Cornerstone Insurance Attributes Success On Determination To Change Customer Perception

BY NKECHI NAECHE ESEZOBOR— The Group Managing Director of Cornerstone Insurance Plc, Stephen Alangbo, said the company was able to achieved outstanding performance due to its restlessness, determination and desire to change the low penetration and acceptability in the insurance industry.

He disclosed this on the sideline of just concluded insurance meet tech conference held recently in Lagos, that last year, the company had four awards related to the innovative company of the year award.

According to him in Nigeria’s insurance penetration is very low, and we as an organization have identified, what we can do to be able to make the difference.

In making a difference, the GMD said the company has deployed the use of Artificial intelligence for distribution of products, identify the needs of the people; product design; claims payment and built their processes

“Today, technology is in the hand both the old man and young people in school and they have opportunity to have technology in their hands. Now, when you compare banking to insurance, the adoption of banking products is very high when you compare to insurance, and we as an organisation is looking at what is responsible for this .

On partnership, he said, we have gone into partnership with lots of organisation such as Insurtech, Brokers, stand alone.firms, Telecoms and it has made the company to be different from other companies in the market place.

On capacity he said “We are also building capacity to be able to ensure that we have a real understanding of the insurance our customers wants to buy. Is easier for you to know the product you want to sell to those that need it because you be able to identify their needs because of the knowledge that you have.”

Cornerstone Insurance Plc (the Group), paid a dividend of N0.16-kobo to its shareholders for the financial year ended 31st December 2023, against a 6kobo dividend paid out 2022 financial year.

The Company during the review period achieved a 38 per cent growth in top line from N22.2 billion in 2022 to N30.6 billion for the year ended 31st December 2023.

Insurance Revenue of N25.91 billion for the year under review, representing a robust growth of 26.5 per cent compared to N20.48 billion recorded in the same period of 2022.

According to the company “insurance Revenue from our life portfolio rose marginally by two per cent from N5.18 billion in the previous year to N5.28 billion in 2023, which accounted for 20 per cent of the total Insurance Revenue as the largest contributors to General Business Insurance.”

While Engineering, Oil and Gas and Motor classes contributed N4.48 billion, N3.49 billion and N2.51 billion respectively.

The lead insurer concluded the year with a Profit Before Tax of N17.08 billion, which showed a remarkable rise over last year.