Cornerstone Insurance sets growth plan on four pillars

Underwriting firm, Cornerstone Insurance Plc, currently with over N70 billion in assets has set new growth plan on four pillars.

The company said its leveraging people, process, product and promotions to ride to its next level of growth.

Stephen Alangbo, managing director/CEO, Cornerstone Insurance Plc who disclosed this on announcing his resumption as the company’s helmsman said he will build top and prominent leaders in the firm; leverage Artificial Intelligence (AI) to drive processes; evolve people friendly products and promote partnerships.

Alangbo joined by Chidiebere Nwokeocha, executive director, Business Development/ chief client officer, and Peter Ekwueme, executive director, Technical Operations, noted that Cornerstone is standing strong on the group’s assets worth over N70 billion and has within the first half of 2023 written premium of over N14 billion and paid out claims worth N4 billion.

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He said the firm has over the years been a leader in information technology deployment, adding that it had successfully invested massively in tech and would continue to engage in research and development to better its products and service offerings.

Alangbo, who shared his experience on how agents operate in countries such as Kenya; Germany and Hong Kong, noted that agents are major distributors of micro insurance products in the aforementioned nations.

He submitted that the firm would open up the retail space through developments of micro products and would digitally empower agents to sell the products, stressing that his administration would demystify insurance practice in the country and make people buy insurance products voluntarily owing to the value propositions to be embedded in the products.

Alangbo was appointed the company’s new managing director/CEO effective July 3, 2023, and succeeds Ganiyu Musa, the outgoing group managing director of the underwriting firm.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.