At 40 years this year, Botswana Insurance Company (BIC) intends to grow the business, increase market share and open up more channels for clients in short-term insurance.
This will require BIC to be more innovative in unleashing new products to remain competitive in what has grown into a very tight market.
In the already saturated insurance market which is said to have grown by only two percent in the last two years, BIC - a short-term insurance provider - is confident to wither the challenges posed by the industry and in the process retain and if possible increase its market share.
The company Managing Director, Johann Claasen - who took over Dziki Nganunu as the company MD last October - said in interview this week that they currently have the biggest market share in their sector and the objective is to maintain that.
To achieve that, Claasen says they will focus more on proper service delivery, offering relevant products and being proactive and reactive to adjust to the market. BIC, whose portfolio in general insurance includes personal lines and commercial lines, seeks to maintain the grip on short-term insurance market. The more competitive this sector has become the better for the consumer.
Under personal lines, BIC offers motor insurance, house owners insurance, personal legal liability insurance and personal accident insurance among others whereas under the commercial lines the short-term insurer offers retrenchment and liability insurance as some of the solutions.
Due to the rise of hijacking of the local cars in South Africa since the last quarter of 2014 continuing into the current year, Claasen feels there is the need to grow the short-term insurance in motor vehicle insurance to help customers in case they find themselves in situations where their cars hijacked.
The company has also ventured into Bancassurance by partnering with Standard Chartered Bank Botswana to distribute general insurance solutions to the bank clients.
As a leading short-term insurance with 40 years in the industry, Claasen says his company follows customer segmentation model that identifies client needs and wants and the best channels to serve them.
Last year the company acquired general insurance lines from Botswana Insurance Holdings Limited (BIHL) which were unprofitable under BIHL.