Royal Exchange Sets 48-Hour Deadline For Claims Settlement

In a bid to consolidate its premier position in the financial services market, Royal Exchange Plc, has set a 48-hour deadline period for the settlement of all insurance claims. 

A statement issued by the company’s Corporate Affairs Department quotes Mr. Olutayo Richard Borokini, Managing Director, Royal Exchange General Insurance Company as saying that no claims payment shall exceed 48 hours after due documentations had been completed and verified.

Mr. Borokini who was speaking in Lagos stressed the importance of customer satisfaction as the fulcrum of insurance business, adding that “at Royal Exchange, our core values of relationship, trust, and integrity compel us to always seek ways of optimising our processes to ensure that the customer receives immediate benefit for doing business with us.”

He further observed that delays in claims settlement usually stems from a lack of knowledge of insurance procedures by the claimant. Sometimes it is also caused by incomplete documentation submitted by the claimants or their agents. “Documentation might involve inputs from the Police, Federal Road Safety Commission (FRSC) or other regulatory bodies and when there is a delay from this end, the tendency is to blame insurance companies for not fulfilling their obligations”, Mr. Borokini lamented.

It is for this reason, he said “Royal Exchange is embarking on a massive public enlightenment campaign and re-training of its staff and agents to instil in them the necessary skills and competencies for efficient service delivery. 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”.

“The scratch card (e-platform) used in insurance transactions, recently pioneered by Royal Exchange was actually informed by our quest for greater ease and efficiency in delivering services to our customers, using the benefit of technology”, Mr. Borokini further added.

It would be recalled that Royal Exchange Plc recently introduced a scratch card payment solution to cover motor vehicle and personal accident insurance policies. Such policies, 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.

Royal Exchange Plc, Nigeria’s pioneer insurance company whose recent claims settlement of N3.8bn to Nigerian Bottling Company (NBC)  set  an all-time industry record has lately undergone far-reaching structural changes leading to the emergence of a holding company and five operating 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
Web:  http://www.royalexchangeplc.com/