The first insurance firm in Nigeria, Royal Exchange plc said it will this year celebrate its centenary anniversary to commemorate its one hundred years of business operation in Nigeria.
Royal Exchange Plc, Nigeria’s long existing insurance and financial services group, said part of the centenary celebration story is a corporate restructuring exercise of its key operations, aimed at responding to the ever-changing demands and needs of clientele across the country.
Announcing this at a press briefing in Lagos, Royal Exchange Managing Director, Auwalu Muktari, 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 also meeting the expectations of our stakeholders. As we embark on the next 100 years, it is important that we reassess the fortunes 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.”
According to Muktari, the company’s restructuring process rests on three main pillars- 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.”
He 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 giving the group leverage in delivering 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 organisation, 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.