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Chuks Udo Okonta
With N18 billion profit attained in year 2023 by its group, Cornerstone Insurance Plc has assured insurance brokers of a robust business partnership,
The firm gave the assurance when its leadership led by the Group Managing Director/CEO, Stephen Alangbo, paid a courtesy call to the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos.
Also at the visit was the General Manager, Institutional Business, Charles Nwachukwu, and Regional Manager Lagos Region 1, Kola Adekoya,
The visit afforded the team the opportunity to underscore the underwriting firm’s growth performance in the 2023 financial year and assure the brokers of the company’s commitment to prompt claims settlement.
Receiving the Cornerstone Insurance delegation the President of NCRIB Babatunde Oguntade, commended the company’s continued support for NCRIB over the years.
He further encouraged Cornerstone’s efforts at fraternising with the brokers, assuring that the council will prioritize supporting sustainable business initiatives of its members.
“For us at NCRIB, we promised that we would continue to support all the sustainable programs of our members. It’s not every underwriter that we open our doors to. We are delighted to learn about some of the growth programs of Cornerstone Insurance, and we want to be part of that success story,” Oguntade said.
Addressing the President of NCRIB Alangbo thanked the brokers for their support and reiterated the company’s commitment to efficient service delivery.
“At Cornerstone, we are partnering with brokers. We’ve had a lot of partnerships and alliances with brokers in the past few months. Although there has been a little gap in our relationship, but we assure you that we are working to bridge the gap.
“Before now we all know that Cornerstone Insurance has been an innovative, professional organisation and we are still maintaining that position. We also want to bring the vision of the founding fathers to light again, by making a difference in insurance. We are very focused and determined in achieving this.”
Alangbo urged brokers to report any genuine outstanding claims that are well documented, ensuring that such claims would be paid swiftly.
“I challenge any broker that has any outstanding claims that are well documented, they should bring it forward. We will pay such claims. Cornerstone has the capacity to pay and we pay promptly too.
“We want to partner more with you. This will help ensure the innovative and customer centric posture we bring forward.
“On the company’s financial statement, he said “as at the end of 2022 the company’s gross premium written stood at N19 billion while profit was about N2 billion.
“The group which includes Fin Insurance and Hilal Takaful made about N23 billion in gross Premium written and a profit of N2.9 billion.
“By the end of 2023 we have moved from N2.9 billion to N18 billion in profit as a group and our gross written premium moved from N19 billion to N25 billion.
“Our vision is to make a difference in the insurance industry and in doing that our team have been given the mandate based on strategy and motivation. We are significantly competing with the Big three or Big four this year and we are very much determined to achieve this,” he assured.
On the company’s work culture, he said, “one of the things we are known for at Cornerstone is that people want to work with us because our staff are motivated.
“Today we are building a crop of motivated professionals in the company and a crop of knowledgeable professionals we can be proud of in the insurance practice.”
He further promised NCRIB of a robust business partnership, stating that the company has what it takes to sustain a relationship with the council.
About Cornerstone Insurance
Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to do both general and life business.
As the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, our services are technologically driven by cutting-edge insurance applications.
These services are accessible with ease through the internet and on mobile.At Cornerstone, we remain committed to both our core values of integrity, empathy, professionalism, innovation, and team spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.
