Within the past Five (5) years two (2) robust strategies have been introduced; the 2005 - 2008 Tsoseletso and the recently launched 2009 -2013. The latter is a robust five year strategy that has influenced the operationalisation of BIHL. The 2009 -2013 strategy’s over-riding intention of continuing the evolution of becoming a customer-centric and broad-based financial services organization.
The company is in the process of implementing an IT structure that will improve internal efficiencies with the ultimate result of better client service delivery.In the past few years Botswana Life has consistently posted good results even with the recent challenges brought about by the economic recession. The company administers more than 251 000 policies and underwrites over P680m in recurring premium income (Financial Year 2009). We are confident that the company will continue to grow and improve on those results.
Botswana life believes that one of its most prized possessions is its staff. As such we are continually upgrading our staff by sending them on courses that enhance the qualifications they have and the roles they play within the organization. We have a dedicated learning and development section within the Human resources department that is responsible for ensuring that members of staff are assisted to continually improve themselves.
Products and Services
BLIL provides a wide choice of insurance products for individuals and corporates’ various and changing needs. These offerings are tailor to suit the insured. The products are broadly classified to cover major life events such as death, accidents sickness, and retirement or cater for long-term savings. In-house actuarial capacity is utilized to monitor, review, modify and adapt the different offerings such as Life Cover, Funeral Schemes, Credit Life, Retirement Annuities and many more, some of which are specifically aligned with the country’s Vision 2016. Service delivery is of utmost importance hence the constant refining of service delivery systems/ technology and the growth of the company’s distribution channels.
Customer centricity and product innovation
The business has continued to achieve very good results in the face of a financial crisis. It has succeeded in maintaining its dominant position as a market leader for both individual and corporate businesses. The net insurance premium income stands at an impressive P1.3 billion at 31 December 2009.
The good results are largely attributable to our client centric approach, in particular listening and responding to our client needs.
Corporate Social Investment
Corporate Social Responsibility at BIHL subsidiary level is influenced by the Group policy which promotes worthy causes such as community projects that ALLEVIATE POVERTY and suffering in local communities. BLIL proactively promotes community growth and developments that empower people and protect environment. Since BLIL contributes to the one percent (1%) of post-tax profit to the BIHL Trust fund which provides it with a source of income for the aforementioned community activities on a sustainable basis, by implication the subsidiary, through the board of Trustees, contributes to how the fund benefits the community.
Relationships with Distribution Channels
We continue to expand our distribution capabilities through strong broker relationships, dedicated sales agents and our collaboration with our banking partners. Additional focus was applied to the relationship with the Post Office for further distribution of retail products and this resulted in impressive growth in new business volumes. Going forward, this distribution channel will become more relevant for people at the entry level and more products will be distributed through it.
We experienced very rapid growth of the bancassurance business that we have launched in partnership with several financial institutions (Barclays Bank and Standard Chartered). The partnerships have created an exciting opportunity for bank customers to access insurance products thereby addressing their need for protection and investment solutions.
Major plans going forward
The business is in the process of investing in technology with the view of making customer experience a pleasurable one and bringing about process efficiencies.
- Growth into a wider financial services provider
BLIL in conjunction with BIHL has a vision of being a wider financial services provider. The additional businesses to the group, in addition to the existing Life Insurance and Asset Management businesses will be Short term insurance, Unit Trusts and the introduction of Micro loans with our partners.