Cornerstone promises innovative products as total assets hit N70bn

The Managing Director, Cornerstone Insurance Plc, Mr Stephen Alangbo, has said that the firm would build innovative creative products that would make it stand out in the insurance market as its total assets hit  N70 billion at the end of second quarter of 2023.

Alangbo, who disclosed this at a news briefing held in Lagos to roll out  his administration’s agenda, said that the insurance company’s total assets as at the end of year 2022 was N50 billion, while the firm settled claims of not less than 4 billion.

He said that the company’s issued and fully paid share capital and market capitalisation was N9.083 billion and N10.899 billion respectively as at Dec. 31, 2022.

Alangbo said the firm would explore competency in Artificial Intelligence (AI) to assist it in the area of boarding customers and claims payment. He said he would also build innovative workforce and thoroughbred professionals.

“We plan to build top leaders in the insurance industry and people who are happy to contribute their quota to the system, knowing that Cornerstone is also there to take care of them.

“We will develop innovative and micro insurance products, different from the traditional insurance products, that people need and would buy without struggling,” he said.

Alangbo was recently appointed as the company’s Managing Director/Chief Executive Officer, succeeding Ganiyu Musa.

The Board also approved the appointment of Peter Ekwueme as Executive Director of Technical Operations. 

Peter joins the Executive Director of Business Development & Chief Client Officer, Chidiebere Nwokeocha along with the new MD/CEO to form the dynamic trio of key decision-makers leading the company.

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