Alexander Forbes reviews processes to enhance efficiency
Pauline Dikuelo | Wednesday December 14, 2016 13:29
“We have already had a trial run for the processing of the retirement claims the past month and I am happy to tell you that it was successful as we managed to transfer some of our clients’ claims within 24 hours,” he said.
“However, the process requires us to work the whole day; so it means that we will have to review our working hours”.
According to Masie, through the same process they intend to allow their clients to submit their claims online as well as access financial statements and actuarial review process.
He further said they intend to have a shift focus and conduct trustee meetings where they want to implement a new agenda template as well as introduce life gauge consulting tool.
Alexander Forbes recently lost the lucrative Botswana Public Officers Pension Fund (BPOPF) deal, where they administered pensions on behalf of the Fund.
The services included the collection of members’ contribution and administration of benefits. Masie admitted feeling the impact of BPOPF’s pullout noting that they have lost clients.
He also noted that even though the pension fund pulled out, their membership has remained very high. In addition he said that even though the pension fund’s membership was high the amount of fee per member from the Fund was significantly lower than a normal pension fund.
Alexander Forbes has been in Botswana for the past 19 years and offers services like full pension fund administration, consulting and actuarial services as well as asset consulting services.
The company has several funds under its belt, which include retirement funds, umbrella provident funds, special projects that provides scheme administration and loan maintenance, retirement scheme administration and financial planning.