The Managing Director of Royal Exchange General Insurance Company (REGIC), Mr. Benjamin Agili has stated that his company will focus its digital transformation strategies and efforts on the retail side of the general insurance market in Nigeria.
A statement from the company quoted Agili as saying “we at Royal Exchange General see the enormous potential in the retail insurance space in Nigeria and will deploy various products, strategies and tools to ensure we can effectively operate in the retail space and be a dominant player therein.
According to him, “REGIC recently implemented a new insurance software, of which we are already seeing the impact with greater turnaround times, and as a company, we are able to respond faster to our clientele. We have been able to automate our processes, technical operations and the claims process, all in a bid to ensure we are able to respond faster to clients at all times.
He further added “Royal Exchange General Insurance Company has also developed a new e-business portal for the sale of our retail insurance products and this is currently undergoing beta-testing and user-acceptance tests before being launched to the general public. In addition, we are also developing a mobile application that will give our clients the ability to purchase products anytime, anywhere and this will be available for download from the Apple and Google stores. This gives our customers the freedom to choose. The mobile app will also come with other features that will make it relevant for everyday use”, Mr. Agili said.
“The essence of going digital for Royal Exchange General Insurance is to improve our customers experience, improve accessibility to make insurance purchases for the general public, while ensuring that we work faster and smarter as a company, the MD added. He stated further that “this digital journey for REGIC has entailed a huge financial outlay, one that we believe REGIC will benefit from in the years to come as the world goes digital. Digital is the future and we strongly believe in offering services to our clients in a digital world”.
Falekulo Emerges New MD Of Nigeria Re
Mr Olugbenga Falekulo has been appointed as the new Managing Director of Nigeria Reinsurance Corporation, as part of efforts to ensure that the Reinsurance firm continue in its quest for transparent and accountable management of insurance in the country.
Falekulo, with over 25 years of experience spanning across the sector, said he brought his wealth of experience and professionalism to the fore.
The new Managing Director stated that he and his team are prepared to take Nigeria Re to the next level in the market.
Although he did not disclose the strategic plans the new new management have put together, he assured that Nigeria Re is taking a new dimension in the insurance industry, promising that a new era is here for the company.
He has BSc in Insurance, Masters in Business Administration, and he is also a.member of the Chartered Insurance Institute of London.
Prior to this appointment, he had worked with NICON Insurance, Great Nigeria and Continental Re. He left Continental as an Exexutive Director before in 2014 and went into his private business.
He is well travelled and has attended so many courses within and outside Nigeria. He is married with children.
Nigeria Reinsurance has Mr Mela Audu Nunghe as its Chairman, Falekulo as Managing Director/Chief Executive Officer, Mr Olusegun Ilori as Executive Director, Finance & Administration, Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director, and Mrs Yvonne Isichei as Non-Executive Director (Independent).
Nigeria Reinsurance was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has been in operation for over 40 years, is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.
Pension Fund Assets Now N12. 7trillion, Contributors 9. 4million
By Sola Alabadan
The pension fund assets accumulated under the Contributory Scheme in Nigeria was N12.66 trillion as at 30 June 2021, while the number of registered contributors has grown to 9.38 million, the Director General, National Pension Commission (PenCom), Aisha Dahir-Umar, said.
She stated this at the workshop organised PenCom for journalists in Lagos on Monday. The theme of the workshop was “Positioning the Pension Industry in a Post COVID Era”.