L-R: Mr. Chidiebere Nwokeocha, Executive Director, Business Development and Chief Client Officer; Mr. Stephen Alangbo, Managing Director/Chief Executive Officer and Mr. Peter Ekwueme, Executive Director, Technical, all of Cornerstone Insurance PLC during the press conference organised in celebration of the MD/CEOs one year in office in Lagos on Friday, July 5, 2024.
(Lagos, Nigeria — July 5, 2024)
The Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo, said with the restructuring of the company’s retail business, improved relationships with partners, the introduction of new products, improved service delivery, a united workforce, and technology adoption, the company has built a solid foundation for a secured future.
Alangbo made this remark while reeling out his achievements at a press briefing in Lagos on Friday to mark his one year anniversary in office.
He said Cornerstone Insurance emerged as the recipient of the Insurance Company of the Year 2024 Award by the African Insurance Organisation and made about N17bn in profit before tax.
He said the company’s determination to build a united and successful company has been achieved, noting that the company is more united now than before, focusing on driving growth.
“Our determination to build a united company has been achieved, and that is why we reached the mileage that we had. I want to inform you that we have a united team that has a single focus: ‘One Team, One Goal,’ which is propelling Cornerstone forward.
“Our focus was to be the best in Nigeria, but we have gone beyond Nigeria. Recall that recently we were recognised as the Best Insurance Company in Africa. This is a result of the hard work of the team—our innovation, resilience, and creativity. I was also nominated as one of the African CEOs of the Year, but it was won by a lady from Ethiopia. We are resolute and determined that we will not only win the Insurance Company of the Year, we will win the CEO of the Year and other awards that are available in subsequent conferences.
On the relationship with the broker fraternity, Alangbo said, “We have improved our relationship with our partners, including brokers and corporate clients, and that is part of what is supporting the achievements that you are seeing today.
“We want to commend our partners for supporting us, which is what made us win the award, and we are dedicating the award to all our partners who, over the years, have supported us in one way or another,” he said.
He said the company’s performance for 2023 was very strong, reflecting significant growth in the organisation, stating that the account will be published any time this month.
“For the top line, we have recorded about 40% growth in our business. For profitability, we have moved from N2.9 billion in 2022 to N17 billion at the end of 2023. It’s been very wonderful. The team had worked tirelessly to ensure that our visions, our dreams, and our goals were achieved.
“For our future outlook, we are expecting an unprecedented result. I am expecting a mind-blowing result. If in the last year we have been able to achieve N17 billion, a testament to the African Insurance Company of the Year award, you can see a sign that the future is bright.
“Let me tell you as a person and as the leader of the team that I always believe that with the help of God and hard work, we can achieve whatever we want to achieve. Our vision is to be a global institution. Since we are known in Africa, we will strive to be a global institution, and that is our goal,” he said.
Reflecting on the company’s commitment to designing innovative products to penetrate the market, Alangbo said, “There will be customised products that will meet the dynamic needs of the insuring public. We will continue to do whatever is necessary to penetrate the market by giving the people the product that is relevant to them because that is our promise and we keep to our promise,” he said.
He further reiterated the company’s resolve to continue supporting its customers in all aspects of its business operations in the face of persistent economic hardship.
“As a dynamic organisation, we will continue to see how to support our clients in the area of product design and prompt claim settlement when there are claims. We are also going to give priority to risk assessment by providing our clients with information on how to improve their risk, which can lead to reduced premiums,” he concluded.
On his part, the Head, Technical, Cornerstone Insurance Plc, Mr. Peter Ekwueme, affirmed the company’s goal of leveraging digital technology to achieve growth.
He said the company is transforming its retail business with the introduction of its Motor Inspection App.
“Technology is the driving force behind our operations. We have reorganised our processes and embraced technology for improved service delivery. We have also redesigned our products and developed new ones to meet the needs of our clients, which is reflected from the introduction of a new app mainly for motor inspection”, he said.
As Cornerstone Insurance continues to build on this momentum, the company remains committed to driving innovation and growth in the Nigerian insurance industry. With Alangbo at the helm, Cornerstone is poised for not just continued success but also looking forward to achieving new heights in the years to come.
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.
At Cornerstone, we remain committed to 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.
Media Contact:
Paul Iwunwa
Marketing and Corporate Communications
