Managing Contractual Risk

At its core, the service is about enabling our clients to do more and do better. Our model is built on scalable, cost effective solutions, powered by streamlined processes, high quality people and cutting-edge technology. A great example of this transformation is the partnership between Konexo and our client, Hiscox.

The challenge

As part of a focus on enhancing productivity and efficiency and leveraging technology, the Hiscox procurement team were tasked with reviewing and negotiating a substantial number of third-party contracts and navigating contractual risk.

The solution 

After a successful pilot, Konexo went live with the legal managed service in June 2023 to manage the full contract lifecycle of an agreed level of procurement commercial contracts each year. Collaboration with Hiscox’s procurement leadership team and risk subject matter experts, including in areas such as data privacy, has enhanced existing contracting principles and risk review processes, significantly improving efficiency, standardisation and risk mitigation in the review and negotiation of commercial contracts.

What sets our approach apart?

Risk mitigation
> Every contract reviewed is against a set of established contracting principles, ensuring that commercial and legal risks are appropriately managed. Smart processes > Our contract approval form gives instant visibility into risk and required approvals.

Stakeholder engagement
> We work hand-in-hand with the Hiscox subject matter experts to align on risk appetite and strategy.

Continuous improvement
> Our service evolves with the market and with Hiscox. This is more than a service. It’s a strategic partnership that’s redefining what legal support looks like.

Recognition
In January 2024, Konexo won the ‘Best Approach to Risk Mitigation’ Award at the inaugural Hiscox Supplier Awards and were shortlisted again in the January 2025 awards.

For further information contact AngelaCockroft@Konexoglobal.com