BiB unveils new logo
Kabelo Boranabi | Tuesday January 17, 2023 06:00
The Insurance Broker on Friday hosted stakeholders’ dinner at the Grand Aria hotel and unveiled the new logo.
Speaking at the occasion, BiB chairperson, Mogomotsi Motshegwa said the launch of the logo is to be followed by the re-naming of the company.
He also said the board has come with a suggestion to name the insurance broker BiB Pty Ltd pending the approval of Companies and Intellectual Property Authority (CIPA). “After working on the (new) name and the logo and the marketing strategy, we intend to penetrate our market. As we had indicated to the directors we seem to be looking at one stream of income.
In our last Annual General Meeting )AGM) we indicated that the company is not doing well simply because we are relying on one income stream. Now ,having done with the logo, having done with marketing strategy, we believe now that we are in a fertile ground to go out and sell our products and services to the general membership.
“Very soon we intend to align our marketing strategy with our strategic plan and with the arrival of the insurance manager and the business development manager we think that we will adequately address these issues,” Motshegwa said. For his part, BiB executive director, Ned Phatshwane said the insurance broker has shown some growth in the past year.
He however, said there is room for improvement as BiB looks to penetrate the market further. Phatshwane also said BiB has come with up with initiatives to benefit its members including the reduction of insurance rate fund, he said.
“You need to know that BiB derives its revenue from the commission it receives from life and short term services. In March 2021, BiB recorded a total revenue of P24million.however this went down by 38% to P15million in March 20022, the reasons for these being results of deliberate decision by the board to have members directly benefiting from these initiatives through reduced insurance rate charge,” he said.
The new BiB logo was designed by local graphic designer, Obakeng Matlou. He explained hat the idea behind the design was to keep it ‘simple’. Matlou also said there was need for visibility but did not have to be too much on the design. He stated that the new logo will allow for future improvements on the design while not moving further away from the original design.