Cornerstone Insurance Grows Assets to Over N70bn

Ebere Nwoji

Cornerstone Insurance Plc, said it has grown its assets to over N70 billion in the second quarter 2023 up from N50 billion assets recorded by the underwriting firm in 2022.

The company also said it settled a total claim of N4 billion in the second quarter of 2023.

As at December 31, 2022,  Cornerstone’s  fully paid share Capital and Market Capitalisation stood at N9.083 billion and N10.899 billion respectively .

The underwriting firm’s Premium Income as at the end of June 2023 stood at over N15 billion.

Addressing insurance journalists at  a media chat in Lagos recently, the new Managing Director, of the company Mr. Stephen Alangbo, said Cornerstone Insurance under his leadership has got  the vision to meet the expectations of the people.

He said the company targeted at  revolutionising insurance in Nigeria by providing innovative products that meet the needs of the people, simplifying claims payment process as well as making insurance accessible through technology.

He said the company was  building processes that would  enhance effective and efficient claims procedures, adding that the company was  exploring competencies in Artificial Intelligence (AI) which he said was  the way forward in deepening insurance penetration.

“Cornerstone is a peculiar organisation. To get to the leadership position in our industry comes with a lot of expectations, knowing fully well that Cornerstone is here to revolutionise 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, ”he said.

He further said that his administration wanted to  build a process, having realised that in the past there had been the issue of delay in claims settlement to policyholders. He said the underwriting firm wanted to build a process where response time would be  short, adding that it was  doing this by putting in place processes that were  technologically backed.