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Corporate Profile
C o r n e r s t o n e I n s u r a n c e P l c .
2 1 , W a t e r C o r p o r a t i o n D r i v e
O f f L i g a l i A y o r i n d e S t r e e t
V i c t o r i a I s l a n d , L a g o s
0 1 - 2 8 0 6 5 0 0
w w w . c o r n e r s t o n e . c o m . n g
OUR VISION
To be the leading insurance-based financial
services group that transforms the Industry
OUR MISSION
Delivering value beyond expectations
OUR VALUES
Integrity
Empathy
Professionalism
Innovation
Team Spirit
1.0 INTRODUCTION
During 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 with-in the confines of high professional and ethical standard. The aim is to
consistently provide new bold value through needs-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.
2.0 OUR PROFILE
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 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 undertake 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 N5billion
(US$30million) and N4.4billion (US$26million) respectively, while the Shareholders’
Funds is N6.9billion (US$41.5 million) as at December, 2013. The total assets of
the company are in excess of N14 billion (US$84. 3million).
Over the years, Cornerstone Insurance has received many accolades in recognition
for her high level of professionalism. These include, among the following; 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), ‘The Best Use of ICT in
Insurance’ (2012), by The Nigerian Financial Technology Magazine, ‘Best Insurance
Company in Risk Management’ LEAD AFRICA Awards (2013), and ‘Best Company
in Partnership for Development’ by The Nigeria CSR Awards (The SERA’s 2013)
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.
Below are some of the companies and parastatals that Cornerstone Insurance Plc.
currently underwrites their risks either wholly or as a co-insurer –
Airtel Nigeria
MTN Nigeria
Huawei
UAC Group
Dangote Cement
Cadbury Nigeria Plc
British American Tobacco
Intercontinetal Distillers
Society for Family Health
Dana Motors
Konga.com
NNPC
Mobil Nigeria Limited
Shell Nigeria Limited
Total Exploration and Production Nigeria Limited
Chevron Nigeria Limited
Esso Exploration and Production Nigeria Limited
Pacific International Drilling West Africa
Saipem Nigeria
Central Bank of Nigeria
Bank of Industry
FBN Plc
Stanbic IBTC
UBA
FCMB
Union Trustees
Federal Inland Revenue Services (FIRS)
Federal Judicial Service Commission
3.0 BUSINESS SCOPE
Cornerstone 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 Business
Fire Cornerstone Education Fund (CEF) Accident Target Investment Plan (TIP)
Motor Vehicle Foresight Personal Pension Plan (FPP) Marine Cornerstone Universal Policy
Workmen’s Compensation Cornerstone Flexi Goods-In-Transit [GIT] Two-Way Shield Engineering All Risks School Fees Plan
Oil & Gas Group Life Individual Gold Package Funeral Plan
Estate Insurance Immediate Annuity Future Leaders Insurance Keyman Policy Owners’/Occupier Liability Compensation Plan Building Liability Insurance Credit Life Assurance
Social Club Protection Plan Mortgage Protection Plan Term Assurance
Halal Takaful Nigeria Cornerstone Financial Services
Leasing Asset Manage- ment
Family Takaful Plan LPO finance Investment Manage- Takaful Group Scheme Contract Finance ment
Takaful Education Plan Vehicle Lease Mutual Hajj and umra Takaful Import Finance Funds/Investment Halal Investment Plan Personal Loans Financial Advisory
Trade and Project
General Takaful Products Finance
Trusteeship
Motor Takaful
Fire and Theft Takaful Property Guard Takaful Halal Goods-In-Transit Halal Pilgrim Care
4.0 SERVICE PROPOSITION
Is to be committed to deliver bold new value through needs-based products and quality
service to give our customers confidence for the future.
5.0 REASON TO BELIEVE
Service excellence is the hallmark of Cornerstone Insurance Plc and prompt claims
settlement has become synonymous with our name. In the 2012 and 2013 financial
years, Cornerstone Insurance Plc paid over N2.19 billion (USD 14.06 million) and N2.62
billion (USD 16.8 million) respectively as various gross claims to our esteemed clients.
6.0 STRATEGIC PARTNERSHIP
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 for the purpose of our unique insurance service, the
following reputable re-insurers whose international spread gives us the assurance we
need to underwrite your risks.
Swiss Reinsurance Corporation
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
African Reinsurance Corporation
A leading re-insurer, operating in about 36 countries across the African continent Standard & Poor’s affirms the A- Rating of the African Reinsurance Corporation
Continental Reinsurance Company Ltd
Is a leading local composite re-insurance company
Sustain +BB rating by A.M Best of London since 2008
Mapfre (Special Risk & Travel Insurance)
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.
Rated A+ by A.M Best
7.0 OUR TECHNOLOGY
Our services are technology driven by cutting edge Insurance applications. These
services are accessible with ease through the internet and/or mobile technology.
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 why
Cornerstone Insurance PLC was adjudged as the ‘Best Use of IT in Insurance
Service’ 2012, by the Financial Technology Magazine.
8.0 OUR PEOPLE
8.1 Board of Directors Our Board of Directors is composed of sound and highly experienced professionals from
various fields cutting across all sectors of the economy:
Mr. Adedotun Sulaiman Chairman
Mr. Richard O. Ikiebe Vice Chairman
Mr. Ganiyu Musa Managing Director/CEO
Alhaji Hussaini Abdulrahman
Mr. Oladapo Egbeyemi
Mr. Peter Ameadaji [Alternate]
Mr. Dominic Ichaba
Dr. Okechukwu Enelamah
Mr. Paul Kokoricha
Mrs. Ndidi Okonkwo, Nwuneli
Mr. Tokunbo Bello
Mr. Ayo Osunbumi
8.2 Management Team
Ganiyu Musa | Group Managing Director/CEO
Ganiyu Musa is a highly experienced management professional with diversified
experience in insurance, reinsurance, audit, consulting, business advisory and financial
management.
Prior to joining Cornerstone, Ganiyu worked at African Reinsurance Corporation 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 US100million 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 Banking and Finance (MBF) degree, both from the University 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 | Executive Director (Life and Retail Division)
A consummate professional 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.
Ayo Osunbunmi | Executive Director/Chief Operating Officer
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-acquisition 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 Auditing, Internal
Auditing, Internal Controls, Investor Relations, Fraud Investigation, Software
Engineering, Database Design & Implementation, Information Security, Systems
Administration and Network Administration.
Ayo has a Bachelor of Science (B.Sc.) degree in Civil Engineering from the University of
Ibadan. 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 concentrations 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).
Olasoji Tehingbola | Chief Technology Officer
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 in1986 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 training center, New Jersey. USA.
Martins Uwuilekhue | DGM, Head, Technical & Risk Management Division
He began his underwriting career as an assistant superintendent at Franco-Nigeria
Insurance Brokers from where he joined Cornerstone Insurance Plc in 1993. An
innovative and dynamic professional, Uwuilekhue oversees the operations of the claims
and special risk units and is highly proficient in risk management, loss prevention, and
client management and marketing.
He holds both the Bachelors and Masters 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.
Dayo Alao | DGM, Head, Retail Business Division
A consummate marketing strategist, he won the “Award for Exceptional Performance” at
Cornerstone Insurance Plc in 1997 and was the best producing staff at Linkage
Assurance Plc. in 2001. He 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]
Peter Ekwueme | DGM, Head, Corporate Business Division
He started his career in Cornerstone Insurance Plc in 1995 as a graduate trainee and
worked in Motor, General Business and Claims Units as an underwriter between 1995
and 1999. Peter was, at different times, Head of Personal Line Direct and Financial
Institutions and Services. He pioneered the company’s Warri branch as a Manager
before he assumed the headship of Apa-pa and Ikeja branches respectively.
A versatile insurance practitioner with bias in Sale and Marketing Management, Peter is
an associate member of the Chartered Insurance Institute 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, and Chicago,
USA.
Pius Ojo | DGM, Head, Branch Services Division
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, Philadelphia, USA, National Insurance Academy, Pune, India and
Lagos Business School (LBS).
Ademola Abidogun | AGM, Head, Business Development, Fin Insurance, Abuja
Ademola Abidogun, fellow of the Chartered Insurance Institute (2012), is the Group
Head, Bancassurance/ Retail, which serves currently a large array of clientele ranging
from the banking, telecoms and insurance industries.
Prior to assuming his current position in August 2012, Mr. Abidogun was Head, Oil and
Gas. In that role he was responsible for setting the overall vision and strategy, for sales
and revenue growth, and for client relationship management within the oil sector. He also
worked in a supervisory capacity as the Regional Manager in charge of the Eastern
Region for over 8 years where he coordinated the marketing activities of 5 branches and
also helped to accelerate growth of the company within the region.
Demola has over 22 years experience in the insurance industry, He has vast experience
in insurance underwriting, claims management, oil and gas, Bancassurance and Retail
Product development. He joined Cornerstone Insurance in 1995 as an Executive
Trainee. He has risen through the ranks to the present position of Assistant General
Manager.
He has a Masters in Business Administration from the Rivers State College of Science
and Technology (2007);
He is an alumnus of both prestigious London Business School, Lagos Business School
as well as University of Texas.. He has attended various management courses locally
and internationally.
Adeniran Thaibat | Head, Halal Takaful Nigeria
Thaibat is the pioneer head of Halal Takaful Nigeria and holds an MBA in Business
Administration from the University of Ado Ekiti and HND in Business Administration from
the Kwara Polytechnic, Ilorin. She previously worked with African Alliance Insurance
Company Limited as a Product Manager (Marketing )
Thaibat brings to the management of Halal Takaful Nigeria her wealth of experience in
Islamic insurance marketing and products.
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.
Odiri Seidu | Head, Corporate Services
Odiri joined Cornerstone in July 2013 as Head of the Human Capital Unit. She is now
Head, Corporate Services; responsible for all the administration, facilities management
and employee related services of the company. In 2000, she started her career in the
United Kingdom in Customer Services, of which she practiced for over seven years.
Her Insurance career began with Stonebridge International UK, Insurance consultants to
Lloyds TSB and Barclays Bank, before moving on to worldwide logistics with World
Courier UK, where she gained the IATA Certification for Carriage of Dangerous goods.
In December 2006, Odiri joined Guaranty Trust Assurance (now known as Mansard
Insurance Plc) where she founded the Customer Care department, the Call Centre and
the Mailroom system, as Unit Head of Customer Care. This unit supported the
Company’s Retail Business particularly when it launched its Bancassurance operations.
She played a major part in many process improvement initiatives being a member of the
Operations Group for many years.
She later started a career in Human Resources in 2008 as the Head of HR. Odiri was
instrumental to the Company’s Culture Re-orientation drive and to its rapid growth of the
Retail Agency Expansion project. She developed Human Resource (HR) initiatives,
including family friendly policies and a number of online HR functions on Recruitment and
Performance Management. Odiri’s strengths are in Organisational Development,
Organizational Culture Compliance and Employee Relations.
She was a valuable contributor to the process that led to the company’s award for being
one of the Great Places to Work in Nigeria.
Odiri graduated with a Bachelor of Arts in English Language from the Ahmadu Bello
University, Zaria in 1997. She is a member of the Society for Human Resource
Management and a member of The Chartered Institute of Personnel Development, UK.
HEAD OFFICE
Cornerstone Complex
21, Water Corporation Road Off Ligali Ayorinde Street
Victoria Island, Lagos Tel: 01 2806500, Fax: 01 2806526 -7
[email protected] www.cornerstone.com.ng
KANO Plot C 12 & 13, Race Course Road Kano State Tel: 064 913241
ABEOKUTA
Agbeloba Building
Quarry Road, Abeokuta 08029094320
KANO (Public Sector) Idris Umar Road, Off Abdullahi Bayero Way, Beside Advance Link filling station, Kano State Tel: 08157223541
ABUJA
Plot 79, Adetokunbo Ademola Street Wuse II, Abuja
Tel: 09-87766611, 0702 841 5541
LAGOS ISLAND Cornerstone House 136, Lewis Street Obalende, Lagos Tel: 01 2806500 Fax: 01 2806526
APAPA
Polysonic Mall (2nd Floor)
1B, Point Road Apapa, Lagos
Tel: 01-7911363, 7391612 0803 391 1435, 0702 885 6589
OSHOGBO Beside Coca-Cola Depot Gbongan Road Oshogbo, Osun State Tel: 02 7512395, 0706 467 1329
9.0 Offices & Outlets
CALABAR
Cybermul Plaza 135 Ndidem Usang Iso Road
Calabar. Cross River Tel: 0806 4798 461
. PORT HARCOURT 180 Aba Road Port Harcourt River State Tel: 0802 0603 172, 0805 605 0799
FESTAC
Suite 101A PIN Plaza
Opposite H Close First Avenue Festac Town.
Lagos State 0805 335 8830, 0808 913 5663
UMUAHIA 3, Okpara Square Umuahia, Abia State
IBADAN
67, Aboderin Layout
Oni & Sons Area Ring Road, Ibadan
Oyo State Tel: 028 735649
UYO 166, Atiku Abubakar Way Uyo Akwa Ibom State Tel: 0806 5956 552
IKEJA
79, Allen Avenue
Ikeja Lagos State
Tel: 01 8182984, 01 7730680 0802 306 9814
VICTORIA ISLAND 5, Idowu Taylor Street Victoria Island Tel: 0803 333 8353
ILORIN
3, Sokoto Road
Sabo Oke, Ilorin Kwara State
Tel: 0805 958 1032 0808 589 0878
WARRI 57, Effurun/Sapele Road Effurun - Warri Delta State Tel: 0802 060 2974 0706 763 8328
IKOTA SHOPPING COMPLEX
Road 2. Block E, Shop 154
Ikota Shopping Complex VGC, Lekki – Ajah Expressway,
Lagos State. Tel: 0802 346 1151
YABA 191, Herbert Macaulay Street Opp. Yaba Local Government Secretariat Yaba Lagos Tel: 0803 852 3359, 0702 904 3354, 0805 581 1790, 0808 589 0878
KADUNA
NM 20 Constitution Road
Kaduna State Tel: 0702 923 4155
Fax: 062 213112,
SURULERE 115 Bode Thomas Street, Surulere, Lagos. 0802 060 3062
YENOGOA Otiotio Road by the express Yenagoa Bayelsa State Tel: 0806 595 6552