ROYAL EXCHANGE PRUDENTIAL LIFE STRATEGIZES TOWARDS ENHANCED FINANCIAL PERFORMANCE

Repositioned Royal Exchange Prudential Life Assurance (REPLA) has been urged to focus on customer service excellence, among other major initiatives, to drive its quest for market leadership and enhance the company’s status as a dominant player in the life insurance industry in the next three years.
Speaking at a national retreat for its management staff of the company, the Group Managing Director of Royal Exchange Plc, Mr. Chike Mokwunye, encouraged staff of Royal Exchange Prudential Life Assurance, especially those in customer-facing departments, to make service excellence their guiding principle and watchword in their interactions and dealings with clients of the company.
According to Mr. Chike Mokwunye, “the customer is at the heart and soul of every organization’s growth and success and it is very important to keep them satisfied if one wants to remain in operation. If the customer is treated well, he/she stays with you, but if they receive shabby and unsatisfactory treatment, they (customers) will take their business elsewhere”.
“The future of insurance in Nigeria is the life business, which has not been fully tapped into, and for Royal Exchange Prudential to seek market leadership, an effective and efficient policy of customer service, loyalty and retention must be in place in the organisation”, Mr. Mokwunye added.
In his remarks, Mr. Wale Banmore, Managing Director of the company said in addition to service excellence, his company’s focus is also on the deployment of a robust retail marketing strategy to take insurance to the grassroots, as well as training/upgrading of its marketing personnel, in line with current realities.
“The attainment of these goals, amongst others in the current financial year, will impact positively on the fortunes of the company, (profitability), improve service delivery to our clientele and boost our premium income”, Mr Banmore added.
He further added, “Management believes strongly in the Royal Exchange brand and its people, it’s most important resource, are more than capable of delivering outstanding service to existing and potential clients, nationwide”.


Mr. Banmore further commended all staff of Royal Exchange Prudential, for their drive and resourcefulness, which has resulted in ‘winning ways’ for the company. He further challenged them to “work even harder in the years ahead, in order to achieve our objective of becoming a world class company by 2015”.
Facilitators invited to deliver papers at the strategy session include Mr. Gbenga Olawoyin, Managing Director, Wema Insurance Brokers, who spoke on communication strategies; Mr. Abdulrasheed Akolade, Senior Manager, Continental Reinsurance who delivered a paper titled “Profitability in Life Assurance Business” and Mr. Francis Okoli, AGM/Head, Finance, Royal Exchange Prudential whose paper was titled “Bank Alliance and Co-Marketing – A growth area in insurance”.
Royal Exchange Prudential Life Assurance Company is a wholly owned subsidiary of Royal Exchange Plc, licensed by the National Insurance Commission to offer the full range of life and endowment insurance products. With years of experience in the Nigerian insurance market, Royal Exchange Prudential Life Assurance has an enviable reputation for reliability, integrity, professionalism, technical competence and financial strength.