• Unveils new logo
• CEO hails growth
• Has 300 000 active customers; holds 75% of market share
Botswana Life, a subsidiary of Botswana Insurance Holdings Limited (BIHL), on Thursday unveiled a new logo at a ceremony to celebrate its 40 year anniversary. The company CEO Catherine Lesetedi-Letegele said the new refreshed identity will take them in the next four decades just as the previous one has done for the last forty years. She said before coming up with a new identity they introspected on what the company stands for and its heritage hence the new logo is not far detached from the previous one.
Letegele said since writing its first policy in 1977, Botswana Life has grown in leaps and bounds and currently has over 300,000 active customers with a market share over 75 percent in life insurance. In addition, she said the company has created direct employment opportunities for 260 people with only two of those are expatriates, underscoring the company’s position towards localisation. Furthermore, Letegele said the company contributes significantly to the local economic landscape revealing that of the P8 billion investments that they manage, P6.8 billion of that is invested locally in bonds and other investments.
Minister of Trade and Industry Vincent Seretse - who was the guest speaker – commended Botswana Life for its contribution to the local economic landscape. He said through the bonds that Botswana Life holds for the government and corporates, it has enabled the government to carry out infrastructural developments and led to the positive transformation of the capital city.
“Other positive spin-offs include tax revenue to government, skills development and social investment initiatives,” Seretse said.
Regarding the new identity, Seretse said the dynamics of Botswana’s business landscape are shifting and require fast thinking and agile enterprises for competitive edge. “It is, therefore, a bold step on the part of Botswana Life to seek to reposition in this ever-changing environment, so as to remain competitive and relevant,” he said. He congratulated Botswana Life for having seen the need to transform the outlook of the company to match the current dynamics in today’s business environment.
Seretse said government is committed to producing an enabling business environment for doing business in Botswana. He said the government has approved a major Reform Programme aimed at improving the doing business environment in Botswana. “These reforms include reducing the number of licenses; delinking payment of fees to provision of unrelated services; and ensuring there is continuous impact assessment of the different regulations that government puts in place,” he said, adding that he will be officially launching the Doing Business Reform Programme.
Seretse underscored that the financial sector is a potential growth area, as well as enabler for the growth of other sectors. As such, he said, the Insurance Industry Amendment Bill is being considered by Parliament and is expected to be finalised this year. He explained that the legislation is meant to bring Botswana to international standards and best practices, to regulate insurers, insurance brokers and representatives operating in the country.