Royal Exchange Prudential Life strategizes towards Improved Financial Performance

From Ngozi Onyeakusi, Lagos

Royal Exchange Prudential Life Assurance (REPLA) has been urged to focus on customer service excellence, among other major initiatives, in 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.
This statement was made by Alhaji Auwalu Muktari, Group Managing Director, Royal Exchange Plc during a strategy and budget retreat session of the company which held in Lagos recently. Alhaji Muktari also encouraged staff of Royal Exchange Prudential Life Assurance, especially those in customer-facing departments, to make service excellence their watchword and guiding principle in their interactions and dealings with clients of the company.
According to Alhaji Muktari, “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”.
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 and upgrade 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 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. Banmoreadded.
“The attainment of these goals, amongst others in the current financial year, will impact positively on the fortunes of the company, increase profitability in the years ahead, improve service delivery to our existing clientele, enable the company to win new retail and corporate accounts and at the same time, boost our premium income and market share”, 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”.