Cornerstone Insurance: Combination of premium products and culture of excellent service delivery

KELVIN EGERUE

Cornerstone Insurance Plc is perhaps one of the few insurance companies in the Nigeria’s business space whose historical antecedents have continued to moderate its disposition to a culture of work excellence thus paving the way for a mutually beneficial relationship with all its stakeholders with particular emphasis on customers and shareholders.

From its incorporation on July 26, 1991, Cornerstone Insurance Plc was structured as to fill identified gaps in insurance service provision and customer satisfaction by way of offering cutting edge products and services.  Anchored on a visionary leadership as was envisaged and conceptionalized by the late Tunji Ogunkanmi as founding Chief Executive Officer, Cornerstone Insurance Plc has maintained a tradition whereby its products and services speak for it thus allowing the company to prosper largely on referral services usually provided by satisfied clients.

“Cornerstone did go the extra mile in fulfilling their promise by liasing and managing angry third party accident case”, one Elizabeth Kings have had this to say about Cornerstone Insurance and its ways of attending to customer needs.

For Olaoti Ifeoma Justina, Cornerstone Insurance is a “responsive insurance firm, your services are prompt and reliable. I will renew my car insurance”. Yet another customers, Olubusola Mobisola Alonge challenged the company to keep up the good work when she confessed, “You kept your promise of three days. Good job keep it up”.

The growth trajectory of Cornerstone Insurance has remained very positive.  Moving from its initial status as a private limited liability company to becoming a Public Limited Liability firm and subsequently been quoted on the Nigerian Stock Exchange in 1997, Cornerstone Insurance have taken pride in conducting  Insurance business in a professional, ethical and customer-focused manner and thus remain committed to these values over the years. It is therefore not surprising that Cornerstone Insurance  is by every standard one of the preferred insurance companies when it comes to motor vehicle insurance, aviation, marine, engineering all risks, asset protection, liability to Third Party, oil & gas, group life, credit life, mortgage protection, term assurance, wealth creation products and Takaful insurance which is a variant of Islamic insurance.

Cornerstone Insurance is known to have put in place adequate security and professional arrangements to guarantee effective and efficient response in the event of claims and sundry financial commitments. The company’s authorized share capital and market capitalization of ₦9.25 billion and ₦5 billion respectively as well as shareholders’ funds of ₦14.8 billion are good enough for a company which plays in the top league. The total assets of the company are in excess of ₦40.4 billion just as its reinsurance treaties are arranged with world class reinsurance firms with global reach.

“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”, the company’s Group Managing Director and Chief Executive Officer Mr Ganiyu Musa had remarked.

It is worthy of note that Cornerstone Insurance Plc is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. Little wonder why Cornerstone Insurance Plc. was adjudged as the ‘Best use of Technology, Insurance Company, 2016, Nigerian Technology Awards. It has been tested and proven that the company’s services are technology driven by cutting edge insurance applications. These services are accessible with ease through the internet and/or mobile technology.

It is no wonder that awards, recognitions and honours have continued to trail Cornerstone Insurance Plc right from 1995 when it won the Chartered Insurance Institute of Nigeria (CIIN) Merit Award through 1997 when it grabbed the  Nigeria Insurers Association [NIA] Distinguished Insurer award leading to 1999 when National Insurance Commission [NAICOM] honoured it for product design and development and to 2017 when it won Best Insurance Company website, Nigerian Technology Awards and 2018 which was the year for Africa’s Most Outstanding Quality Life Insurance Company of the Year, Africa Quality Congress, no year passes by without Cornerstone Insurance stepping forward to be honoured. This, among others is the hallmark of a market leader. Cornerstone Insurance stands among the market leaders in the Nigerian’s insurance industry.

Being a dynamic, innovative and customer focused organization, Cornerstone Insurance have had to diversify its operations to include some subsidiary companies among which is Cornerstone Takaful Nigeria Limited, a segregated division of cornerstone group which complies with the Shariah guideline. This made the company the first licensed provider of Family and General Takaful products in Nigeria. The Takaful Products are based on the Principle of Al-Mudharabah and Al-Tabarru

Cornerstone Financial Services (CFS) is the investment banking arm of the Cornerstone Group. It is a fully owned subsidiary of Cornerstone Group and is made up of Cornerstone Leasing and Investments Limited

Cornerstone Leasing and Investment Limited was incorporated on the 4th of March 2003 as a limited liability company duly licensed by the Central Bank of Nigeria to operate as a non-bank financial Institution engaged in the provision of value added financial services to customers, an area in which it has carved a niche for itself.

Typical of upwardly mobile financial institution, Cornerstone Insurance Plc have continued to impress its stakeholders with particular emphasis on shareholders who desire bountiful returns on their investments. The company in 2021 recorded a Gross Premium Income of N20.9 billion which translated to  a 19 percent increase from N17.5 billion which it recorded by the close of business  December 31, 2020. The Company had explained that the 2021 impressive earning was as a result of its superior value proposition and increased patronage from all its institutional and retail customers. Profit Before Tax rose to N3.7 billion in 2021 as against N2.19 billion the previous year, indicating a 69 percent increase, while Profit After Tax was N3.5 billion, an increase of 60 percent from N2.19 billion in 2020. Cornerstone Insurance is among the few insurance companies which paid dividend to its shareholders in the 2021 business year.

Explaining the results, Ganiyu Musa stated that the Company’s performance in 2021 was as a result of strict adherence to a well laid out long term growth strategy based on sound business principles and the core values of Integrity, Empathy, Professionalism, Innovation and Team Spirit.

According to him, “We are indeed grateful to all our esteemed customers (Institutional, Retail and the Broking community) for their continuous patronage and for entrusting us with all their risk management needs. These, coupled with the ingenuity and resolve of our staff and our commitment to exceptional service delivery have made us one of the leaders in Nigeria’s insurance industry”.

It is only left to be said that Cornerstone Insurance Plc will continue to be relevant in the financial services sector of Nigeria’s economy to the extent that its products and services will continue serve as testimonials for a company deserving of patronage. Simply put, Cornerstone Insurance Plc is responsive on all fronts including the needs of its environment.

For a better society

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