Cornerstone Insurance PLC Implements Computhink's Contentverse, Wins 2018 Quality Life Insurance Company of the Year Award

LOMBARD, Ill., March 5, 2019 /PRNewswire/ -- Cornerstone Insurance had been processing hundreds of documents every day with millions of paper documents stored in offsite facilities. This led to inefficient working practices and made searching and retrieval of documents an extended, laborious problem. After evaluating available options to digitize their paperwork and organize it into an easily searchable filing structure, they selected Contentverse.  Cornerstone not only met all their original goals but also experienced a significant productivity boost that exceeded their expectations.

Nigeria's premier insurance company, Cornerstone Insurance PLC is committed to professional, ethical, and customer-focused business practices. The company offers insurance-based financial services in the areas of General and Life Businesses. These include Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful. Branches and outlets exist in locations nationwide from Abuja to Lagos, Port-Harcourt, Warri, Uyo, Kano, Ibadan, and Yenogoa.

Challenges

Cornerstone's processes covered insurance, client, financial, and other documents. Before implementing ECM, these were stored physically in their HQ or local offices. These onsite storage locations comprised filing cabinets, racks, boxes, and documents stored on individual users' computers systems. Old files were periodically relocated to archive sites at the outskirts of town, degrading in shipping containers under harsh environmental conditions, while others became lost. Searching for files was at least a day's worth of difficult work, with the search party wearing masks and gloves.

Contentverse

Cornerstone considered several Enterprise Content Management Solutions but selected Contentverse based on the following criteria:

• The appearance and presentation of the product
• The structure and simplicity of the user interface
• The ease of inputting and modifying pages within the application
• Leveraging the existing Active Directory login features
• Layered comprehensive Security
• Redaction
• Separate Document storage modalities as against storage of documents in database
• Microsoft office integration
• Easy workflow designer and Workflow process
• Highly professional customer service

Implemented Departments – Contentverse has been implemented for all departments of the company including Underwriting, Claims, Information Technology, Finance, Customer Service, and Life Underwriting.

The digital operation now comprises the generation, processing, and storing of some 247 document types, including Receipt, Debit Note, Credit Note, Policy Document, Endorsement, Motor Certificate, Know Your Customer (KYC), Letter, Payment Evidence, Payment Requisition Voucher, and Email Archive.  With the completion of the back office conversion of the majority of previously physically stored documents there are 1,560,982 documents in the system, as of 22nd February 2019. Cornerstone processes an average 315 documents into Contentverse per day.

Benefits

Contentverse has dramatically improved organization and efficiency by over 70%, especially regarding payment processes and audit approval. The solution has enabled Cornerstone to develop a digital filing system, reducing filing time and searches. There has been great reduction in physical storage.

Contentverse has been implemented in the Cornerstone network, where security is valued over off-site access. Workflow has improved the process of receipting on debit notes, reducing paper consumption costs and manual bottlenecks. With 315 documents processed daily, and a growing number indexed and archived at one time, the system is more than keeping up with Cornerstone's demands.

Contentverse has eradicated degradation and data loss. Printing and storage costs have been greatly reduced. The solution has secured Cornerstone's documents with search time reduced by over 98%. Transportation costs for documents between archive sites have been almost eliminated.

With an RoI in less than 90 days, Contentverse has been a key factor in Cornerstone's receipt of the 2018 Award for Africa's Most Outstanding Quality Life Insurance Company of the Year from Africa Quality Congress! Leveraging the right solution, Cornerstone has gone above and beyond!

Media Contact:
Daniel Cochran
630.705.9050
[email protected] 

SOURCE Computhink, Inc.