With organic growth and rising income capacity, ninety-two year old Royal Exchange plc with subsidiaries in general insurance, life insurance, health insurance and micro finance banking, is targeting the number one position in the nation’s insurance industry by 2015.
This follows a successful restructuring of the company’s operations, after the 2007 recapitalisation exercise that gave the firm the latitude to venture into new areas, which according to the management has positioned it for a new growth regime.
Auwalu Muktari, group executive director, Marketing and Sales who led the management of the Company on behalf of the GMD, Chike Mokwunye to the National Association of Insurance Correspondents, CEO Forum in Lagos said the fundamentals from Royal Exchange’s strategic plan which commenced in 2007 shows that the one-stop financial services company is on the path to bigger history.
Muktari stated that his confidence is also coming from the successful establishment of its retail market, with a target of over 2000 agents and several personal line products that exceeds the expectation of consumers.
“Today, our products are sold via technology and e-channels and this has given us an unprecedented advantage among our competitors, and so the issues of agents defrauding clients or not remitting premiums collected from clients are not there at all. Royal Exchange retail products are sold via recharge cards, debit cards and this is cut across all our outlets and branches nationwide,” Muktari said.
“Our strong points remain our rich historical pedigree, experience for 92 years, enviable claims profile, and innovative technology as well as well trained human capital,” the Royal Exchange boss stated.
Mokwunye, in an interview had earlier said, “Without sounding pretentious, let me say here that the next three years will be definitive in our quest and drive to reclaim our leadership position in the industry. We have recently reviewed our business model and resolved that our new mission is to emphasise the nature of our business as a risk management group with asset management capabilities.”
“In the years ahead, we plan to grow our business organically, at a rate of 50 percent annually (2013-2015), and we envisage that retail and asset management will be crucial drivers of this new vision.”
“Our resolve is to build a market oriented organization that would be responsive to the needs of the market and the ever changing demands of our customers. This denotes that we must be ready to embrace change in all facets of our business, creatively finding new ways of achieving set objectives,” Mokwunye told the staff.
MODESTUS ANAESORONYE
