registered insurance
FG To Partner Insurance Brokers On Viable Economic Policies
The federal government has promised to partner strategic professional institutions, such as the insurance broking fraternity, towards entrenching viable economic policies that would inflate the economy and guarantee the nation’s sustainable development.
The minister of Finance and Coordinating minister of the Economy, Mr Wale Edun, made the assertion when the delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB) paid him a courtesy visit in Abuja.
According to Edun, the current administration was given primacy to getting the economy out of the woods through pragmatic reforms by getting hold of government revenue and monitoring effective outcomes of government policies.
The minister disclosed that the government realized the need to collaborate reputable professional institutions which are believed to bring value to the government’s new policy direction, hence, an extension of hands of fellowship to prominent bodies like the NCRIB, especially, in its economic task force team.
Speaking earlier, the president of NCRIB, Prince Babatunde Oguntade had applauded the ministry for effectively anchoring the economic reforms of the present administration which he stated was already putting the country on the path of sustainable recovery.
He stated that, government needed to place greater emphasis on insurance as one of the economic reforms strategies, bearing in mind the endemicity of risks in every endeavour of government, coupled with the need to preserve the huge human and material resources of government against unexpected circumstances .
Oguntade specifically advocated a more stringent commitment of government to the enforcement of the laws on mandatory insurances which, he noted, would buoy the solvency of the industry as well as guarantee the required peace of mind of the people and ultimately inflate the economy.
While advocating the involvement of registered insurance brokers in all government insurance accounts, Oguntade frowned at the practice of virement in yearly budgeted expenditure
Cornerstone Insurance Solicits Brokers’ Partnership To Deepen Penetration
Cornerstone Insurance Plc has solicited partnership of registered insurance brokers in its plan to deepen insurance penetration in the country.
To this end, the management of the insurance firm embarked on a courtesy visit to the Nigerian Council of Registered Insurance Brokers (NCRIB) secretariat in Yaba, Lagos on Monday, seeking collaboration of the council to bring more Nigerians into the insurance bracket.
Speaking during the visit, the managing director/CEO, Cornerstone Insurance Plc, Stephen Alangbo noted that his firm is changing the insurance landscape in Nigeria through innovation and professionalism that has stood it out from its inception until now, saying, his underwriting company has motivated professionals who are interested in promoting the Cornerstone brand.
Even though some brokers are already selling his company’s products, he called for more support, especially, from those who are currently not in business with the underwriter, disclosing that Cornerstone prioritizes claims payment and has been swift in responding to customers enquiries, a trait that stands it out.
Promising to always participate and support the activities of NCRIB, especially, under the current dispensation, he said, insurance brokers are an important segment in the insurance value-chain that cannot be ignored.
To him, Cornerstone Insurance reported N19 billion gross premium written (GPW) while Cornerstone Group posted N23 billion GPW in 2022 financial year end, even as the company withdrew N25 billion and the group posted N30 billion gross premium in 2023, a testament of growth in its business.
“We are trying to bridge the gap between Cornerstone and the brokers. Although some are already in business with us, however, we want more patronage, a symbiotic relationship. We don’t joke with claims as long as they are genuine, therefore, we can assure you that we have always and will continue to settle all genuine claims obligations. “We equally promise