Business
WAMCO, Others Receive N4bn Insurance Claims
Following the flood disaster that damaged major parts of Frieslands Foods West African Milk Company (WAMCO), Ikeja factory last year, the Royal Exchange General Insurance Company (REGIC) has led a consortium of insurers to settle the N3.636 billion total claims arising from the damage to its factory.
The other insurance companies in the consortium are Custodian and Allied Insurance; Cornerstone; Goldlink, Mutual Benefits, Law, Union & Rock, Crusader, Leadway, Sterling Assurance; Great Nigeria Insurane, Equity Assurance; AIICO General and NEM Insurance.
The Managing Director of Royal Exchange General Insurance Company, Mr. Olutayo Richard Borokini noted “that prompt settlement of claims is a test of the efficiency and liquidity of an insurance company” and that the consortium was “pleased to have been able to assist the company to resume full operations at its Ikeja factory.”
He emphasized 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.”
Meanwhile, as part of plans to reinvent its operations and further endear itself to its customers, RECIC has adopted an operations guide which gurantees customers 48 hours of claims settlement, after due documentations had been completed and verified.
According to Mr. Borokini, Royal Exchange is continually striving to enhance its quality of service delivery by ensuring quick claims settlement, no matter the amount involved.
He also disclosed that last year Royal Exchange paid out a total of N1.08bn in claims settlement, covering oil and gas insurance, marine insurance, property insurance, motor insurance and industrial risk insurance.