Review of Software Escrow Agreements for Specialist Insurance Company
The client required a review of the current escrow requirements with its key application vendor and to provide recommendations on the current arrangements.
The Challenge
The client is a global leader in insurance, risk management and consulting services helping clients face challenges and providing effective solutions.
Frazer Walker was engaged from June to November 2023 to provide technology, digital and data strategy assistance. In particular, the client required a review of the current escrow requirements with its key application vendor and to provide recommendations on the current arrangements.
Our Work
The review of escrow arrangements was part of the client’s risk and compliance activities and had some urgency, given recent significant updates to the applications by the vendor.
Frazer Walker’s assessment included analysis of whether:
- The vendor was fulfilling its obligations (under both a licence agreement and an escrow contract)
- The client had any material risk exposure
- Opportunities existed for improving the arrangements.
FW consultants conducted contract reviews and identified and interviewed key personnel with the client and the vendor to establish how the processes worked.
The Outcome
The review identified that the vendor was not compliant with either contract. FW alerted its client and made a series of recommendations to improve the contractual arrangements, with the benefit of knowledge of similar escrow relationships with other clients.
Contact
For more information please contact Ian Chisholm, Phone: +61 401 316 004, Email: ian.chisholm@frazerwalker.com