Digital Transformation Enhances Customer Satisfaction at Royal Exchange General Insurance

Royal Exchange General Insurance Company (REGIC) is one of Africa’s oldest and largest insurance companies. With 14 branches nationwide and four business directorates, the company enjoys long-dated relationships with local and international reinsurers. REGIC aims to ensure its continued relevance in the insurance industry by continuously reinventing itself and refreshing its brand with an emphasis on experience and competence. The company has between 51-250 employees and is headquartered in Lagos.

Royal Exchange General Insurance Company (REGIC), one of Africa’s oldest and largest insurance companies, was facing several challenges due to its paper-based system. The company was struggling with paper-based approvals, which required employees to follow up with stakeholders for approvals on paper-based forms. This led to delays in approvals, especially when approving authorities were not present in the office. Additionally, the company was facing issues with tracking budgets, with departments often overspending their allocated funds. The lack of structure in handling high volumes of claim requests was leading to low turn-around times (TATs), causing a decrease in customer satisfaction. The company was taking several weeks to respond to their customers, which was not sustainable in the long run.

To address these challenges, REGIC migrated from a paper-based system to Kissflow, a digital platform that allowed them to automate processes and set up integrations. The implementation of Kissflow enabled REGIC to approve claim requests within hours, with senior management receiving notification reminders to stay on top of these requests. The company was able to automate two complex workflows: booking a policy and claim notification. This integration with existing core systems helped reduce processing time significantly. Apart from these, several other processes such as budget tracking and management, commission payment, IT resource request, customer KYC, claim management, general memo, payroll approval, staff loan, investment approval, and employee requisition were also automated. With these efforts, REGIC was able to digitalize 70% of its operations and is aiming to digitalize all operations and shift to a hybrid work model.

• The implementation of Kissflow has brought about significant improvements in REGIC's operations. The digital platform has not only reduced the process cycle time but also enabled the company to convert manual processes to automated ones every week. This has led to an increase in efficiency and productivity, with the company being able to process a high volume of claim requests in a short span of time. The automation of processes has also improved budget tracking and management, leading to better financial control. Moreover, the digital transformation has enhanced customer satisfaction and retention, with customers receiving quick approvals and regular status updates. The company is now able to experiment with hybrid forms of work while keeping business running smoothly.

• Reduced the process cycle time from 2-3 days to 10 minutes

• Converted 1-3 manual processes to automated processes every week

• Processed 545 claim requests in 3 months