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Royal Exchange leads an insurers consortium in a N3.636 billion WAMCO claims settlement

Following the flood disaster that damaged major parts of Frieslands Foods West African Milk Company (WAMCO) Ikeja factory last year, Royal Exchange General Insurance Company, (REGIC), has led a consortium of insurers in settling the N3.636 billion total claims arising from the damage to its factory.

The other insurance companies in the consortium are Custodian and Allied Insurance; Cornerstone; Goldlink; Mutual Benefits; Law, Union & Rock; Crusader, Leadway; Sterling Assurance; Great Nigeria Insurance; Equity Assurance; AIICO General and NEM Insurance.

Speaking in Lagos recently, the Managing Director of REGIC, Olutayo Richard Borokini, noted that prompt settlement of claims is an acid test of the efficiency and liquidity of an insurance company and that the consortium is pleased to have been able to assist the company to resume full operations at its Ikeja factory.

Mr. Borokini 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.”

Meanwhile, as part of plans to reinvent its operations and further endear itself to its customers, REGIC has adopted an operations guide which guarantees customers 48 hours of claims settlement, after due documentations had been completed and verified.
According to Mr. Borokini, Royal Exchange is continually striving to enhance its quality of service delivery by ensuring quick claims settlement, no matter the amount involved.

He also disclosed that last year, Royal Exchange paid out a total of N1.08bn in claims settlement, covering Oil & Gas insurance, Marine insurance, Property insurance, Motor insurance and Industrial All Risk insurance.

Recalling Royal Exchange’s pedigree in claims settlement, the REGIC boss noted that the company had paid out over N3.2billion in 2009 in a single transaction to Nigerian Bottling Company (NBC) as a result of the fire disaster at their Benin Plant.

In order to further strengthen the company’s leadership position and sustain its competitive advantage, Royal Exchange last year introduced a new dynamism in managing claims by the empowerment of its Regional Directors to settle certain claims promptly without recourse to the control office.