1st ideas are rarely the right ones. You have to be willing, possess the time, and the resources to iterate.
Keep it simple. This is even more true when working with a start-up which, as the company is still under construction that will nourish on the needs of its customers. You want to challenge them by giving them the most complex use cases, but it's often better to begin with simpler cases that are closer to the core of their value proposition.
Thank you Brice!
Learn more about the Coface + Hyperlex adventure. 👇