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Royal Exchange sets 48 hour claims settlement deadline

By Patience Saghana
Royal Exchange Plc has set a 48-hour deadline period for the settlement of all insurance claims.
A statement made available to Vanguard quoted Mr. Olutayo Richard Borokini, Managing Director, Royal Exchange General Insurance Company as saying that no claims payment shall exceed 48 hours after due documentations had been completed and verified.

Borokini who spoke in Lagos stressed the importance of customer satisfaction as the fulcrum of insurance business, adding that “at Royal Exchange, our core values of relationship, trust, and integrity compel us to always seek ways of optimising our processes to ensure that the customer receives immediate benefit for doing business with us.”

He further observed that delays in claims settlement usually stems from a lack of knowledge of insurance procedures by the claimant. Sometimes it is also caused by incomplete documentation submitted by the claimants or their agents.

“Documentation might involve inputs from the Police, Federal Road Safety Commission (FRSC) or other regulatory bodies and when there is a delay from this end, the tendency is to blame insurance companies for not fulfilling their obligations”, Mr. Borokini lamented.

It is for this reason, he said “Royal Exchange is embarking on a massive public enlightenment campaign and re-training of its staff and agents to instil in them the necessary skills and competencies for efficient service delivery. We want to continue to deploy the best technology to deliver value to our customers, working through the best, well-trained and motivated people to deliver value and we are happy with the progress we have made so far”.

“The scratch card (e-platform) used in insurance transactions, recently pioneered by Royal Exchange was actually informed by our quest for greater ease and efficiency in delivering services to our customers, using the benefit of technology”, Mr. Borokini


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