Insurance Scheme Unveiled For BOPEU Members
Gaone Marumoloa | Monday March 13, 2017 17:16
The products, which include a motor vehicle insurance scheme that comes with a 24-hour emergency road assist and emergency hotel accommodation for members, will be underwritten by the Botswana Insurance Company (BIC).
Speaking at the launch, BIB principal officer Sharla Egner said that the short-term products will compliment the BankABC loans which include the motor vehicle loans, household items and home loans.
“The short-term insurance services are a response to the outcry from our members who complain that insurance products and services are unaffordable in the open market.
She further said that the insurance products would result in massive savings for Botswana Public Employees Union (BOPEU) members in financial terms because their products are affordable, convenient and reliable.
BIB is a subsidiary of Babereki Investments.
Executive Chairman of Babereki Investments, Andrew Motsamai said that Babereki Investments is a BOPEU-owned company, which engages in profitable business enterprises for the benefit of BOPEU members.
He further said that they are driven by the conviction that their products (BIB) will immensely benefit their members and the profits realised from such enterprises will be further ploughed back for the collective benefit of BOPEU members.
“As the investment arm of BOPEU, we have potential to grow in leaps and bounds. Our appetite in seeking investment opportunities in various enterprises is well documented. Wherever we invest, we endeavour to provide cheaper services for our members at competitive prices,” he said.
“We are of the firm view that workers must actively participate in the economy through worker-owned enterprises such as Babereki Investments and its subsidiaries.
As an investment strategy, we seek to correct the market pricing, by protecting our members from exploitive and exorbitant prices for services in the open market.
It is perhaps for this reason that Babereki Insurance Brokers have tailor-made short-term insurance products which will be much cheaper and affordable for BOPEU members,” he said.