Left to Right: Dan-Olufemi Olayinka (Chief Technology Officer), Muibat Jimoh (Head, Life Technical Unit) and Tunde Lawuyi (Head, Product Development & Channel Innovation).

Cornerstone Insurance Delights Customers with New Products, Revamps Mobile App

Leading underwriter, Cornerstone Insurance Plc, has released new products and a redesigned mobile application into the Nigerian market as part of its ongoing efforts to improve the savings culture among Nigerians. The products, which include C-Rest, FLEXI, CLIP, and the re-introduced Oga Boy plan (Settlement for Apprentice), were officially unveiled at its corporate head office in Lagos.

Speaking at a press briefing to newsmen on Wednesday, May 30th, 2024, the Head of Life Technical, Muibat Jimoh, said that the products are all need-based, providing solutions across wealth creation, retirement savings, child education funding, and financial settlements for apprentices.

“The Cornerstone Rest (C-Rest) has carved a niche for itself among its peers and is currently the most embraced Cornerstone savings plan for all classes of individuals. C-Rest allows individuals to grow their money with added free life insurance coverage. Besides receiving guaranteed disbursement of their money at the end of the contract, the policy also shields their loved ones with a solid protection called “the Sum Assured.” This sum assured is usually a fixed amount within the policy contract paid to a named beneficiary in the policyholder’s unfortunate demise.

“For the C-Rest, the minimum age of entry is 18 and the maximum is 65. The minimum investment contribution is N3,000 monthly, but contributions can be increased at any time during the lifetime of the policy. The free life cover also starts at the N36,000 annual premium and above, with a waiting period of three months from the policy inception date for death benefit”.

On the Cornerstone Flexi, she said it’s an endowment policy that offers a lump sum amount on maturity of the contract or death of the policyholder, stressing that its flexibility makes it easy for individuals to pay the premium upfront, either annually, bi-annually, quarterly, or monthly.

“The premium for Flexi can be paid upfront, annually, bi-annually, quarterly, or monthly, with the product available for policy durations of 6, 9, 12, and 15 years only. This flexibility is also available in the aspect of paying benefits to beneficiaries, whether payment is made quarterly, in the in the second quarter, or at the end of the policy term.

“Another feature of Flexi is that it allows policyholders to access loan options to the tune of 70 percent of the contract’s surrender value, if the policy has been operational for at least two years. The policy also has a waiver of premium if the policyholder is diagnosed with a defined critical illness or permanent disability,” she posited.

With regards to Cornerstone Life Insurance Plan (CLIP), she noted that the policy is a term assurance product that was designed to protect the livelihood of the dependents in the event of the policyholder’s demise within the period of cover.

“For example, if you purchase this policy, your dependents or loved ones will receive financial support to help them with life in your absence. Dependents can receive up to N2 million based on the premium paid by the policyholder. The minimum premium payable is N1,000, while the life cover minimum is N100,000.

Jimoh, while speaking on Oga Boy, noted that, just as its name implies, the Oga Boy plan is an apprentice savings scheme with a 2-year maximum savings duration and an added term life insurance cover.

“This product is targeted at traders with apprentices working under them for an agreed period, with the promise of compensation at the end of their service. It’s important to note that the Oga Boy plan isn’t a new product like the rest; we are merely re-introducing it to the market with some new modifications,” she noted.

The features, she said, are a one-off (upfront) risk premium payment for 2-year life insurance coverage and a minimum monthly savings of N5,000.00. She said the options for the death benefit starts at N100,000.00 up to a maximum of N1 million, and the interest rate is SDR+1 per cent.

Chief Technology Officer of Cornerstone Insurance, Dan-Olufemi Olayinka, speaking on the App, said it seeks to address service excellence, simplicity, and convenience, making it easy for customers to find the brand’s product information and make purchases online.

“The whole idea is to have insurance at your fingertips, which enables customers to purchase products from start to finish. The target customers of the app are retail and individual customers,” he said. 

He identified the benefits of the app as the availability of insurance services anytime without going to the firm’s branches; policy management, whereby a customer can retrieve documents of insurance purchased via the app at any time; and leveraging existing data to streamline data requests from clients, thereby improving the turnaround time for customer engagement.

“The app allows customers to log motor claims and track the claim status. Customers can validate if the insurance policy purchased is authentic with only a few clicks. The app also has automated underwriting on all investment products and other companies’ digital sales outlets,” he posited.

Head, Product Development & Channel Innovation, Tunde Lawuyi, implored the public to embrace the products to build up wealth and leverage the app to explore the product offerings of the firm and plan their lives—family and businesses—through the products.

About Cornerstone Insurance

Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to do both general and life business. As the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, our services are technologically driven by cutting-edge insurance applications. These services are accessible with ease through the internet and on mobile devices.

At Cornerstone, we remain committed to both our core values of integrity, empathy, professionalism, innovation, and team spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.

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