E-Business
Firm Digitalizes Operations With Computhink’s Contentverse
Cornerstone Insurance, would now record Improved and efficient service delivery with the implementation of Computhink’s Contentverse.
The insurance firm before now 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.
However, 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.
With this digitalization Cornerstone 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.
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.
Cornerstone considered several Enterprise Content Management Solutions but selected Contentverse based on appearance and presentation of the product, structure and simplicity of the user interface, ease of inputting and modifying pages within the application.
The company’s choice of Contentverse is also to leverage the existing Active Directory login features, layered comprehensive Security, radiation, Separate Document storage modalities as against storage of documents in database, Microsoft office integration among others.
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.
Oriental News Nigeria, reports that Contentverse has dramatically improved organization and efficiency by over 70 per cent 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 per cent.
Visa, global payment services giant, has announced plans to establish a data centre infrastructure in Nigeria.
Andrew Torre, Visa’s regional president for central and eastern Europe and Vice-President Kashim Shettima
According to a statement by Stanley Nkwocha, senior special assistant to the president on media and communications (office of the vice-president) on Friday, Andrew Torre, Visa’s regional president for central and eastern Europe, the Middle East, and Africa, spoke during a courtesy visit to Vice-President Kashim Shettima at the presidential villa in Abuja.
“This is in addition to its investments of over $1 billion in the country, including a substantial technological partnership with @moniepoint to foster digital payment solutions, a $200 million investment in Interswitch, and a partnership with @thriveagric to empower smallholder farmers and enhance food security in Nigeria,” the statement reads.
During the meeting, Torre said the plan to establish the data centre infrastructure aims to bring new technologies into the Nigerian market that would bolster the nation’s growing digital economy.
“Visa has been making investments and will continue to make these investments in Nigeria,” he said.
Responding, Shettima welcomed Visa’s expansion efforts, assuring the delegation that the partnership between Visa and the Nigerian government would continue to flourish.
The vice-president commended the company for investing in ThriveAgric, noting that President Bola Tinubu’s administration is deeply committed to repositioning the agriculture sector, which remains a top priority in its 8-point agenda.
“Nigeria is where the action is. Of the 10 fintechs in Africa, about eight are in Nigeria, with moniepoint as the newest addition,” Shettima said.
“Agriculture is key to the 8-point agenda of the present administration. President @officialABAT is really keen on repositioning the agriculture industry here, and we have to invest in technology, we have to invest in modernisation.”
On January 23, Moniepoint, a Nigerian fintech company, announced it secured investment from Visa to support the growth of small and medium enterprises (SMEs).
Andrew Torre, Visa’s regional president for central and eastern Europe and Vice-President Kashim Shettima
Federal Capital Territory Administration (FCTA) has approved N242.8m for the procurement of a Microsoft 365 licence for its Internal Revenue Service (FCT-IRS) as part of efforts to digitise the service’s operations.
Mr Michael Ango, acting executive chairman of FCT-IRS, disclosed this after the FCT Executive Committee meeting chaired by Mr Nyesom Wike, the minister of FCTA, in Abuja on Wednesday.
Ango said that the FCTA was making significant investments in technology to enhance revenue generation and collection.
“So, this is also one of those investments in technology that the FCT is undertaking.
“The licence, if procured, will enhance our ability to move most of our manual processes into automated processes.
“It will enhance our ability to communicate within our offices,” he said.
The executive chairman added that the move would also reduce the use of paper and ensure better record-keeping through the storage of information and documents in the cloud.
According to him, “The licence will essentially enhance our operations and assist us in generating revenue for the development of the FCT under Wike’s leadership.”
Rack Centre, West Africa’s Tier III Carrier and Cloud neutral data centre, has welcomed Olla Cloud Service, a new private cloud service by Olla Systems Limited, a leading provider of innovative technology solutions, to its facility.
Hosting at Rack Centre, Olla Cloud Service runs on a state-of-the-art, cloud-enabled infrastructure for enterprise applications across diverse platforms, including mission critical application, web applications as well as containerised applications using Kubernetes.
Lars Johannisson, CEO, Rack Centre, welcoming Olla Systems, noted that the partnership with Olla Systems Limited would reflect the company’s commitment to providing African businesses with high- quality cloud computing services.
He noted that Olla Systems would enjoy Rack Centre’s 13.5MW data centre campus facility, designed to meet the highest international standards and offering scalable solutions to Hyperscalers, Enterprises, and Cloud service providers.
As part of its commitment to sustainability, the facility is equipped with energy-efficient systems, advanced cooling technologies to mitigate environmental impact and an optimally-designed feature to handle high-density workloads with precision.
According to Johannisson, “With Olla Cloud Service hosting at Rack Centre, clients will experience fast performance and low latency, enabling businesses in Africa to access world-class cloud computing services within a secure and compliant local infrastructure.”
Also speaking, Olusola Adenuga, chief executive officer, Olla Systems Limited, expressed enthusiasm about hosting at Rack Centre, noting that Olla Cloud remains a groundbreaking private cloud solution for businesses.
While highlighting the benefits of the partnership between Rack Centre and Olla Systems, Adenuga disclosed that “subscribing to Olla Cloud Service is cost-effective to customers because of its local currency payment advantage.”
She also noted that the partnership between the duo, provides businesses the opportunity to meet regulatory requirements of data residency, while enjoying world-class infrastructure as a service (IaaS) locally.
“Other benefits of hosting with Olla Cloud include: 24/7 support, unparalleled performance, scalability and agility.” she added.
Nigeria to Launch $40 Million Fund for Tech Startups
NAFDAC Destroys over N1 Trillion Fake Drugs in Anambra
Visa to Establish Data Centre in Nigeria to ‘Boost Digital Economy’
Nigeria, Kenya among Nations Running out of HIV Drugs – WHO
Nigeria Still Open Crypto Business despite $80Bn Lawsuit against Binance – FG
E-Financial2 days agoUBA Launches Afrigo Card to Revolutionise Domestic Payments
E-Business2 days agoFirm Offers Steps to Prevent a WhatsApp Account from being Hacked
E-Financial2 days agoCourt Slams Zenith Bank with N30m Damages over Fraudulent Debits in Customer’s Account
News2 days agoEmpowering Women in STEM: Tosin Eniolorunda Foundation Hosts Financial Literacy Workshop @OAU
E-Financial1 day agoFIRS Partners Flutterwave for Digital Payment Collection
Broadcasting1 day agoPublic Outrage, Legal Threats as Abuja Council Demands N500, 000 as TV Levy
Telecom2 days agoSamsung Unleashes AI, Introduces New Galaxy A56 5G, Galaxy A36 5G and Galaxy A26 5G
Telecom1 day agoNigeria Charts New Course to Bridge Gender Digital Divide at UN’s CSW69