L-R: Non Executive Director, Royal Exchange General Insurance Company Limited, Mr. Adeyemo Adejumo;
Managing Director/ CEO of the Company, Mrs. Ebelechukwu Nwachukwu; Chairman of the Company, Mr. Ike Chioke; Non Executive Director, Ms. Isioma Ogodazi and Non Executive Director, Mr. Nnamdi Oragwu, during the official unveiling of the company’s new CEO.
BY NKECHI NAECHE-ESEZOBOR–The new Managing Director of Royal Exchange General Insurance Company Limited, Ebelechukwu Nwachukwu has called for the need to educate the public on the new rate for motor insurance policy.
She made the call recently in Lagos that the first thing that you find when it comes to insurance, is the reluctant by the buying public.
According to her the industry operators still need to educate the public on why they had to increase the motor insurance premium.
In achieving this, she said ” We need to help them understand that if you had to repair your car two or five years ago and you had to pay liability for repairs, today the price is not even near being the same. So when the premium is the same, then something is definitely missing.”
“We as an industry need to be in a position where we can provide services that we promised when we collect our premium; that is the strong education that we need to pass to the public to help them understand why we have done what we’ve done. I don’t think we should immediately be thinking about freebies because that will defeat the purpose.
She restated that the industry must first try to get the public to understand the price. The price of everything but insurance has changed and that is not balanced.
She added that insurance is supposed to enable the economy to continue to thrive and “we need to position ourselves to provide the service that we collect premium for.”
She disclosed that she’s going to be getting involved with the whole process of educating the public and see to the execution of the policy.
On mortgage financing and embedded insurance, she said that REGIC has set up a very strong focus for retail business and is positioning itself to take advantage of the opportunities available in these areas.
While noting that the life business continues to focus on mortgage life and insuring the assets that are being purchased, REGIC will be looking at how it can put some financing behind this to support the initiative.
