Before Contentverse, Cornerstone insurance had been processing hundreds of documents every day with millions of paper documents stored in multiple onsite and offsite physical facilities. This led to inefficient working practices and made searching and retrieval of archived documents an extended and laborious problem. After a comprehensive review and evaluation of available options to digitize their paperwork and organize it into an easily searchable filing structure they selected a local vender who offered a comprehensive solution featuring Contentverse. Cornerstone not only met all their original goals but also experienced a significant performance and productivity boost that exceeded their expectations.
As Nigeria’s premier Insurance company, Cornerstone Insurance PLC, is and has been committed to professional, ethical, and customer-focused business practices for almost 28 years. The company offers a number of 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 (Islamic Insurance). Branches and outlets exist in locations nationwide from the capital Abuja to Lagos, the most populous city on the African continent, as well as Port-Harcourt, Warri, Uyo, Kano, Ibadan, and Yenogoa.
Before implementing an ECM solution, Cornerstone’s processes covered insurance, client, financial, and other related documents which were stored physically within the allotted spaces in the respective HQ or local offices. These onsite organization storage locations comprised filing cabinets, racks, boxes, box files, and various documents stored on individual users’ computers systems. Old documents were physically re-located to archive sites periodically.
Documents were stored in an archive at the outskirts of town. Documents archived in shipping containers under very harsh environmental conditions degraded, while others were destroyed. Important documents were also lost in processing. Searching for files became a very difficult task, at least a day’s job, with the designated search party wearing face masks, gloves, and coveralls.
Implemented Departments – Contentverse has been implemented for all operational departments of the company including Underwriting, Claims, Information Technology, Finance, Customer Service, and Life Underwriting.
Organizational Process – The digital operation now comprises the generation, processing, and storing of some 247 document types, which include 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 and archived documents there are 1,560,982 documents in the system as of 22nd February 2019. On an ongoing basis Cornerstone processes, on average, an additional 315 documents into Contentverse per day.
Cornerstone considered a number of 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
- Additional layered comprehensive Security
- Separate Document storage modalities as against storage of documents in database
- Microsoft office integration
- Easy workflow designer and Workflow process
- Reliable and highly professional customer service and support
“Contentverse has helped to improve efficiency, security, and provide independent access to documents without making a request for physical file provision.”
Benefiting from Contentverse
Contentverse has greatly improved productivity, organization, and efficiency by over 70%, especially regarding payment processes and audit approval. The solution has enabled Cornerstone to develop a partially digital filing system, reducing filing time and number and length of searches. There has been great reduction in the office space used in physical storage.
The intelligent, rules-based workflow especially has improved the process of receipting on debit notes, reducing paper consumption, and other associated 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. The on-premise user interface and its core features have benefitted employees the most, as the application is restricted to the Cornerstone network, where security is valued over off-site access. The team is also making use of the Microsoft office application integration for daily tasks.
Contentverse has eradicated degradation and loss of vital documents. Stationary, printer maintenance, toner, and other costs have been greatly reduced. The solution has also secured Cornerstone’s data and upgraded previously inefficient collaboration, with search time reduced by over 98%. Transportation costs for documents to and from the previous archive sites have been all but eliminated as very few physical documents are being produced.
With these improvements in business processes and cost savings, Cornerstone has made an impact on its clients and business community. With a return on investment in less than 90 days, Contentverse has been a key contributing 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! With the right solution and implementation for their insurance business, Cornerstone is able to not only thrive but go above and beyond!
You can download a PDF of this case study below.