2018 corporate profile - cornerstone · • 2013 – the nigerian csr awards (seras) ... •...

2018 C O R P O R A T E P R O F I L E

Author ised and Regulated by Nat ional Insurance Commiss ion RIC 008

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Cornerstone’s new management style is positioned to keep your future in sight.

“In Cornerstone, we believe the market is changing and should be served differently. Therefore, we seek to adapt our offerings to meet the specific needs of our diverse customers . We focus on the integrity of our service and leverage on extensive use of technology in product development and service delivery. These things set us apart from other insurance companies and have placed us on the path to a leadership position in the industry.

We were the very first to introduce the mass market products where we have over one million customers; first company to offer both family and general Takaful insurance products in the market; first company to have an online platform that allows you manage transactions from end to end, among others.

These are some of the things that makes us unique and set us apart from other companies.”

Ganiyu MusaGroup Managing Director

GMD’S ADDRESS C O N T E N T S

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TOC

Table of Contents GMD’s Address 02 Core Values 04 Introduction 05

Company Profile 06 Business Scope 07 Our Partners 09

Reinsurers 10 Our Technology 10 Awards and Recognition 11 Clientele 12 The Team 13 - 19

C O N T E N T S


OUR VISION

OUR MISSION OUR VALUES

To be the leading insurance-based financial services group that transforms

the Industry.

Delivering value beyond expectations

Integrity, Empathy, Professionalism, Innovation,

Team Spirit.

C O R E V A L U E S INTROCORE VALUES


C O R E V A L U E S

IntroductionOver the past few years, Nigeria has witnessed a broad reform, which focused on deepening the market through creating incentives and favorable business environment for different sectors of the economy in general and the financial sector in particular.

It is true that the insurance industry like any other is intricately linked to the macroeconomic context within which it operates. However, more is required from the players in the industry to harness Nigerian economic potentials.

There is a renewed call for superior quality services that match global best practice, as well as developing innovative products that are customer focused from the insurers.Cornerstone Insurance is committed to playing a lead role in the transformation of the insurance business in Nigeria by doing things differently and doing different things within the confines of high professional and ethical standards.

The aim is to consistently provide new bold values through need-based products and exceptional quality service to delight both our corporate and individual customers. For over twenty years, we have remained committed to these principles; the numerous awards and recognitions both within and outside Nigeria, bear testimony to the company’s distinctive value offering.

Our geographical footprint across 30 states, brings our excellent service closer to you.

INTRO INTRO


Our ProfileCornerstone 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 rebranding 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. The classes of Insurance business, we currently underwrite include: Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection,Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).

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. The company’s Authorized Share Capital and Market Capitalization is N7.5 billion and N7.365 billion respectively, while the Shareholders’ Funds is N12.073 billion as at December, 2015. The total assets of the company are in excess of N20.969 billion.

Over the years, we have received many accolades in recognition of our high level of professionalism. These include; the Chartered Insurance Institute of Nigeria (CIIN) Merit Award (1995), Nigerian Insurers Association (NIA) Distinguished Insurer of the Year Award (1997), NAICOM Award for Design and Development of New Products (1999), The Nigerian Stock Exchange 25th President’s Merit Award in the Insurance Group (2002).

P R O F I L E SCOPEOUR PROFILE


P R O F I L E

Our Business ScopeCornerstone Insurance provides qualitative and professional services in all classes of insurance business namely:• General Insurance & Risk Management Solutions. • Personal & Group Life Assurance Solutions.• Deposit Administration & Investment Management Solutions.

General Insurance Business Life Assurance BusinessFire Cornerstone Education Fund (CHEF)Accident Maximum Invested PlanMotor Vehicle Foresight Personal Pension Plan (FPP)Marine Cornerstone Universal PolicyWorkmen’s Compensation Capital BuilderGoods-In-Transit School Fees PlanEngineering All Risk Group LifeOil & Gas Funeral PlanIndividual Gold Package Immediate AnnuityEstate Insurance Keyman PolicyOwner’s Occupier Liability Credit Life AssuranceBuilding Liability Insurance Social Club Protection PlanCornerstone Business Assured Cover Mortgage Protection Plan

Gadget Protection Plan Term Assurance Combined Fire and Burglary Insurance Airtel Insurance Professional Indemnity Home Insurance

Halal Takaful Nigeria Cornerstone Financial ServicesFamily Takaful Plan LPO financeTakaful Group Scheme Contract FinanceTakaful Education Plan Vehicle LeaseHajj and umra Takaful Import FinanceHalal Investment Plan Personal LoansGeneral Takaful ProductsMotor Takaful

SCOPE OUR SCOPE


Service Proposition

Reason to Believe

Strategic Partnership

Our commitment is to deliver bold new values through need-based products and quality service, so as to give our customers the confidence to seize the future.

Service excellence is the hallmark of Cornerstone Insurance Plc and prompt claims settlement has become synonymous with our name. In the 2014 and 2015 financial years, Cornerstone Insurance Plc paid over N1.8 billion and N2.6 billion respectively as various gross claims to our esteemed clients.

In our bid to provide world class products and services we leverage on our network to access proven expertise and competencies available in today’s globalised world. Because some risks require a broader approach involving international institutions, such partnerships expand the scope of capabilities we are able to offer to our clients.

In that vein, we have engaged the following reputable re-insurers whose international spread gives us the assurance we need to underwrite your risks.

P A R T N E R S R E - I N S U R E R SOUR SCOPE


P A R T N E R S

Backed by nearly 150 years of experience, significant capacity and the financial strength of the Swiss Re Group and the solution team to solve the risk management needs of corporations around the globe.

The firm is rated A+ by A.M Best.

A leading re-insurer, operating in about 36 countries across the African continent Standard & Poor affirms the A- Rating of the African Reinsurance Corporation.

A leading local composite re-insurance company, sustain +BB rating by A.M Best of London since 2008.

Mapfre underwrites Cornerstone Insurance travel insurance. She is a benchmark in the international insurance sector for which she has received recognition at the ITIJ Award for best international assistance company, among others.

They are also rated A+ by A.M Best.

R E - I N S U R E R S OUR

RE-INSURERERS


Our services are technology driven by cutting edge Insurance applications. These services are accessible with ease through the internet or mobile devices.

We are able to integrate all classes of insurance business up to our financial statements with this superior technology backbone. The technology solution suite includes a collaborator which not only allows clients, agents and brokers have access to their information but can also initiate and manage their business records.

These facilities allow for more efficient documentation, instant quotes, payments and efficient claims management through direct online access for the convenience of our valued clients.

Indeed, Cornerstone Insurance Plc. is the first insurance company in Nigeria to provide customers with an online platform for insurance transactions. Little wonder . In 2016, the Nigerian Technology Awards adjudged us as the Insurance Company with the ‘Best Use of Technology’.

Our Technology

T E C H N O L O G Y A W A R D SOUR

TECHNOLOGY


T E C H N O L O G Y

Awards and Recognition• 1995 - Chartered Insurance Institute of Nigeria (CIIN) Merit Award.

• 1997 - Nigeria Insurers Association (NIA) Distinguished Insurer Award.

• 1999 - National Insurance Commission (NAICOM) Award for Product Design and Development.

• 2002 - The company won the Nigerian Stock Exchange (NSE) President’s Merit Award for excellence in the insurance sector.

• 2013 – The Nigerian Financial Technology Magazine Awards for Best Use of IT in Insurance Services.

• 2013 – The Nigerian CSR Awards (SERAs) for Best Company in Partnership for Development.

• 2013 – LEAD Africa Awards for Best Insurance Company in Risk Management

• 2015 – Nigeria Technologies Awards for Best Insurance Company Website of the Year.

• 2015 – Lagos Chamber of Commerce and Industry Awards for Best Online Insurance Company of the Year.

• 2015 – Nigeria CSR Awards (The SERAs) for Best Company in Community Involvement.

• 2015 – Special recognition at the International Conference on Islamic Finance for Best Takaful Provider Company of the Year 2013.

• 2016 – Best Insurance and Pension services, Nigerian Risk Awards.

• 2016 - Most Innovative Insurance Company, African Insurance Awards

• 2016 - Best use of Social Media, Insurance Company, Nigerian Technology Awards

• 2016/17 - Best use of Technology, Insurance Company, Nigerian Technology Awards

• 2017 - Best Insurance Company website, Nigerian Technology Awards

A W A R D SAWARDS &

RECOGNITION


ClienteleOur customer base is diversified and cuts-accross different sectors of the Nigerian economy ranging from manufacturing to government parastatals.

CONGLOMERATES:• Chi Group

CONSTRUCTION:• Reynolds Construction Company Ltd.• SCC Nig Limited

E-COMMERCE:• Konga• eTransact• Interswitch

FINANCIAL INSTITUTIONS:• Stanbic IBTC• UBA• Accion Microfinance Bank• FCMB• Skye Bank• Access Bank Plc.• FBN Plc.• Guaranty Trust Bank Plc.• Union Bank Plc.• Zenith Bank Plc.• Heritage Bank Plc.• Standard Chartered Bank Limited• Wema Bank

FMCG:• UAC• Guiness• Cadbury• Unilever Nigeria Plc.• British American Tobacco Nigeria Ltd.

IMPORTS:• Ports And Terminal Multiservices Ltd.

MANUFACTURING:• NBC• Dangote Group Ltd.• Honeywell Group Ltd.• West African Milk Co. Plc.

• SABMILLER’S Subsidiaries and/or Associated Companies (Pabod Brewery Ltd., Voltic, INTAFACT & International Breweries - ILESHA).

• Notore Chemicals

OIL & GAS:• Mobil Producing Nigeria UnLimited• Esso Exploration & Production Nig. Ltd.• Esso Exploration & Production Nig.

Offshore East Ltd.

• Nigeria National Petroleum Corporation

• Shell NigeriaExploration and Production Nigeria {SNEPCO BONGA} Ltd

• Chevron Nigeria Ltd. {Escravous Gas to Liquids Company Ltd.}

• Pacific Drilling S.A• Oriental Energy Resources Ltd.• Total Upstream Nigeria Ltd.• Matrix Energy Ltd.• Total Exploration & Production Nigeria

Limitedt

PUBLIC• Bank of Industry

RETAIL:• Computer Warehouse Group Plc.• Ports

RELIGIOUS:• The Redeemed Christian Church of God

TELECOMMUNICATIONS:• Airtel• MTN Nigerian Communications Ltd.

C L I E N T S D I R E C T O R SOUR

CLIENTELE


C L I E N T S

Our Board of Directors is composed of a highly experienced team of professionals from various sectors of the economy:

The Company’s policy is set by a competent and dynamic board, a mix of executive and non-executive directors who are experts in their own areas. The board is equally supported by a robust management team. Cornerstone Insurance Plc has over 16 branches and outlets across the country.

• Paul Kokoricha (Chairman)

• Ganiyu Musa (Managing Director/CEO)

• Dominic Ichaba

• Steve Iwenjora

• Anthony Egbuna

• Elizabeth Ngozi Amadiume

• Ekwunife Okoli

• Tokunbo Bello

• Ayo Osunbumi

Our People

D I R E C T O R SOUR

PEOPLE


Ganiyu Musa is a highly experienced management professional with diversified experience in insurance, reinsurance, audit, consulting, business advisory and financial management. Prior to joining Cornestone, Ganiyu worked at African Reinsurance Corpora-tion for 19 years, holding key positions, including Director of Finance & Accounts, Chief Financial Officer for 10 years and Deputy Managing Director, Services for 5 years. He played a lead role in the creation and initial supervision of the risk management function at African Reinsurance Corporation and supervised the design of the Corporation’s investment guidelines and asset allocation. He was also instrumental in the preparatory work and the eventual setting up of the African Reinsurance subsidiary in South Africa, where he subsequently served on the Board and Audit Committee. At various times, Ganiyu served as a member of the investment committee of a US100 million private equity fund and as chairman of the investment strategy committee of a top 3 Pension Fund Administration company.

He also worked with Pannell Kerr Forster and Arthur Andersen & Co where he trained and qualified as a Chartered Accountant and gained top quality experience in audit and financial consulting. He left Africa Re in 2011 to join African Capital Alliance (ACA) as Insurance Sector Specialist and a Director on the Board of Cornerstone Insurance Plc. Ganiyu holds a Bachelor of Science (B.Sc. Hons.) degree in Business Administration and a Master in Bank-ing and Finance (MBF) degree, both from the Uni-versity of Lagos. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), having won multiple merit awards in the qualifying professional examinations. He is also a Member of the Chartered Insurance Institute of London and a Senior Member of the Chartered Insurance Institute of Nigeria.

Tokunbo Bello is a consummate profession-al with over twenty one years’ experience in financial services consultancy and personal wealth management, Tokunbo has an in-depth knowledge on various aspects of financial services having spent seven years at Citibank Life in the United Kingdom as a branch executive and manager responsible for new financial consultants and client portfolio management. He joined St James’s Place Partnership, formerly J. Rothschild Assurance, in 1999 where, as an Associate Partner, he provided financial advice and solutions to personal and business financial needs. He holds a master’s degree in Information Systems Management from Stirling University, Scotland, following a bachelor’s degree in Biology from the Ahmadu Bello University, Zaria. A member of the Chartered Institute of Insurance and Registered Member of the Financial Services Authority, both in the United Kingdom, Tokunbo holds the Financial Planning Certificates 1, 2 and 3 and a Certificate in Mortgage Advice and Practice.

Management Team

GANIYU MUSA GMD./CEO.

TOKUNBO BELLOED. Technical / Operations

THE TEAMMANAGEMENT

TEAM


THE TEAM

He holds a Master’s Degree in Business Administration (MBA) with concentrations in Strategy and Corporate Finance from the Stephen M. Ross School of Business at the University of Michigan, Ann Arbor, Michigan, USA. He also has a Master of Science (MSc) degree in Computer Science with con-centrations in Software Engineering and Information Security from the West Chester University of Pennsylvania, West Chester, Pennsylvania, USA. In addition to being a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Ayo is a Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA), and a Certified Fraud Examiner (CFE).

He is an Information Technology expert with a first degree in Computer Science from the University of Ibadan and a Master’s degree in Business Administration with a focus on Finance from Lagos State University. Soji commenced his career in 1986 with a challenge to set up the software department at Kittell Systems Limited (an Apple Computer Systems Partner) during his one year mandatory National Youth Service Corps Program.

The accomplishment of this feat earned him an automatic offer in the Company as the Head of Software Department. Having had a stint in Computer Consultancy and Systems Management, he joined Leadway Assurance Company, as the Head of Information Technology, a position he held for eighteen years, before joining Cornerstone as Chief Technology Officer.

A certified ITIL practitioner, and a member of the UK Oracle user group, Soji is adept in Oracle, having been trained in Oracle University, Iselin train-ing center, New Jersey. USA.

AYO OSUNBUNMIED. Services

OLASOJI TEHINGBOLACTO

T H E T E A M

Ayo Osunbunmi (FCA) joined the board of Cornerstone Insurance Plc as Chief Operating Officer in 2014. Prior to this appointment, he was a member of general management at Union Bank of Nigeria Plc where he coordinated the pre-acquisi-tion and post-acquisition due diligence activities on the bank that resulted in the acquisition of the bank by an investor group. He also worked in the Lagos offices of KPMG Professional Services and Arthur Andersen, where he managed multi-disciplinary engagement teams to develop and implement solutions to the challenges faced by clients in the financial services, manufacturing, and public sectors in Nigeria and sub-Saharan Africa. In the course of his professional career, he has gained valuable experience in Corporate Governance, Risk Management, Corporate Strategy, Corporate Finance, Private Equity, e-Commerce Marketing, Financial Accounting, Financial Statement Audit-ing, Internal Auditing, Internal Controls, Investor Relations, Fraud Investigation, Software Engineer-ing, Database Design & Implementation, Informa-tion Security, Systems Administration and Network Administration. Ayo has a Bachelor of Science (B.Sc.) degree in Civil Engineering from the University of Ibadan.

MANAGEMENT

TEAM


THE TEAM

Martins Uwuilekhue is the DGM/ Head of the Technical & Risk Management Division at Cornerstone Insurance Plc., where he is responsi-ble for the Underwriting, Claims and Reinsurance Management functions in the company.

He has also held several positions within the organization including DGM of Special Risk & Corporate Market where he was responsible for business development, underwriting & profitability of the Oil & Gas, Bonds and Engineering units. Prior to that he began his underwriting career as an assistant superintendent at Franco-NIGERIA Insurance Brokers.

Martins holds both a Bachelors and Master’s degrees in Physiology from the University of Ibadan, and is an associate of the Chartered Insurance Institute of Nigeria [CIIN]. He is also an alumnus of Lagos Business School. He is a member of the Executive Management Committee at Cornerstone Insurance.

Dayo Alao is the Group Head of Retail Division responsible for Agency, Bancassurance & SME at Cornerstone Insurance Plc. Prior to that Dayo held several other positions within the organisation including Head of the Northern Region, where he managed and developed relationships with key government agencies, financial institutions and high net worth clients; he also implemented strategies for operational and marketing efficiency.

He also held various roles at Guardian Express Assurance Limited and Linkage Assurance Plc. A consummate marketing strategist, Dayo has won a series of awards including “Best Performing Sales Staff (2015)”. Dayo is an alumnus of the Lagos Business School [LBS], holds a Bachelor’s degree in Political Science and an MBA from the University of Ado-Ekiti.

He is also an Associate of both the Chartered Insurance Institute of Nigeria [CIIN] and the Nigerian Institute of Management [NIM].

Dayo currently serves on the board of Fin Insurance Company Ltd. as an Executive Director.

MARTINS UWUILEKHUE Hd. Technical & Risk Mgt Div.

DAYO ALAOHd. Retail Business Div.

T H E T E A MMANAGEMENT

TEAM

MANAGEMENT

TEAM


THE TEAM T H E T E A M

Peter Ekwueme joined Cornerstone Insurance plc as a graduate trainee in 1995 and worked in Motor, General Business and Claims Units as an underwriter between 1995 and 1999. Peter was, at different times, Head of Motor claims, Head of Personal Line Direct sales, Head of Financial Institutions and Services unit. He pioneered the company’s Warri branch as a Manager before he assumed the headship of Apapa and Ikeja branches respectively.

He became the Regional Manager of the company’s Western operation in 2007 and later rose to the position of Deputy General Manager responsible for sales and operations in the Western, Eastern and Brokers market between 2010 and 2015.

A versatile insurance practitioner with vast experience in Sales and Marketing Manage-ment, underwriting and operations, Peter is an Associate member of the Chartered Insurance Insti-tute of Nigeria (CIIN). He has attended various courses locally and abroad including Advanced Management Course on Sales Force Performance at Kellogg School of Management, Illinois, Chicago, USA. He is an alumnus of the prestigious Kellogg School of Management and Lagos Business School.

Peter holds a Bachelor’s degree in Agriculture from University of Agriculture Makurdi {formerly UNIJOS, Makurdi Campus} and a Master in Business Administration from Delta State University Abraka.

Pius Ojo is an experienced Insurance Professional. His experiences span for over 20 years in the Insurance Industry cutting across Life, Pensions and General Business however, with in-depth competencies in Product Development and Marketing.

Having worked briefly with the National Directorate of Employment (NDE), he joined Leadway Assurance Company Limited in 1990. At Leadway, he worked in various capacities ranging from the Area Manager, Jos where he supervised four branches. Subsequently, he worked in Kaduna as the Head of Life Operations of the Company and was later transferred to the Control Office of the Company where he rose to the position of Senior Manager, Special Duties with the responsibility of managing high net-worth clients and coordinating the Life Business marketing activities nationwide. In 2008, he joined Cornerstone Insurance as an Assistant General Manager (AGM) and he is currently the Deputy General Manager (DGM) and Group Head for Life Operations. A graduate of the University of Ibadan, Pius has a Bachelor of Science degree in Agriculture and a Master in Business Administration (MBA) from Lagos State University [LASUMBA].

He is an Associate Member of the Chartered Insurance Institute of Nigeria [ACIIN], the Nigerian Institute of Management [NIM] and the Institute of Direct Marketing. Pius is also a Fellow of the Chartered Institute of Administration and holds a certificate course in Pensions Administration.

He has attended various high profile management and technical courses both locally and abroad. He is an alumnus of the prestigious Wharton Business School of the University of Pennsylvania, Philadel-phia, USA, National Insurance Academy, Pune, India and Lagos Business School (LBS).

PETER EKWUEMEDiv. Hd. Institutional Business

PIUS OJOHd. Branch Services Div.

MANAGEMENT

TEAM

MANAGEMENT

TEAM


Thaibat Adeniran is the Head of Halal Takaful Nigeria at Cornerstone Insurance Plc., where she is responsible for the Takaful team and ensuring the marketing of new Islamic product. Prior to Cornerstone she was Assistant Manager at African Alliance Insurance Company Limited where she was responsible for Marketing the new Islamic products and also edu-cating the public on the product offering.

She holds an MBA in Business Administration from the University of Ado Ekiti and HND in Busi-ness Administration from the Kwara Polytechnic, Ilorin, an Associate / Post Graduate Diploma in Islamic Banking and Insurance from the Institute of Islamic Banking and Insurance London and associate member of the Nigerian Institute of Management.

ADENIRAN THAIBATHd. Halal Takaful Nigeria

Emmanuel Otitolaiye is a widely exposed finance expert with vast and well-rounded accounting and financial management experience cutting across financial and statutory reporting, performance management and business planning in insurance, manufacturing and consulting. Prior to joining Cornerstone Insurance Plc in January 2014, Emmanuel worked at Alliance & General Insurance PLC- a member of the Fidelity Bond Group and Node Solutions Ltd as the Chief Finance Officer and Chief Operating Officer in 2013 and 2012 respectively, where he worked in a senior management role responsible for all strategic and tactical matters as they relate to budget management, cost benefit analysis, forecasting needs, deal analysis, negotiations, and investor’s relations.

He joined FBN Life Assurance limited in 2010 as the pioneer Head of Finance where he successfully coordinated all activities towards securing operational fund from shareholders for the smooth take-off of the company and also championed the set-up of Standard Operating Procedure (SOP) covering virtually all areas of the company’s activities.

Emmanuel also worked as the National Credit Control Manager at PZ Cussons Nigeria Plc from 2006 -2008 before joining Guaranty Trust Assurance (now Axa Mansard Insurance Plc) as Head, Management Account a positioned he held till 2010.

He is an Associate of both Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Taxation of Nigeria (CITN). He holds a Master degree in Business Administration (MBA) from University of Ado –Ekiti and Higher National Diploma in Banking and Finance from Lagos State Polytechnic in 1998 and BSc Accounting from University of Lagos. Emmanuel has also attended several top management trainings at home and abroad.

EMMANUEL OTITOLAIYEHd. Fin. & Perf. Mgt. Grp.

THE TEAMMANAGEMENT

TEAM


THE TEAM

People know Cornerstone as the company transforming the insurance industry in Nigeria.

It’s a great reputation to have. And it’s a legacy we want to keep building on.

21, Water Corporation Drive, Off Ligali Ayorinde Street, Victoria Island, Lagos.

Tel: 012806500, 0700CORNERSTONE | Fax: 012806526-7Email: [email protected] | Web: cornerstone.com.ng

Author ised and Regulated by NAICOM RIC 008

2018 corporate profile - cornerstone · • 2013 – the nigerian csr awards (seras) ... •...

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