L-R: Mr. Wale Banmore, MD, Royal Exchange Prudential Life; Alhaji Auwalu Muktari, Group MD/CEO, Royal Exchange Plc and Mr. Benjamin Agili, MD, Royal Exchange General, at a press briefing in Lagos yesterday.
Royal Exchange Plc, Nigeria’s foremost insurance and financial services group has announced plans to undertake a corporate restructuring exercise of its key operations, to enable the group and its various subsidiaries more become nimble, efficient and able to respond to the ever-changing demands and needs of its clientele across the country.
This restructuring exercise which has already begun was announced by the Group Managing Director, Royal Exchange Plc, Alhaji Auwalu Muktari, in a parley with insurance journalists, where the company also unveiled plans to celebrate its Centenary and remain relevant in the Nigerian Insurance market for the next 100 years.
According to Alhaji Auwalu, “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.”
Speaking further, the GMD said: “Our restructuring process rests on three main pillars, namely 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.”
The Royal Exchange boss 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 give the group leverage in delivering products and services faster and better and more reliable to its teeming clients in Nigeria.
Alhaji Auwalu Muktari said: “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 organization, 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.”
“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,” he stated.
Speaking further, Alhaji Auwalu Muktari said that one of the new growth areas for the company is our foray into the agriculture insurance, adding that this will definitely be one of the core areas of emphasis going forward.
In recognition of the efforts being undertaken to reposition the company, the Group Managing Director 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 while the Company was bagged BusinessToday 2016 Insurance Company of the Year.
As a socially responsible organization, Royal Exchange Plc has in the past donated to worthy causes, such as providing educational equipment to schools in Lagos and Kano, providing health insurance to staff and pupils of the Pacelli School of the Blind and has supported the development of future leaders by sponsoring the Annual School Leadership Seminar for Secondary School Prefects in Lagos State.
These CSR initiatives have also resulted in recognition by InspenOnline Media and BusinessToday Media as CSR Insurance Company of the Year 2015.
About Royal Exchange Plc
Royal Exchange Plc started operations in 1921 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers. Following the recapitalization exercise in 2007, the company was reorganised into a group structure comprising Royal Exchange Plc as the holding company and five strategic subsidiaries namely:
- Royal Exchange General Insurance Company Limited (Non-Life Insurance Services)
- Royal Exchange Prudential Life Plc (Life Assurance Services)
- Royal Exchange Finance and Asset Management Limited (Financial Advisory Services)
- Royal Exchange Healthcare Limited (HMO and Health Insurance)
- Royal Exchange Microfinance Bank Limited (Banking Services)
- Royal Exchange Takaful Insurance Company (Awaiting final approval from National Insurance Commission)