Royal Exchange eyes June 30 to finalise recapitalisation plan

From left: Group Executive Director, Operations, Royal Exchange Plc, John Iwuajoku; Benjamin Agili, Managing Director, Royal Exchange General Insurance Company Limited; Group Managing Director, Royal Exchange Plc, Wale Banmore; Executive Director, Nelson Akerele and Group Head, Corporate Communications, Wilson Okoh-Esene at the event in Lagos.

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Chuks Udo Okonta

While some underwriters are still murmuring about the December 31, 2020 deadline given by the National Insurance Commission (NAICOM) for the insurance industry recapitalisation, Royal Exchange Plc, one of Nigeria’s leading financial services and insurance group is working hard to conclude the process by June 30, 2020 which was the first deadline approved for injection of fresh funds into underwriting firms.

The Group Managing Director, Royal Exchange Plc, Wale Banmore, disclosed this today at a press conference in Lagos. He noted that the firm is working assiduously to ensure that everything about recapitalisation is settled before the deadline set by the insurance industry regulator.

He posited that the firm is presently having discussions with two foreign and a local investor that might inject fresh funds in the General and life businesses of the group.

He said the firm is poised to play big post recapitalisation. Hence, it is presently laying solid structures that will support its operations in the future.

According to him, one of the numerous strategic initiatives taken recently to reposition the firm’s operations is the re-launch of its corporate website: and also the creation of a five additional websites for all the subsidiaries in the group as well as a new mobile site for hand-held mobile devices.

Echoing him, Group Executive Director, Operations, Royal Exchange Plc, John Iwuajoku, said: “Our new website is designed with great customer experience at the bedrock. It takes convenience to another level by providing frictionless self-service features that empowers existing and new customer to seamlessly purchase products without any manual intervention. For us, this is indeed a step in the right direction. The re-launch of our website represents a revitalized Royal Exchange Plc and by utilizing the latest web technology, Royal Exchange Plc is poised for the future, with a greater online presence.”

He noted that the additional websites created are: for the general insurance subsidiary; for the life company; for the HMO subsidiary, it is; for the finance company while is for the microfinance bank.

The new website, which includes a full re-design and implementation of a robust content management system suited for our specific business needs, offers visitors to the site, comprehensive information on all classes of general insurance, life assurance, financing, and asset/wealth management information for individuals, families and business, which can be accessed anywhere they are in the world, he said.

He maintained that the website also boasts of conveniences, such as e-payment solutions, insurance quote request form,product features and benefits, access to our insurance procedures, investor relations, currenthappenings within the Royal Exchange group and a live chat capability with the Call Centre operators for help on issues relating to the business.

It would be recalled that Royal Exchange Plc won the ‘Best Web Transaction Processing Website Award’, insurance category of the 2012 Web Jurist Award conducted by Phillips Consulting and came third in the same category the following year.

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)
• Royal Exchange Prudential Life Plc (Life Assurance)
• Royal Exchange Healthcare Limited (HMO and Health Insurance)
• Royal Exchange Finance Company Limited (Financial Advisory)
• Royal Exchange Microfinance Bank Limited (Banking)

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