Botswana Insurance Company Limited (BIC), the oldest short term insurance company in the country has stated that its goal is to create markets and not to be benchmarking. Speaking at a press conference to update the media on its 40 year journey, Marketing & Strategy Development Manager, Komissa Burzlaff said they are always at the forefront of bringing new products into the market.
“BIC maintains leadership status by being product oriented, customising clients needs, embracing innovative technology for the business growth strategy, customer centricity, strategic affiliations,” stated the company.
The company has recently re-launched the agriculture product that in the past had many limitations. Nokuthaba Mtunzie, BIC’s Underwriting Manager – Specialised Lines said they have seen a steady growth this year on the product especially with young farmers taking up policies for both livestock and horticulture.
“We are very excited in the turnaround of the agric product,” Mtunzie said, adding that they had the first claim this year ‘and it was very significant’.
According to a press release from the company, they aspire to be the insurer of first choice in the market they operate in while striving to continuously provide ‘our valued clients with services that surpass expectation’.
It said in order to meet these expectations, it has branched itself in different parts of the country, operating from a head office in Gaborone and 2 branches in Francistown & Maun respectively to cater for the Northern region.
“The organisation maintains a leadership status by continuously being product oriented, in terms of customising clients’ ever changing needs, innovative by embracing technology and including it as a fundamental component of the business growth strategy,” noted the company.
BIC Managing Director, Johann Claasen said with a customer focused strategy, relationship management, optimisation of distribution channels and strategic affiliations, the future looks promising for the company.
“BIC is a tech driven organisation with a click of a button business approach, and encompasses a productive, talented industry trained team, therefore we will continue to deliver service beyond insurance and provide tailor made innovative insurance solutions for the market needs,” Claasen said.
BIC opened its doors for business on the 12th August 1975, aiming at providing insurance solutions for both general insurance and life assurance business.
The company was originally divided between two parties, with Botswana Development Corporation holding 51% of the shares and J.H. Minet & Company Limited of London the remaining 49%. In 1985, J.H. Minet sold its 49% holding to St Paul (UK) Ltd, a subsidiary company of the St Paul Incorporation of Minnesota USA. In 1991, Botswana Insurance Company, to comply with the Botswana Insurance act of 1987, was subsequently restructured to provide only short term market solutions.
The company, which boasts of 17000 clients, has personal, commercial, specialised and engineering covers.