Royal Exchange Insurance Plc partners World Bank, African Re for Agric Insurance
Having secured approval from the insurance industry regulatory authority, the National Insurance Commission (NAICOM) to underwrite Agricultural insurance business, Royal Exchange Insurance Plc. has concluded partnership arrangement with World Bank and African Re in readiness to commence the business.
Speaking at a press briefing in Lagos, the Group Managing Director, Royal Exchange, Alhaji Auwalu Muktari, stated that the firm has concluded partnership plans with World Bank and African Re in readiness for the take off of the business.
He said Royal Exchange in couple weeks would be in one of the northern states to showcase its products even as it set to work with one thousand farmers.
The firm which has been fully equipped for this aspect of insurance business through use of robust IT and innovative products said, this would position it to be the market leader in the nearby future. “Royal Exchange stays abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position”, he assured.
The move according to him, was part of efforts aimed at unlocking new growth potentials that would increase consumer value and better returns on investment to its shareholders.
Speaking further, Muktari noted that the future of the company was bright, adding that the management has done very well in growing its business and bringing stability in her operations.
According to him, the Group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders.
“This we believe will reposition our company as not only a major industry player, but as potential game changer”, he assured.
Speaking further, the GMD said, “Our restructuring process rests on three main pillars, namely Digital Transformation; Efficient Distribution Channels and Business Process Remodeling”.
On digital transformation, Muktari said, “We at Royal Exchange seek to build and develop digital tools as an enabler to reach our clients and conduct more efficient back-office operations. This will entail our deployment of digital solutions that will ease our business operations and also the use of various social media tools to reach our current and potential clientele today and tomorrow. By developing and deploying various business applications, we believe that we will become more nimble and able to respond quickly to change, whenever it comes.”
The Royal Exchange boss further added that one of the goals of the restructuring project is the Group’s desire to develop and implement an efficient and cost-effective distribution channel that will support the company’s earlier objective of being nimble and give the group leverage indelivering products and services faster and better and more reliable to its teeming clients in Nigeria.
“As a group holding company with five subsidiaries across the insurance and financial services landscape, it has become of vital importance that we seek to improve our efficiency across the group by leveraging on cost discipline, astute capital allocation and investments and deployment of operational know-how to make Royal Exchange Plc a leaner, faster, smarter organization, equally adept at meeting the ever-changing needs of the consumer, wherever they are, offering them products and services they want, when they want it and how they want it.
“For the future that we behold, our goal is to continuously redefine, reinvent and differentiate ourselves in the marketplace. The focus of the Management of the Group is to achieve sustainable growth for the company through deepening our revenue base, improving service delivery and its support systems and at the same time, keeping costs in check,” he stated.
Speaking further, he noted that one of the new growth areas for the company is our foray into the agriculture insurance, adding that this will definitely be one of the core areas of emphasis going forward.
