[AI Revolution](185) Modusign: "Managing the Entire Contract Lifecycle with AI Beyond Electronic Signatures"

Interview with Modusign CEO Lee Youngjun and CTO Lee Dongju, the No. 1 Electronic Signature Provider
Revealing the AI Contract Lifecycle Management (CLM) Strategy

Electronic signatures are no longer an unfamiliar sight when signing contracts. Modusign, which provides electronic signature solutions, has led this market for the past 10 years and has surpassed a cumulative total of 10 million signers. This means that more than one-third of the economically active population in Korea has experienced signing through Modusign.

Building on this foundation, Modusign is now evolving beyond electronic signatures into a platform that covers the entire contract lifecycle-from drafting and execution to management-powered by artificial intelligence (AI) technology. At the Modusign office located on Teheran-ro in Gangnam-gu, Seoul, we spoke with CEO Lee Youngjun and Chief Technology Officer (CTO) Lee Dongju about their AI Contract Lifecycle Management (CLM) strategy.

Lee Youngjun, CEO of Modusign, is being interviewed by The Asia Business Daily. Photo by Dongju Yoon

On February 1, CEO Lee stated, "We aim to establish a Korean standard for AI CLM, going beyond electronic signatures." Modusign has adopted this strategy after determining that companies' pain points related to contracts have shifted from "execution" to "management." It is now the stage of transforming contract data into a company's "operational asset." The strategic direction proposed by Modusign is to become an "AI-powered contract operations platform that automates all work after signing."

The solution that demonstrates this is "Modusign Cabinet," which was launched at the end of last year. It is more than just a storage system for contracts. CTO Lee explained, "AI automatically classifies contract titles, counterparties, dates, amounts, and types, and extracts the desired data." For example, at a franchise headquarters managing a vast number of contracts, a manager could ask, "Summarize the most recent contract," or "Tell me the contract amount from last month," and the AI agent would immediately provide an answer.

Lee Dongju, CTO of Modusign, is giving an interview with The Asia Business Daily. Photo by Dongju Yoon

Modusign's direction is to develop this AI so that it can assist throughout the entire contract process. CTO Lee said, "In addition to execution and management, AI can also handle tasks such as contract drafting and pre-signature contract review," adding, "For example, we are preparing features that review required items for contracts and verify the completeness of contracts from a formal perspective."

Modusign's CLM strategy is also infused with the know-how accumulated as it grew to become the No. 1 electronic signature company in Korea, with a 70% market share, outpacing existing competitors. When CEO Lee launched Modusign in 2016, many companies were already offering electronic signature services. However, they required issuing dedicated digital certificates and installing separate security programs, which many users found more cumbersome than paper contracts. CEO Lee identified "ease of use" as the key customer need and built a solution accordingly. He said, "We made it possible for anyone to sign in a web browser without registering as a member or installing special programs," adding, "This became our strength and allowed us to attract more customers."

In CLM as well, Modusign is focusing on customer needs. CEO Lee said, "The penetration rate of electronic contracts is still less than 1% of all contracts," adding, "Even if contracts are not electronic, they are still being made, and there is a need to store and manage them even if they are on paper." He explained that by acquiring new customers with such management needs, there will naturally be opportunities to transition them to electronic contracts, and for companies already using electronic contracts, their need for data management can lead them to become CLM customers.

CEO Lee stated, "What Modusign has emphasized so far is customer usability and service performance," adding, "We will use AI throughout the entire contract lifecycle to deliver even greater value to our customers."

Lee Youngjun, CEO of Modusign (right), and Lee Dongju, CTO, are being interviewed by The Asia Business Daily. Photo by Dongju Yoon

This content was produced with the assistance of AI translation services.