Think Money Group (TMG) is the first British financial services company to adopt Luminance Corporate, the AI platform’s new offering for in-house legal teams.
The company deployed the technology to analyse a large volume of TMG’s supplier contracts, in order to identify areas of risk. The system’s pattern-recognition algorithms detected subtle variations in the contracts without the need for TMG to train it or do a keyword search to find these anomalies.
Luminance Corporate’s clustering feature sorted the contracts, automatically grouping them by language, detail and template. TMG gained insight into the documents, quickly understanding what was in them and how their variations compared to the company’s model contract. The technology was also able to identify clauses within the contracts that risked being non-compliant with current and upcoming regulatory changes.
In two weeks, Luminance Corporate had been able to streamline and automate the contract analysis without disrupting TMG’s existing workflows. Ryan Swann, General Counsel of TMG, noted, “A few days into using Luminance Corporate, we could already see its benefits in action with the contract set we showed it. This is exactly what we had been looking for in a technological solution – we wanted something straightforward that wasn’t going to require an extensive training period but rather add value to our work straight away.”
TMG also commended the technology’s time-saving abilities, allowing them to sift through the document set and identify areas of interest in a fraction of the usual time. “What’s great about Luminance Corporate is that at no point during the pilot did it require me or my team to compromise on control or quality. What it did was get us more reliable results, much faster. These are values which rest at the core of our customer-focused culture,” explained Lisa Carter, TMG’s Legal Counsel.
Emily Foges, CEO of Luminance, said of the company’s decision to deploy the platform, “Think Money Group has shown itself to be a leader in the adoption of AI technology to improve contract reviews and processes for the benefit of their legal team. We are delighted to be working with them.”
Launched in September 2016, Luminance has signed 119 customers across 40 countries, including 13 of The Global 100 law firms and three of the ‘Big Four’ accountancy firms. The platform deploys the latest breakthroughs in pattern recognition and machine learning from the University of Cambridge, and is trained by leading legal experts. By using machine learning to read and analyse contracts and other documents much like a human does, Luminance offers lawyers unparalleled insight and improves the efficiency of processes such as due diligence, compliance reviews and eDiscovery. The company has offices in Cambridge, London, Chicago and Singapore.
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