• Monday, April 22, 2024
businessday logo

BusinessDay

Cornerstone assures brokers prompt settlement of claims

Cornerstone assures brokers prompt settlement of claims

The management of Cornerstone Insurance Plc has assured brokers of its readiness to meet all genuine claims.

Stepehn Alangbo, group managing director/CEO, Cornerstone Insurance Plc made the remark when leadership of the Company paid a courtesy visit to the executive council of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos.

Read also: FCTA rolls out health insurance for vulnerable women

Alangbo supported by top management of the Company urged brokers to report any genuine outstanding claims that are documented; assuring 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.”

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 Babatunde Oguntade, president, NCRIB used the occasion to commend the company’s continued support for NCRIB over the years. He further encouraged Cornerstone’s efforts at fraternizing 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 is 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.

Alangbo thanked the brokers for their support and reiterated the company’s commitment to efficient service delivery.

He said, “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 organization 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”.

Read also: Life insurance is ray of hope in tough times, says African Alliance CEO

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 N2billion. 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

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.