In trying to make the Market Development and Restructuring Initiative (MDRI), project of the insurance industry meaningful and applicable for the benefits of the insuring public, Royal Exchange Group has simplified its product offerings via electronic platform.
This strategy the company noted has not only taken cognizance of the different classes of people in terms of policy pricing, but has created room for every segment of the society to find space and need for insurance.
These among others are the initiatives, which Royal Exchange has adopted to key into the MDRI project in the efforts to deepen market penetration and increase insurance density in the country.
Olutayo Borokini, managing director, Royal Exchange General Insurance said: “What we have done in Royal Exchange, is to use electronic platform to sell some of the compulsory insurances. For example, we are about the first to start using scratch cards to sell third party insurance policies through the various licensing offices and other distribution channels.
“We recruited agents nationwide to sell these products through the use of scratch cards to members of the public. Apart from the third party insurances, we also created the variants of comprehensive policies. We find out that there are some people that don’t have money to purchase the comprehensive policy. “So we have the variants of comprehensive policy whereby you can decide to purchase third party and damage only which we also sell through scratch card system.”
He noted that the company has also introduced the sales of public buildings policies through the use of scratch cards, adding that the firm is mapping out strategies to sell policies using various channels that may be available to it.
“We are embarking on strategies to reach out to the poor and owners of public buildings on the need to insure them.
Borokini maintained that though, government is making efforts to get the people to insure their properties; there is the need for more enlightenment.
He said the firm would put in place foot soldiers to actually go into the market place, enlighten the people and convince them on the need to have these insurance policies.