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Nigeria’s foremost insurance and financial services group, Royal Exchange Plc has announced plans to undertake a corporate restructuring exercise of its key operations, to enable the group and its various subsidiaries 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 the press, 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 Muktari, “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.
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, the Royal Exchange boss 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.
