BY NKECHI NAECHE- ESEZOBOR—With over N70billion assets base, Nigeria’s lead underwriter, Cornerstone Insurance Plc has revealed plans to improve the welfare of Lagos civil servants after retirement.
Stephen Alangbo, Group Managing Director/ CEO, disclosed this at the 25th Retirement Benefit Documentation seminar held for employees who are due to retire from Lagos State Public service between January to June, 2024, assured Lagos workers of prompt annuity payment .
He said with the accreditation by Lagos State Pension Commission, (LASPEC), as one of the companies to underwriter annuity in the state, Civil servants in Lagos and retirees in general will begin to benefit from the company’s training for retirees, seminars and prompt payment of annuity income.
He also disclosed that the company is partnering with Lagos State Government social health insurance scheme, popularly called Ìlera Èkó, aimed at securing the health of the retirees.
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He added that the company will ensure that Lagos retirees have opportunity to enjoy these benefits inherent in HMO scheme of Lagos and the benefits in cornerstone insurance.
On what the company is doing to make a difference in the annuity market, Alangbo joined by Charles Nwachukwu, General Manager, Business Development, noted that Cornerstone is standing strong on the group’s assets worth over N70 billion and has within the first half of 2023 written premium of over N14 billion, paid out claims worth N4 billion and its profitability is among the best in the industry.
“We revolutionized insurance over 30 years ago and we brought a new face to insurance. In the past it used to be traditional insurance, especially in the area of non payment of claims but when we came, we changed the story with our prompt claims payment strategy. We brought a new face called FAC and PHAS. Today, we bring another face to insurance which is PHASE. We will relate with the people, we want to feel the retirees, we want to pay them, train them and feel their pains. We are positioned to make a difference to the civil servants in Lagos State. We are seriously partnering with them to make sure that at retirement collecting their annuity is made easy for them.
“We will also be contacting them by celebrating them during their birthdays anniversary and educate them on how to live a healthy life at retirement.”
Cornerstone Insurance Plc was incorporated on 26 July, 1991 as a private limited liability company and became a public limited liability company, quoted on the Nigerian Stock Exchange in 1997.
The organisation was established to conduct insurance business in a professional, ethical and customer-focused manner. As part of its corporate brand strategy, the company implemented a re-branding exercise in 2008 to position Cornerstone as a leader in the industry, part of which was the unveiling of the new corporate identity for the company.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses.
As part of our efforts to transform the industry, Cornerstone Insurance was the first company in Nigeria to offer both general and family Takaful products approved by NAICOM.
