Cornerstone Insurance Strengthens Partnership With Brokers, Assures of Prompt Settlement of Claims
The management of Cornerstone Insurance Plc has strengthened its partnership with members of the Nigerian Council of Registered Insurance Brokers (NCRIB), assuring them of prompt settlement of claims, and best in class service delivering.
The Group Managing Director/ CEO of the Company, Stephen Alangbo, gave the assurance while speaking during a courtesy visit to President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Babatunde Oguntade, in Lagos, just as he reiterated the Company’s commitment to make a difference in the industry.
“For us 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 with brokers but we assure you we are trying to bridge the gap,” the MD said.
He also urged brokers to come forward with any genuine outstanding claims that is well documented, assuring that such claims will be paid immediately.
“I challenged any broker that have any outstanding claims that is well documented, they should bring it forward. We will pay such claims. Cornerstone have 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.
He noted that the relationship the company has with insurance brokers is a symbolic relationship that is beneficial to both side.
On the vision of the company, he said “before now we all know that Cornerstone Insurance has been an innovative, professional organization and we are still maintaining that position. We also want to see the vision of the founding fathers to light again, by making a difference in insurance. We are very focused and determined in achieving this.
He said “for professionalism, we want to be a very professional organization. For innovation, we want to be very innovative organization.
“One of the things, we are known with in Cornerstone, is that people wants to work in Cornerstone because our staffs are motivated. Today we are building a crop of motivated professionals in cornerstone and crop of knowledgeable professionals where we can make reference when it comes to insurance practice.
On the companies financial statement he said “as at the end of 2022 the company’s Gross premium written stood at N19billion while profit was about N2billion. The group made up of FIN insurance and Hilal Takaful, they are 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 N18billion in profit as a group and our gross written premium moved from N19billion to N25 billion and as a group we have moved to N30billion.”
Speaking further on its performances, he said “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.
Responding the President of NCRIB, Mr Babatunde Oguntade, thanked Cornerstone Insurance boss and his team for their visit, noting that the visit is not out of place.
He said that NCRIB business is to sustain its members, noting that members sustainability succeed with ensuring that the market where they take their business remains ripe and “we will continue to make sure that continues.”
“For us at NCRIB, we promised that we continue to support all sustainable programs you have introduced . Our eyes are in the market, we know those we want to deal with and those we don’t want to deal with. Is not every underwriter we open our doors to. We are delighted to learn of some of the growth as stated by your CEO and we want to be part of the success story.”
He assured Cornerstone of a robust relationship with the council, noting that the company has what it takes to sustain a relationship with the council.
