The new Managing Director and Chief Executive Officer (CEO) of Cornerstone Insurance Plc, Mr Stephen Alangbo, has said manpower development and a technologically- driven insurance business process will underscore his tenure at the helm of the underwriting giant.
Alangbo, who mounted the saddle effective July 3, also said the firm would also build innovative and creative products that would make it stand out in the insurance market.
He made these known on Wednesday, September 6, 2023 at a news briefing held in Lagos to roll out his administration’s agenda, according to the News Agency of Nigeria.
“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 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.
It would be recalled that Mr Segun Adebanji, Chairman, Board of Cornerstone Insurance, had at the firm’s 2023 Annual General Meeting on Tuesday, announced the appointment of Alangbo as the company’s new managing director, effective July 3.
The chairman noted that Alangbo succeeded Mr Ganiyu Musa, the former Group Managing Director of the underwriting firm, following the expiration of Musa’s tenure.
He said that the board also approved the appointment of Mr Peter Ekwueme as the Executive Director (ED), Technical Operations of the insurance company.
Alangbo said that the total assets of the company stood at N70 billion at the end of second quarter of 2023, from N50 billion at the end of the 2022 financial year, while the firm settled claims of not less than N4 billion.
The managing director 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.
According to him, the firm would also explore competency in Artificial Intelligence (AI) to assist it in the area of onboarding customers and claims payment.
