Cornerstone Insurance Solicits Brokers’ Partnership To Deepen Penetration

Cornerstone Insurance Plc has solicited partnership of registered insurance brokers in its plan to deepen insurance penetration in the country.

To this end, the management of the insurance firm embarked on a courtesy visit to the Nigerian Council of Registered Insurance Brokers (NCRIB) secretariat in Yaba, Lagos on Monday, seeking collaboration of the council to bring more Nigerians into the insurance bracket.

Speaking during the visit, the managing director/CEO, Cornerstone Insurance Plc, Stephen Alangbo noted that his firm is changing the insurance landscape in Nigeria through innovation and professionalism that stand it out from its inception till now, saying, his underwriting company has motivated professionals who are keen on promoting the Cornerstone brand.

Even though some brokers are already selling his company’s products, he called for more support, especially, from those who are currently not in business with the underwriter, disclosing that Cornerstone prioritise claims payment and has been swift in responding to customers enquiries, a trait that stands it out.

Promising to always participate and support the activities of NCRIB, especially, under the current dispensation, he said, insurance brokers are an important segment in the insurance value-chain that can’t be ignored.

To him, Cornerstone Insurance reported N19 billion gross premium written (GPW) while Cornerstone Group posted N23 billion GPW in 2022 financial year end, even as the company pulled N25 billion and the group posted N30 billion gross premium in 2023, a testament of growth in its business.

“We are trying to bridge the gap between Cornerstone and the brokers. Although some are already in business with us, however, we want more patronage, a symbiotic relationship. We don’t joke with claims as long as it’s genuine, therefore, we can assure you that we have always and will continue to settle all genuine claims obligations. We equally promise to key into the programmes of NCRIB through sponsorship for value addition,” he pointed out.

Responding, the president of NCRIB, Babatunde Oguntade,appreciated the insurer for having made it worthy to partner the council, saying the group values collaborative and sustaining relationships, promising to support the Cornerstone brand for its dedication to professionalism and innovation.

Disclosing that NCRIB, under his administration, is embarking on three major projects where it is soliciting support from individuals and corporate organisations, he said, the council is currently soliciting funding support for its legendary project which has a 15 months delivery period. ‘The minimum investment is N5 million and if you can key into this, it will immortalise our relationship,’ he said.

He equally stated that his council is appealing to insurance companies to sponsor their staff to BIBA conference of which about 75 people have so far enrolled for the current year, urging Cornerstone to sponsor about two of its staff to the upcoming conference.

Stressing that the company can also sponsor its upcoming CEOs Retreat where managing directors and CEOs of insurance companies and brokers as well as other stakeholders meet to discuss the way forward in the insurance profession, he said, this will offer the sponsoring insurer a bigger platform to market its brand and business alike.

In his appreciation of the visit, the executive secretary/CEO, NCRIB, Mr. Tope Adaramola noted that, Cornerstone Insurance brand rings a bell in the industry, especially, for its adherence to professionalism and its ability to be responsive in service delivery, hence, the council is ready to partner such a company.

He equally informed the insurer that it can leverage its NCRIB Members Evening platform through sponsorship of the event that comes up once in two months.

“We commend the current management staff for sustaining the legacies and ideals of the founder till now which have so much distinguished your company from others. Sustaining a brand after the demise of the founder takes a lot of determination. A lot of human products have come out of Cornerstone and they are all doing well in their current respective endeavour and this shows your penchant for increased reputational value. By partnering with the broking fraternity, I can only assure you that this will crystallise into a good bottomline,” he pointed out.