Case Studies – Woven Finance

Case Study

Woven Finance is making it easier for companies to improve the payment collection processes. Payments are too important to ignore, and our customers know that.

Woven Finances Solutions has already proven to be very beneficial to some of our partners.

Coronation Insurance

Using Woven technology to power instant 3rd Party Insurance purchases
Using Woven technology to automate payment workflows within the organization.

Coronation Securities

How Coronation Insurance is Reinventing the Insurance Process with seamless and instant payments, Powered by Woven

Coronation Insurance is a leading West African full line insurance company offering a diverse range of products and services covering life, general and special risk businesses. Coronation Insurance aims to be a truly diversified financial services institution by combining the maximizing the benefits to its customers through digital finance solutions.

Expanding Digital Payments for Users Coronation Insurance has an ambitious vision in exponentially expanding the number of policies written in a day, as part of their goal to become a top three (3) insurer in Nigeria by 2023. Woven finance is helping Coronation Insurance achieve their goals by providing a scalable payments solution, which provides instant reconciliation of digital payments. Allowing Coronation Insurance to write, track and issue policies almost as quickly as they come in, boosting their capacity and moving them closer towards their goals.

Woven enables this by the use of virtual accounts to log and track digital payments, allowing automated reconciliation, segregation of funds within merchant accounts while providing rich instant data. We look forward to providing more valuable services like this as part of the Wapic 2023 vision.
Keep watching this space for other exciting news about woven

Coronation Insurance uses Woven to power vehicle insurance drive in Nigeria

Nigeria boasts one of the most vibrant active populations in Africa, and yet still possess some of the highest uninsured numbers in the continent. With a 2019 study1 estimating that about 9.5 million (80% of total registered vehicles) uninsured vehicles navigate the streets of Nigeria, with some carrying fraudulent insurance covers.

As a result, there are thousands of accidents which occur on Nigerian roads with no resolution, costing citizens millions in repairs which could have been saved on the average insurance policy. Coronation Insurance having seen the significant challenge ahead, engaged Woven to help create a digital solution to encourage insurance adoption for 3rd party policies.

Woven enables this by the use of virtual accounts to log and track digital payments, allowing automated reconciliation, segregation of funds within merchant accounts while providing rich instant data.
We look forward to providing more valuable services like this as part of the Wapic 2023 vision. Keep watching this space for other exciting news about woven

Woven Enhances Cosec’s end-to-end online trading experience

The Nigerian capital market is relatively underdeveloped, accounting for only 11% of GDP in 2017 compared to a global average of 98.5% in 2016. Despite the numerous platforms and wide variety of debt instruments available. As a result, Coronation securities (Cosec), a brokerage platform assisting clients buy and sell financial instruments on exchanges in Nigeria and Africa, was trying to find a way to improve their client’s user journeys and overall platform experience. As a way to drive customer engagement for an undersubscribed market. As Cosec’s clients used bank transfers amongst other payment methods to fund their accounts, they were plagued by the same reconciliation corporates face when processing transfer transactions.

Cosec engaged Woven to create a more seamless and easy way for their clients to fund their wallets, while enabling their internal reconciliation of customer payments and accounts. So, Cosec as a company and broker could really deliver on the promise of an end-to-end online trading experience for the customer. Woven now provides a payment solution for coronation’s customers, allowing them to make instant payments, while powering Cosec’s backend reconciliation.