African Insurance Awards 2016


Innovation of the Year


Cornerstone Insurance Plc., Nigeria

Reason for nomination

Launch of an innovative Cornerstone Airtel Insurance product.

Stunning idea to introduce the insurance concept.

Airtel insurance is absolutely free.

By linking a free insurance product to airtime sales, Cornerstone is driving market penetration beyond the usual boundaries and across the whole spectrum of social strata. This is not just a micro insurance product but one which benefits the whole telephone customer base.

Successful partnership with Telecom company to distribute easy-to-understand insurance products to the mass market.

Free insurance for Airtel with benefits and coverage rising with usage.

The Airtel life & health product has a robust social impact as it filters down through Nigerian society.

Developed a product that ensures the basic pricing structure is kept simple and caters for the financially-excluded.

Product structured to uphold the provision of an end-to-end/ sustainable service that ultimately safeguards the health and wellbeing of clients regardless of income brackets through customer-centric procedures.

Product customer’s base grew by over 160% from December 2014 to December 2015 thereby increasing access to insurance products for socially and financially disadvantaged Nigerians.

The customer base cuts across consumers at different income levels – low, middle and high.

Over 1 million combined customers as at December 2015.