BY NKECHI NAECHE-ESEZOBOR— Cornerstone Insurance Plc said it was able to grow its profit for the year to N17billion from N2.9 billion in 2022.
The Group Managing Director/Chief Executive Officer, Mr. Stephen Alangbo, disclosed this while highlighting some of his achievements in the last one year at a press briefing held yesterday in Lagos.
He added that its topline grew by 40% when compared to what it achieved in the previous year of 2022.
He attributed the outstanding performance to the robust relationship the company have with its partners.
“Our relationship with brokers is very fantastic. We have improved our relationship with our partners including brokers, agents and corporate clients, and that is part of what is supporting the achievements that you are seeing today.
On retail business he said: “We have restructured the retail business. If you recollect during our last parley, I said we are going to give more attention to retail, am happy to inform you that we have done a lot of work as regards retail and we have created a solid foundation for future Cornerstone.
Aside from this, we have improved our processes by applying technology to support our business, to ensure that our services are second to none, and our clients are happy.
“Our focus was for us to be the best in Nigeria but we have gone beyond Nigeria. Recall that recently we were recognized 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.
“We have redesigned our products and we have new products that we have introduced and this is giving us some of the successes and improvement and numbers you are seeing.”
Also, Executive Director, Technical/Operations, Peter Ekwueme, noted that the company is transforming its retail business with the introduction of its Motor Inspection App.
According to him the App enable customers inspect their cars on their own to know if is in good condition or not without necessarily coming to their office.
He said the excess of the app is to fast track the inspection process and make it easy for the customer.
On how it works, he said, “the moment you buy our product there is a link that enables you to point the link to the car which automatically authenticate car”.
He also disclosed that the company is in its final stage of translating some of its policy documents into the Nigerian local dialects.
This he said will enable their customers who can’t read policy documents in english to understand it in their own local dialect.
