Icertis launches Vera AI agents to transform contract management

A survey of more than 1,000 C-suite executives has revealed significant interest in the adoption of AI agents for contract management and negotiation, whilst also highlighting key areas of concern around trust and security.

The study, released by Icertis, found that 83 percent of senior leaders identify AI agents managing business relationships as a top priority. Additionally, 53 percent expect these agents to be actively negotiating customer or supplier deals on behalf of their businesses within the next year, with a further 34 percent anticipating this shift will occur in the following one to three years.

AI trust gap

Despite the growing enthusiasm for agentic AI, the report reveals hesitancy across the C-suite regarding full autonomy for AI. Over half (56 percent) of respondents declared themselves 'very concerned' about giving AI agents decision-making power without what they believe to be adequate controls.

Specifically, 40 percent pinpointed security and privacy threats as the foremost risk, followed by 26 percent expressing worries about decisions being made without human approval. A further 18 percent identified misinformation arising from inaccurate insights as a substantial issue. These perceptions come even as more than half of the businesses surveyed have already implemented AI agents, and an additional 38 percent plan to do so by the end of the year.

"The Icertis survey demonstrates that leaders are ready for a future where contracting and commerce happen autonomously, but they need reassurance that agents can operate with trust and accuracy. Accuracy is critical for businesses to become comfortable with increasing automation – and we're quelling these concerns with the launch of Icertis Vera," said Sudarshan Chitre, Senior Vice President of AI, Icertis.

"Grounding AI's decisions in the rules of business defined by contracts is the key to maintaining trust while capitalising on the strategic benefits of AI to drive business performance. Whether you envision autonomy that includes issuing customer discounts in real time, restocking inventory based on fluctuating demand, or adjusting supplier costs according to inflation, contracts are the guardrails that keep AI aligned with the intended outcomes of every business relationship."

Current contract demands

The reasons for seeking greater automation are also clear from the survey data. 40 percent of C-suite members report spending more than 10 hours per week reading, reviewing, and approving contracts - a figure equal to over 21 days per year. An identical proportion of executives stated that they had signed a paper contract within the previous year.

Contract volumes remain high, with over half of surveyed executives reviewing and approving more than 500 contracts annually, and nearly 20 percent involved in more than 1,000 such interactions each year.

Icertis states that it addresses these business challenges by establishing a single source of truth for contracts across enterprises, aiming to accelerate review cycles, foster compliance, and enhance contract performance at scale. The newly launched Icertis Vera is positioned as an AI solution built upon a large contract data repository to deliver accurate, contextually aware contract management.

Icertis Vera launch

Icertis Vera is described as a contract-specific AI capability developed to provide automation and insights that organisations can trust. It operates through applications such as Vera Copilot, Vera Agents, and Vera Analytics, working alongside the Icertis Contract Intelligence platform.

Distinct aspects of Vera are its grounding in an extensive base of enterprise contract data and its deep understanding of contractual relationships. This enables the AI to comprehend complex contract nuances - such as managing risks related to multiple clauses and handling obligations cascading through supply chains.

Vera is designed to integrate seamlessly with core enterprise systems, allowing performance tracking and meeting obligations as set out in agreements. Icertis highlights a commitment to privacy and data security as a cornerstone of Vera's design, citing its track record with large, multinational customers.

"In the age of AI, trust comes at a premium. Vera, derived from veritas, is AI our customers can trust to carry out the full intention of their contracts better than any other AI in the market," said Anand Subbaraman, CEO of Icertis. "Icertis Vera uniquely harnesses knowledge gained from our position as the contract intelligence platform of choice for the world's largest enterprises. With customer confidentiality and data privacy at the forefront, we created AI expressly for contracts that better understands the underlying purpose of your agreements and the relationships that they govern."

Vera Analytics and agents

The first application introduced under Vera is Vera Analytics, which Icertis claims can provide quick return on investment by converting contract content into actionable data. It is intended to uncover revenue leakage, savings opportunities, and ensure compliance by identifying areas such as volume discounts, pass-through costs, and price adjustments within contracts.

Icertis is also launching Vera Agents as autonomous tools to support contract negotiation and management. Vera Agents are designed to apply a company's contracting playbook, act on complex multi-step workflows, and ensure compliance and performance are maintained. The first Vera Agents set to be available to the market include Vera Composer Agent, which aims to streamline contract drafting; Vera Insights Agent, which provides end-to-end visibility into contract risks and ensures compliance; and Vera Fulfilment Agent, which tracks contractual commitments to help maintain customer relationships.

Accenture adoption

Accenture has been named as the flagship customer for Vera Analytics. Christina Demetriades, Group Operating Officer, Accenture Legal, commented on the partnership:

"Accenture is reinventing the way our legal teams work. As the flagship customer for Vera Analytics, we are harnessing trusted technology to boost our productivity and maximise contract value. Together with Icertis, we're also developing our own set of agents with Vera AI to accelerate legal transformation for clients and reimagine the future of contracting with agentic AI – empowering our clients to fully capture the value of their business relationships."

The C-suite survey drew respondents from companies with more than 5,000 employees, spanning the United States, United Kingdom, and India. Icertis reports that more than one third of Fortune 100 companies currently use its contract intelligence platform to manage a global array of commercial relationships.