As it celebrates four decades into existence, Botswana Insurance Company (BIC) is looking into cementing its place as a short-term insurer of choice. When addressing the media on Friday, BIC Managing Director, Johann Claasen, said part of their future prospects is adapting what the customer wants. He said they have already started implementing their strategy and are looking at potential opportunities, new market creation and growth exploration.
Claasen said they are embracing technological industry changes by utilising software and mobile applications aimed at creating client convenience, using technical devices for measuring data, capturing information or assiting with risk analysis.
According to Claasen, short-term insurance in Botswana has many untapped opportunities in terms of enhancing the customer experience, hence the company’s aim for the future with regards to its stakeholders.
BIC celebrated its 40 years anniversary on Friday having been established in 1975 providing insurance solutions for both general insurance and life insurance. Claasen gave a brief history about the origins of the company, explaining that originally the company had two shareholders’ being Botswana Development Corporation (BDC), which held 51 percent and J.H Minet & Company, a London-based company which held the remaining 49 percent.
He said in 1985, J.H Minet sold its shareholding to St Paul (UK) Ltd, a subsidiary company of the St Paul Incorporation of Minnesota USA. The company was restructured in 1991 to provide only short-term market solutions. The restructuring was in compliance with Insurance act of 1987.
Today BIC is a subsidiary of Masawara Plc, a company listed on AIM-London Stock Exchange with minority shareholding of approximately 40 percent said to be mainly held by Botswana citizens with 5 percent held by staff through a staff share trust.
Claasen said their 40 years in existence has come with so much achievements and today has about 17 000 customers, direct agency and broker channels and have a staff complement of 85.