ROYAL EXCHANGE EASIES PAYMENT OF INSURANCE PREMIMUS FOR MOTOR VEHICLE & PERSONAL ACCIDENT COVER

Royal Exchange Plc, Nigeria’s pioneer insurance group, has extended its e-payment platform with the introduction of its scratch card payment solution to now also cover motor vehicle and personal accident insurance policies.

A statement from the company’s Corporate Affairs Department said that the Royal Exchange scratch cards currently deployed on the company’s e-platform offer the customer both ease of usage and flexibility of choice.

The statement quotes Mr. Richard Tayo Borokini, Managing Director, Royal Exchange General Insurance as saying, “the customer is now more empowered than ever to make informed choices from a variety of options relating to motor vehicle and personal accident insurance cover”.

Apart from the traditional motor insurance policies being offered in the market generally, Mr. Borokini said that Royal Exchange has introduced a hybrid motor insurance product which is new to the market, emphasizing that Section 68 of the Insurance Act, 2003 makes this type of insurance compulsory for all vehicle owners in Nigeria.

“For clients who are interested in third party vehicle cover, the insured has the option to choose from a Third Party Only Policy, a Third Party (Theft only), a Third Party (Damage only) or a Third Party (Damage & Theft only) insurance cover”. These policies, he stressed, can now be acquired in a faster, more reliable and convenient manner than conventional methods because of the virtual process that the Royal Exchange scratch card payment system offers.

Mr. Borokini further disclosed that the Personal Accident policy had been simplified into two variants: the Annual Travel Plan Insurance, which gives the insured medical expenses cover as well as death/permanent disability cover for the duration of the policy, which is for one year and the Single Trip (Point to Point) Policy which covers the insured only for a single trip, within Nigeria. According to him, this is a personal accident and sickness insurance product that provides payment for bodily injury caused by violent, accidental, external and visible means resulting in death, permanent disability, medical expenses, burial expenses and repatriation expenses.

Speaking further on the new scratch cards, the Group Head, Business Planning and Improvement, Royal Exchange Plc, Mr. Nnamdi Melie, stated that “the scratch cards are convenient and easy to use, as the customer can consummate the entire transaction using his mobile phone. 

The customer sends the PIN to a designated short code number using any of Glo, MTN, Zain, Starcomms or Etisalat networks and he receives an instant message which informs him of his policy status.  He can also print his insurance certificate directly off the internet if he desires. This ensures that the transaction is done on-line, real time and the customer also receives regular updates on the status of the policy.  The uniqueness of this product is that a client can conclude an insurance transaction without physically visiting any Royal Exchange branch”.
According to Mr. Melie, “Royal Exchange has invested heavily in technology to create seamless and secure platforms through which our existing and potential customers can access Royal Exchange products and services. The objective here is to ensure that every point of interaction is laden with superior value, no matter the type of transaction being done”, he said.
Mr. Melie emphasized that “we want to continue to deploy the best technology to deliver value to our customers, working through the best, well-trained and motivated people to deliver value and we are happy with the progress we have made so far”.
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 Investments Limited (Financial Advisory Services)
  • Royal Exchange Healthcare Limited (HMO and Health Insurance)
  • Royal Exchange Microfinance Bank Limited (Banking Services)
For more information, please contact:

Corporate Affairs Department
Royal Exchange Plc

34/36 Oshodi-Apapa Expressway
Oshodi, Lagos
Phone: 01 7939432
Email: Austin.Agbareh@royalexchangeplc.com or Wilson.Okoh-Esene@royalexchangeplc.com