REGIC digitalises operations through IES, ELP solutions  ….Urges Retail customers to shop from home

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By Favour Nnabugwu

The Managing Director of Royal Exchange General Insurance Company, (REGIC), Mr. Benjamin Agili said the company has acquired an Integrated Environmental Solutions, IES,  and Enterprise License Program, ELP to drive business digitally.

In  an interview with Patomabusinesonline in Lagos, Agili said that REGIC as a company, could not afford to be left behind in digitalizing its business operations.

He said the company is currently undergoing a digital transformation that would place it  in the best position in the industry.

"We are undergoing digital transformation;  we have just acquired a new business core Integrated Environmental Solutions, IES,  and we are still at the implementation stage, which is an Enterprise License Program, ELP which is a compliant from the end."

"We intend to do just like the name implies digital transformation, we intend to drive our business digitally and expand our retail lines," he said.

The REGIC Chief Executive Officer said that the digital solutions will enable  "Our customers, our marketers, especially our retails customers and our line customers to shop from the comfort of their homes or wherever. If you have a tablet you should be able to start a transaction and complete the transaction from the comfort of your home."

He stressed that the Royal Exchange wants to be a fit company, we continue to reinvent ourselves. Any particular company that has failed to reinvent itself and adjust to the changes that are happening in the market will not be fit for the period we are in".

Agili said the company at third quarter we are growing reasonably in excess of 12 percent of previous year, we are also ahead of budget in terms of all indicators to our financial statement in terms of profit before tax and all other issues. We are also very excited with our claims issues, combined issues and all the other issues. I can only say that we are doing very well".

Despite the harsh business environment and the covid-19 pandemic, he said "REGIC still want to continue to do more and that is not to take away the fact that it has been a difficult year in terms of the challenges, the impact of COVID-19 on the general market, and recently the #EndSARS protest and the impact and the collateral damage of the impact of COVID on the industry".

"Definitely,  as a  reputable and as a big company, we are not going to be left behind from the negative impact of the destructions that followed the #EndSARS protest but we are prepared"

Following the destruction of the #ENDSARS and the after effect,  he affirmed that the company received a lot of claims and that is not to say, they authenticate their claims and we will settle afterwards.

"We have a lot that have registered claims but we are waiting for their documentation and the necessary adjustment and authentication of those claims. We expect particularly those business premises that had riot and civil commotions extension, where it is not covered in the policy, it will not be covered".

He  disclosed that the company was  receiving a lot of demand on riot, strike and civil commotion which it subscribe to as soon as the National Insurance Commission releases guidelines on them.

"We have also recently been experiencing a lot of demands for riots and civil commotions extensions which I believe the insurance industry is also addressing it, and finding how do we adjust because,  it is becoming a major issue in our market,  and so we have to price it appropriately until we are able to accommodate it".

"You will recall that almost this time last year, we had a similar incidence and we had a massive destruction following the xenophobia protest that led to the destruction of most of the retail outlets;  the insurance industry came out and paid substantially. And if it becomes a recurring decimal , we have to look at it and see how we can accommodate this risk effectively in our business".

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