Botswana Life contributes largely to economy � Seretse
Pauline Dikuelo | Thursday July 23, 2015 11:58
Speaking at the insurance company’s 40th anniversary celebrations and identity launch held last week, Seretse said the company’s investment in the economy through various projects exceeds P5 billion.
“These various projects include property development and the holding of government and corporate bonds. These bonds have enabled government and corporates in this country to carry out (the) much needed infrastructural developments and led to the transformation in the landscape of Gaborone,” he said.
According to Seretse, other positive spin-offs include tax revenue to government, skills development and social investment initiatives.
Botswana Life’s corporate social investment through the BIHL Trust, amounts to P11.3 million since 2008.
“The dynamics of business landscape require fast thinking and agile enterprises for competitive edge. It is therefore a bold step on part of Botswana Life to seek to reposition themselves in this ever-changing environment so as to remain relevant and competitive,” he said.
Seretse added that the Botswana Life’s anniversary celebrations also put focus on savings and risk protection, and insurance.
In 2013 and 2014, the company paid claims and benefits in excess of P2 billion. Through the BIHL listing, they have over 2500 shareholders of Botswana Life and other subsidiaries.
In addition to their innovations, Botswana Life has introduced the Life Rewards Visa card and prides to be the first to offer extended family funeral cover, and the first to introduce HIV inclusive risk cover and even waiving HIV exclusions on existing policies that had an HIV exclusion.
They were the first to offer a product for the unbanked through Mosako, which is a funeral plan with a minimum monthly premium of P40, 00 that is paid through BotswanaPost as well as Mascom Myzaka.
Botswana Life also has a long standing partnership with the Botswana Accountancy College (BAC), which began in 1999 when they launched insurance courses at the College with the company’s initial funding of the project matched by government.
Seretse added that to ensure competitiveness, government has approved a major Reform Programme aimed at improving the doing business environment in Botswana. These reforms include reducing the number of licences, de-linking payment of fees to provision of unrelated services and ensuring that there is continuous impact assessment of the different regulations that government puts in place. He added that next month they would be officially launching the Doing Business Reform Programme.