Royal Exchange Plc has said it is undertaking the restructuring of its key operations to enable the group and its various subsidiaries to become more efficient and able to respond to the ever-changing demands and needs of its clientele across the country.
The Group Managing Director, Royal Exchange Plc, Alhaji Auwalu Muktari, said this during a press conference in Lagos.
He also said the company planned to celebrate its centenary and remained relevant in the Nigerian insurance market for the next 100 years.
He said, “Royal Exchange Plc has been operating in Nigeria since 1918 and this year marks our 100 years of offering best-of-bred insurance services to our various clients across the country and beyond and meeting the expectations of our stakeholders. As we embark on the next 100 years, it is important that we reassess the fortune of the company, and devise plans and strategies for the next century in order to remain relevant now and in the years to come, while satisfactorily meeting the expectation of all stakeholders.”
Muktari said the restructuring comprised three main pillars, which are digital transformation, efficient distribution channels and business process remodelling.
While speaking on digital transformation, he 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 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.”
Muktari said that one of the new growth areas for the company was its foray into the agriculture insurance, adding that this would be one of the core areas of emphasis going forward.
In recognition of the efforts being undertaken to reposition the company, Muktari was recently awarded the 2017 Most Outstanding Chief Executive Officer (Insurance) by Independent Newspapers just as he was also adjudged the 2016 Insurance Man of the Year by BusinessToday, the firm said.
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