'How we are driving MDRI with electronic devices'

Chuks Udo Okonta

In spite the belief in some quarters that the objectives of the Market Development and Restructuring Initiative (MDRI) are not harnessed by insurance operators, some underwriters have started reaping from the programme.

One of the underwriting firms that have position itself and is harnessing the benefits accruable from the MDRI programme is Royal Exchange Insurance Group which said it is using electronic platform to sell insurances identified in the initiative.

Managing Director, Royal Exchange General Insurance, Olutayo Borokini,

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 distributing 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 policy. 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 these policies using various channels that may be available to it.

He said the firm is 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 enlightment.

He said the firm would put in foot soldiers to actually go into the market place, enlighten the people and convince them on the need to have these insurance policies.