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Cornerstone assures customers of prompt payment of claims

By Peter Egwuatu
CORNERSTONE Insurance Plc has assured its customers of prompt settlement of claims, just as it vowed to make a difference in the insurance industry even with the difficult operating environment.

Speaking at the opening ceremony of a one day workshop organised by Cornerstone Insurance Plc for journalists on Monday, at the Lagos Business School, Acting Managing Director/CEO of the company, Mr. Dominic Ichaba said, “ We have continuously fulfilled our promise of prompt settlement of claims to our customers as our vision is to be the leading insurance based financial institution. We are striving to make a difference in the industry and that is why we are trying to set a standard in the industry.

We are the first in the insurance industry to train journalists in the Lagos Business School as part of our Corporate Social Responsibility (CSR), because we identify that there is need to empower those who inform, educate and entertain the entire populace with the happenings in the society.”He further stated that Cornerstone customers repose confidence in the company because of the strong presence of its Board of Directors, management as well as the services rendered to them.

Meanwhile, the Cornerstone boss had recently told some shareholders who paid him a courtesy visit in his office, that there is a very rewarding future for investors who had invested in the insurance sector, stressing that in the long run investment in the industry would yield higher returns. Ichaba ,disclosed that the strong interest in the insurance stocks shortly after consolidation was due to investor confidence and high expectations in the industry, adding that though the capital base for the insurance industry was still not adequate, considering the present economy realities. According to him, “ Nonetheless, the present capital base has assisted companies in addressing critical issues of service delivery.”Ichaba stressed that, aside capital base which has been partially addressed in the consolidation era, part of post consolidation challenges will be investment in, and attraction of quality human capital and technology to service the risk of individuals and corporate Nigeria.He listed, among others the challenges of  the industry to include: dearth of quality human capital.According to him, “ Apart from funds, we have also been challenged to invest in human resource development and technology to service the risks of both individuals and corporate Nigeria.”

From an insignificant capital base of N30 billion industry wide, the insurance sector now recapitalised in  excess of N400 billion according to National Insurance Commission ( NAICOM)  has been repositioned to play its vital role in Nigeria’s economy.


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