IORC Export and Credit Insurance Corporation Changes the Royal Chartered Insurance Payment System
DUBAI, UAE / ACCESSWIRE / September 11, 2023 / Mr. Benjamin Eber, Director of Royal Chartered Insurance, announced today that the company has received instructions from the parent company, IORC Export and Credit Insurance Corporation, to appoint financial collection companies to carry out the billing process and to receive insurance policy premiums after many customers faltered in the process of paying insurance policy premiums, especially after the Corona pandemic, and some of the customers’ financial positions were weakened, the follow-up of which became a burden on the company’s Legal and Accounts departments.
The instructions came to appoint one to three financial collection companies on each continent according to the schedule of financial flows from each region, or to seek assistance from some of them in areas with lower financial flows, whose mission will be assigned to collection companies in the nearest continent or geographical region.
Mr. Benjamin Eber, said: “The decision taken by the parent company will save time and effort in the process of collecting insurance premiums or following them up, reduce the documentary cycle with the accounts department, and at the same time reduce pressure on the legal department in judicial prosecutions and divert their focus on case files related to insurance claims.”
Royal Chartered Insurance works with local and sovereign governments, regulated utilities, and private-sector developers and operators, along with their bankers and advisors, to reduce the medium- and long-term funding cost of essential projects and services in countries with investment-grade sovereign ratings.
IORC Export & Credit Insurance Corporation fully acquired Royal Chartered Insurance in January 2021 which turned it into a fully-fledged insurance company.
Mr. Benjamin Eber, Director of Royal Chartered Insurance, concluded this statement by saying “We are proud that Royal Chartered Insurance is one of the largest insurance companies capable of overcoming all global fluctuations, and our management ability to develop our services from time to time to reach the maximum levels of professional workability”.
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