Cornerstone Insurance Grows Assets To Over N70 Billion In Q2 2023
L-R: Executive Director, Business Development & Chief Client Officer, Mr. Chidiebere Nwokeocha; Managing Director/Chief Executive Officer, Mr. Stephen Alangbo and Executive Director, Technical Operations, Mr. Peter Ekwueme, at a media chat in Lagos on Tuesday, September 5, 2023.
Nigeria’s leading insurance underwriter, Cornerstone Insurance PLC, has grown its assets to over N70 billion in the second quarter (Q2) 2023 up from N50 billion recorded at the end of 2022.
During the second quarter of 2023, the Company also settled claims to the tune of over N4 billion.
The company’s Issued and fully paid share Capital and Market Capitalization stood at ₦9.083 billion and ₦10.899 billion respectively as at December 31, 2022.
Cornerstone Insurance Premium Income as at the end of June 2023 stood at over N15 billion.
Addressing insurance journalists during a media chat in Lagos recently, the newly appointed Managing Director, Mr. Stephen Alangbo, while explaining the direction of the Company, said Cornerstone Insurance under his leadership is coming with a lot of vision to meet the expectations of the people.
He said the company is aimed at revolutionizing insurance in Nigeria by providing innovative products that meets the needs of the people, simplifying claims paying process as well as making insurance accessible through technology.
Cornerstone boss said the company is building processes that will enhance effective and efficient Claims procedures, adding that the company is exploring competencies in Artificial Intelligence (AI) which he said is the way forward in deepening insurance penetration.
“Cornerstone is a peculiar organization. To get to the leadership position in our industry comes with a lot of expectations, knowing fully well that Cornerstone is here to revolutionize insurance in its entirety.
“We are coming with a lot of vision aimed at meeting the expectations of the people. One of our key agenda is to build people. Cornerstone is known to pride itself with competent people and we want to improve on building capacity to ensure we have the best work force in the industry. Also, we want to build people who are innovative; people who are creative, to carve a niche for ourselves in the industry.
“We want to build people who are professionals aiming at becoming top leaders in the industry, this we do in ensuring that our work force are exposed to relevant trainings and are well informed with the happenings in the industry.
“Secondly, we want to build a process. We realized that in the past there has been this issue of delay in claims settlement to policyholders. We want to build a process where response time is short. This we are doing by putting in place processes that are technologically backed.
“We are exploring competencies in our artificial intelligence (AI). There are lots and lots AI can assist us to achieve especially in the area of clients onboarding because the reason why there are issues in the time of clients onboarding and the time of payment is trust.
“We now have sufficient data through AI that will assist us to know who the customers are, so we are building competencies in our AI and we are also strengthening our Information and Communication Technology (ICT) infrastructures to ensure we have the right technology that will support the vision,” Mr Stephen Alangbo said.
Cornerstone Insurance Plc was incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997. The Company was established to conduct Insurance business in a professional, ethical, and customer-focused manner and has remained committed to these values over the years.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses and the classes of Insurance business currently undertaken by the Company 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)
Cornerstone is committed to both its core values of Integrity, Empathy, Professionalism, Innovation, and Team Spirit driven by its continued mission of delivering value beyond expectations through needs-based products and quality service.
