Compensation Fund’s online platform bears fruit

Tuesday, October 15, 2019

Quicker turnaround times for the registration of companies are some of the fruits produced by the Compensation Fund’s online platform, eCOID.

Through the e-COID project the Fund has realised improved validation of user information, a faster turnaround time for registration of companies, as well as an efficient submission of Return of Earnings, said the Fund’s Chief Financial Officer Thando Headbush.

The eCOID project is aimed at developing an integrated online platform.

Headbush was speaking at an Eastern Cape Black Business Forum breakfast session in East London on Tuesday.

Other significant benefits of the new claims system were:

  • Faster turnaround due to efficient, streamlined processes;
  • Correct workflows – the right process going to the right person at the right time;
  • Open communication – status updates on the progress of your claims;
  • Timeous payments to all stakeholders;
  • A single source of the truth – data migration from legacy systems; and
  • Correct data - data cleansing and enrichment.

The Fund also highlighted challenges that it had previously faced.

These include the registration of employers which took up to 90 days to complete, as well as a lack of automated verification and validation of information, among others.

The Fund has also had to grapple with the manual generation of reports, a lack of integration of systems (claims and payment system), data migration from the legacy systems; segregation of duties; and a lack of a document management system.

The Fund’s next session is to be held at The Beach Hotel in Port Elizabeth on 2 November.

The eCOID was originally launched on 12 October 2018. –