Botswana Insurance Company (BIC), the first entrant into the insurance industry four decades ago, has recently rebranded in an effort that embraces today’s market. MonitorBusiness reporter Pauline Dikuelo caught up with their CEO, Newton Jazire, to get insight into the rebranding exercise
Monitor Business: Briefly tell us what inspired the brand refresh?
Jazire: We are a heritage brand, the very first short term insurance in Botswana with a 44-year legacy, one of the oldest companies in the country.
As we approached our half a century mark we reflected on our journey and our new strategic direction. We did a comprehensive brand and customer satisfaction audit, which covered aspects of brand recall and iconography.
It was evident that our heritage and legacy should be expressed and preserved within waters of modernity. The re-birth matches our new direction as we create new value frontiers. The zeal to distinguish ourselves from competition and our drive to reflect our innovativeness and newfound aggression.
MonitorBusiness: Now that BIC has rebranded what is in store for its clients and the general public?
Jazire: As we move up the value map and create new frontiers of dynamic capabilities we remain grounded on solution-laden customer centricity.
This is our compass, which will enhance our already robust expertise, which has led us to be the largest short term insurance company in Botswana by capitalisation, assets and profitability.
We also tap into a vast pool of resources and ideas through the BIHL Group and Sanlam whose footprint is in 34 African countries. We will continue to strengthen the relationship that we have with our clients that has been in existence for over four decades. We
MonitorBusiness: With the new logo, does it mean that the insurance services have been developed further?
Jazire: Yes. We have already developed new products, which are unprecedented in the market. The logo just serves to display our innovation, our newfound energy and capabilities.
MonitorBusiness: Insurance literacy is very low, what is BIC planning to do to sensitise the general public about insurance?
Jazire: As an industry it is our responsibility to educate and showcase the need for insurance. On the corporate side, they understand its value, we will add more in terms of what to consider when choosing an insurance partner. From aviation to mining and all diverse economic sectors, insurance is not negotiable, it is a necessity. We will be moving into the SME sector with strategic partners in those areas to drive education. We have committed to give public lectures on this with the team in tertiary institutions and strategic forums to enhance this.
MonitorBusiness: Is BIC introducing any digital and technological platforms to make it easier for clients?
Jazire: Our recent one is our Digital Ambassador Nkamo. She is more knowledgeable on the subject matter more than anyone in the market. I invite people to ask Nkamo all the fine print and she will ventilate them competently.