Rex Insurance Company Limited in one-year of transformation of its operation and processes has positioned itself on the path of growth, winning broker partner’s confidence.
The Company formerly Royal Exchange, now wears a new look not just in branding but also in the speed of service and response to claims payment.
Rex under Ebelechukwu Nwachukwu’s led management is focused on delivering quality underwriting, efficient claims management and sustained growth for its customers and shareholders.
Speaking at the Company’s Breakfast Meeting with top brokers in Nigeria, Babatunde Oguntade, president of NCRIB; Ekeoma Ezeibe, deputy president of NCRIB/MD, Crystal Trust Insurance Brokers; Saheed Egbeyemi, DMD, Hog Robison among others applauded the speed of transformation, technology adoption and process automation that has taken place in Rex within a one year period.
Oguntade in his remarks expressed confidence on Rex Insurance, stating that the company remains a pride of the industry and would continue to enjoy huge patronage from insurance brokers.
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According to him, Rex transformation in technology, process and people shows that underwriting can really be lifted beyond its current level in Nigeria.
Ekeoma Ezeibe, also lauded the company for its great transformation within a short period, and noted that she has no doubt on what Ebelechukwu Nwachuwkwu could do given her past records in the different insurance companies she had worked as CEO, while commending the quality of management team engaged by Rex.
Nwachukwu, managing director/CEO, Rex Insurance Limited in her presentation on the transformation of the company said, the journey began in 2019 when Blue Ochid brought Insure Resilience Investment (III) as a private equity investment, bringing N3,601,744.857.81. This was followed by Africinvest Financial Inclusion buying into Rex in 2021. Presently, IIF has 30.39 percent equity interest in Rex with desire to deepen innovation and strategic growth positioning.
Rex MD said this was followed with moving its head office to prime location in Victoria Island, as well rebranding its branch and regional offices at Lagos Mainland; Abuja, Ibadan, and Benin among other areas.
She noted that the firm’s vision is to be the preferred Nigerian insurance company, adding that its service promises are- highest level of customer service; prompt claims settlement; operational efficiency and ESG initiative implementations.
She maintained that the company looks ahead to a robust product development; expand corporate and retail portfolio; ESG initiative and strengthening its position in the agric insurance market.
On claims payment, Nwachukwu highlighted the top three claims paid by REX in 2024, stating that a customer was paid N15.47 billion, followed by N1.79 billion and another N1.65 billion.
In terms of claims speed, she said the company in the current year 2025 has paid 58 percent of its claims in less than one day, while 89 percent has been paid within three days, noting that its target is to settle all processed claims within 24-hours.
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Concluding, Nwachukwu appealed to the brokerage fraternity to make Rex their preferred insurance partner, imploring them to put the company in lead and follower positions in their business transactions. ‘Place your motor; marine; agric and other classes of business with us’.
