By Patience Saghana
In their quest to seek practical understanding and working of insurance, Insurance students of Lagos State University (LASU)paid a courtesy call on Royal Exchange General Insurance Limited. The Actuarial Science and Insurance Studies Students Association of LASU sought to have a practical knowledge of the workings of an insurance company.

The students who are in their final year, led by their Association President, Mr. Olusola Alake, and other executive members, were received by Mr. Wale Banmore, Assistant General Manager/Head, Technical Department, Mr. Nelson Akerele, Assistant General Manager/Head, Royal Direct and Mr. Olukayode Agbomabini, Senior Manager/Head, Claims Department as well as staff from the Claims, Underwriting, Human Resources and Corporate Affairs Departments of the company.

Addressing the students, Banmore stated that as insurance students, they have an opportunity to ensure that the gospel of insurance is spread throughout Nigeria, to ensure that the level of awareness on the need for insurance is increased, as the insurance penetration level in Nigeria is still very low.

During a question and answer session with the students, Banmore further stated that in other countries the world over, insurance companies, because of the large pool of funds at their disposal, have established banks and other financial institutions but in Nigeria, the reverse is the case as most banks are the owners of insurance outfits, though this trend will soon change with the end of universal banking by the current CBN Governor, Mr. Sanusi L. Sanusi.

In his remarks, Mr. Nelson Akerele stated that Royal Exchange Plc is a clear leader in the insurance industry, having been in existence since 1921 and that the company is in business to remain the number one insurer of choice to Nigerians.

Speaking further, he stated that the Royal Exchange is a technology compliant company and has been at the forefront of technological innovation, as the company is the first and only insurance company to successfully introduce the use of scratch cards for purchasing insurance policies and payment of insurance premiums via the mobile phones.

He further states “Royal Exchange is all about delighting our clients, both private and corporate, by delivering value-driven and innovative product offerings to them”.

Responding, the President of the student association, Mr. Shola Alake, thanked Royal Exchange for hosting them and promised to create more awareness for the industry by being brand ambassadors of Royal Exchange Plc.