Cornerstone is All About Service–Magorimbo

Lagos, Apr 27, 2010 (Daily Champion/All Africa Global Media via COMTEX) -- The new managing director and chief executive officer of Cornerstone Insurance Plc Mr. Livingstone Magorimbo last week in Lagos took a critical over view of the structure and strength of the company concluding that Cornerstone Insurance possesses greater capacity to discharge effective services now than ever before.

Mr. Magorimbo who spoke shortly after making presentations of Cornerstone Insurance-branded inhalers to Chartered Insurance Institute of Nigeria (CIIN) for onward distribution to asthmatic patients as part of the company's Corporate Social Responsibility (CRS) said Cornerstone have indulged in conscious efforts to beef up its product and service offerings.

According to him, Cornerstone Insurance has invested heavily in product and service innovation pointing out that efforts at the presenting the company which was registered in 1991 a good corporate citizen has started yielding positive results.

With renewed emphasis on prompt claims payment, Cornerstone he added is committed to four critical areas in the discharge of its social responsibilities. Mr. Magorimbo listed the areas to include health, environment, economic empowerment and education.

"You would be recall that in 2006, this company rehabilited and later adopted a dilapidated children recuperating ward at the renowned Messey Street children Hospital in Lagos Island.

"The cornerstone-branded inhalers were produced in response to a request by the immediate past Miss Insurance when she visited Cornerstone towards the end of last year. When the request was presented to Cornerstone, we were more than willing to assist as this falls within our corporate social responsibility framework", Mr. Magorimbo revealed.

Giving insight into the strength of the new look Cornerstone Insurance Plc, Mr. Magorimbo who is from Zimbabwe said with diversification of business into such areas as assets management, life operations and investments laced with top of the shelve managers, the company is in a better stead to improve on its market penetration.

He said that he would be bringing the Zimbabwean model of retail marketing into the business strategies of Cornerstone.

One of the challenges of the Nigerian market is the issue of distribution network and penetration. Thee is this concept that insurance is sold and not bought. What this means is that the practitioners will be doing everything possible to push the products.

Cornerstone's new helmsman parades a rich resume and robust pedigree in professional accomplishments as an experienced actuary and business strategist. He was until his current appointment, the Managing Director of Zimnat Life Assurance Company, a life assurance company with operations in Zimbabwe. He was also a Director in several organizations, including Zimnat Lion Insurance Company, a short term insurance company with operations in Zimbabwe; Sovereign Health - a medical administrator in Zimbabwe and Grand Re, a reinsurance company with operations in Zimbabwe. Between May 1996 and July 31, 1998, he was in the employ of Old Mutual Life Assurance Company, Zimbabwe as Actuarial Assistant with responsibilities covering: Product Development and Pricing, Actuarial Valuations, Embedded Value Calculations and Experience Investigations.

Other positions he held within the insurance industry in Southern Africa region include: Chairman of the Life Offices' Association of Zimbabwe; Vice Chairman of the Life Offices Association of Zimbabwe and First Vice President of the Insurance Institute of Zimbabwe .

Mr. Magorimbo holds a BSc in Mathematics graduating with First Class honours from University of Zimbabwe. He is a qualified actuary and a Fellow of the Institute of Actuaries (UK) since April 2006.

Mr. Magorimbo adviced insurance industry in Nigeria to strive towards closing the gap between premium written and earned even as he admitted the difficulty in eradicating the scourge considering the involvement of middlemen in the business.

"Cornerstone will continue to emphasis a strong culture of prompt claims payment. That is the whole essence of insurance, it is a measure of integrity", Mr. Magorimbo added.