Royal Exchange focuses on digital transformation to capture retail market
Royal Exchange General Insurance Company (REGIC) has announced it’s desire to focus on digital transformation strategy to capture the retail insurance market in Nigeria.
The Managing Director of the company, Benjamin Agili, said in an interactive session with insurance reporters that the company had identified enormous potentials in the retail insurance market in Nigeria with various products, strategies to operate successfully as a dominant player in the market.
According to Agili, “REGIC recently implemented a new insurance software, of which we are already seeing the impact with greater turnaround times, and as a company, we are able to respond faster to our clientele. We have been able to automate our processes, technical operations and the claims process, all in a bid to ensure we are able to respond faster to clients needs at all times.
Besides, “(REGIC) has also developed a new e-business portal for the sale of our retail insurance products and this is currently undergoing beta-testing and user-acceptance tests before being launched to the general public. In addition, we are also developing a mobile application that will give our clients the ability to purchase products anytime, anywhere and this will be available for download from the Apple and Google stores. This gives our customers the freedom to choose. The mobile app will also come with other features that will make it relevant for everyday use”, he said.
“The essence of going digital for company is to improve our customers’ experience, improve accessibility to make insurance purchases for the general public, while ensuring that we work faster and smarter as a company, the MD added. He stated further that “this digital journey for REGIC has entailed a huge financial outlay, one that we believe REGIC will benefit from in the years to come as the world goes digital. Digital is the future and we strongly believe in offering services to our clients in a digital world”.
Royal Exchange General Insurance Company 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. In October 2019 REGIC concluded her first successful equity investment of USD$10 million from the InsuResilience Investment Fund (IIF) of German Development Bank (Kfw) in exchange for a 39.2 per cent stake in REGIC.
As result of this cash injection, the company balance sheet has been significantly strengthened. REGIC, as part of her business diversification strategy has made significant progress in championing product innovations, all aimed at increasing its competitiveness in the marketplace. Our corporate renewal and operational transformation is targeted at building an enduring insurance company of tomorrow; one which is able to innovate and build on its heritage to remain a business leader in the sector.