Insurer to offer seamless service
… Unfolds plans corporate restructuring
A leading underwriting firm, Royal Exchange Plc, has revealed plans to embark on a corporate restructuring exercise that would respond to the needs of its clients across the country.
This restructuring plan, which was unveiled by the Group Managing Director, Auwalu Muktari, at a media parley to celebrate its Centenary anniversary, said it will keep the company relevant in the Nigerian insurance market for the next 100 years. Auwalu said: “Royal Exchange Plc has been operating in Nigeria since 1918, and this year marks our 100 years of offering best-of-breed insurance services to various clients in the country
Speaking further, he said: “Our restructuring process rests on three main pillars, namely Digital Transformation; Efficient Distribution Channels and Business Process Remodelling.”
On digital transformation, Muktari said, “Royal Exchange seeks 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.”
He stressed that one of the goals of the restructuring project is to develop and implement an efficient and cost-effective distribution channel that will support the earlier objective of being nimble, and give the group leverage in delivering products and services faster and better and more reliable to customers.
“As a group holding company with five subsidiaries across the insurance and financial services landscape, it has become vital that we 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 organisation. Equally, to become adept in meeting the ever-changing needs of consumers, 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.”
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