Cornerstone set to unveil mobile insurance product

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Cornerstone Insurance Plc, said it would soon unveil robust mobile insurance products to carter for two critical identified needs of the insuring public which are to cover death of family members and illness.

The company hopes to leverage on recent efforts made by the industry’s regulator, the National Insurance Commission (NAICOM) to reactive mobile insurance which was stalled last year due to regulatory issues.

The Group Managing Director/Chief Executive Officer of the company, Mr. Ganiyu Musa, who made the disclosure at a press conference in Lagos, added the firm was doing well in mobile insurance before an embargo was placed on the business. He noted that 4.7 million mobile phone subscribers attempted to register with the firm then, while 2.7 million actually registered and 1.3 million had cover in 18 months.

He said the firm is also presently working on growing its agency base, stressing that some agents who were recently recruited are undergoing training and that efforts are in top gear to raise the number of agents to 2500.

Musa, who also spoke on the planned industry capital verification, said the company is fully ready for the exercise. He lauded the initiative, stressing that it would help position operators where to operate, as they would underwrite risks according to their capacity.

He posited that the industry has witnessed rise in claims in recent times, adding that fraudulent claims have also increased.

According to him, Nigeria has the cheapest rate on third party. He maintained that insurers are not charging enough, compared to the claims they pay when risks occur.

He lauded the efforts made by NAICOM in widening the frontier of Takaful Insurance, adding that the business line remains one of the most thriving among the firm’s catalogue of products.

He expressed optimism that businesses would improve as the government continues to introduce structures to move the economy out of the present recession.

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