Royal Exchange Insurance Plc. has expressed its readiness to commence agriculture Insurance business, following approval it received from the National Insurance Commission (NAICOM) to underwrite Agric-business.
Speaking at press briefing in Lagos, the Group Managing Director, Royal Exchange, Alhaji Auwalu Muktari, stated that the firm has concluded partnership with World Bank and African Re which would pave way for the business.
According to him, Royal Exchange in couple weeks would be in one of the northern states to showcase its products even as it set to work with one thousand farmers.
The firm which has been fully equipped for this aspect of insurance business through use of robust IT and innovative products said, this would position it to be the market leader in the nearby future. “Royal Exchange stays abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position”, he assured.
The move according to him, was part of efforts aimed at unlocking new growth potentials that would increase consumer value and better returns on investment to its shareholders.
Speaking further, Muktari noted that the future of the company was bright, adding that the management has done very well in growing its business and bringing stability in her operations.
According to him, the Group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders.
“This we believe will reposition our company as not only a major industry player, but as potential game changer