Low uptake of insurance in Botswana � Barclays

Pauline Dikuelo | Wednesday March 23, 2016 14:09

 

Tsayang told MmegiBusiness that insurance uptake locally is low hence the reason they had decided as a bank to sensitise the nation about it by having Insurance Wednesdays at various branches across the country.

“The uptake is very slow as most Batswana are still not insured, partly due to lack of education around insurance, which is one of the things we are addressing by having Insurance Wednesdays at various branches countrywide where focus is centred around insurance products offered by Barclays Life, particularly the newly launched Barclays Education Plan,” he said. According to Tsayang, insurance generates significant impact on the economy by mobilising domestic savings adding that it does not only guard against risks and uncertainties, but also provides a savings and investment channel too.

“Barclays Life Botswana sees this as an important aspect of life which is widely practised in the first world countries and just as well should be on home ground. We want Batswana to develop a habit of saving money, particularly since we live in a society where most people don’t know the real benefit of having an insurance plan,” he added. Tsayang said as a bank they want to be a one-stop shop, where one can get banking services and insurance under one roof. This is part of their “GO TO” strategy. Barclays Life Botswana has individual as well as extensive group life cover options for corporates.

Barclays Life Botswana is a subsidiary of Barclays Africa Group Limited. It has been underwriting funeral and credit life solutions to Botswana customers through Barclays Bank Botswana branch network since March 1, 2011. Until August 2013, Barclays Life Botswana traded as Absa Life Botswana (Pty) Ltd. The name change and re-branding came on the back of the landmark transaction where Barclays Bank Plc sold some of its Africa operations to the Absa Group Limited, now known as Barclays Africa Group Limited. In November 2015, Barclays introduced an Education Plan, which allows customers to save towards the costs of their children’s education.