The African Insurance Barometer has recorded a penetration rate of 1.6% in 2019 and anticipate an increase of 2.2% in 2020. This shows a significant awareness and response to both old and new entrants in the market. BIC is moving toward Inclusivity in service offering to cater for the changing needs of the market. Emphasis is placed on employing young people to benefit from a plethora of fresh minds and a vibrant work force.
The study hints that lack of access to skills and talent points to low output of innovative insurance products and to facilitate the ease of distribution and regulate commodity prices. Botswana Insurance Company (BIC), Underwriting technician, Miss Winnie Molefe is confident that her team of creatives have studied the local market extensively and they have the right approach in closing Industry Gaps that hinder growth.
Molefe tells the story of BIC Product Development process as compelling and exhilarating. The team carried out a Brand Index Survey recently that has helped them to uncover bottlenecks that constrict growth. One of them being that BIC has to tap into the technological revolution that is taking the Industry by storm. The latest developments at BIC are aligned with the findings of the Survey. BIC introduced Nkamo, a Chabot that mimics human auditory and textual methods to chat with customers online. This is an effort to keep their ears on the ground with regards to any information that may help to accentuate their strengths or attend to complaints immediately. The passion that the BIC product development team have for their work is evident and embedded in the ethos that characterize the BIC brand.
BIC with 44years of service to its name, have become renowned experts in the world of Insurance. BIC’s eminence is the Specialized lines, which include Travel Insurance and Professional Indemnity, also being the most popular lines in the local market.
The dedicated product developers motto is “to make the first move” before other players in the market. Perhaps that is why the local Insurance giant has a lucrative share of the market. Miss Molefe laments that prompt and fast customer service and feedback is what puts them ahead of Competition, “I strongly believe in giving instant feedback, we try by all means not to compromise on that aspect.” She highlighted the need to constantly survey the market for new information and keep abreast of changes that affect the industry.
BIC has amassed a following of loyal clients over the years. Mrs T.G Molefe spoke fondly of her relationship with BIC, “I have a Motor, Home and Household cover with Botswana Insurance Company, and over the years they have never let me down, I must say their claims department is impressive as they attended to my claims case promptly.”
Given the high uptake of insurance covers at the Company, Miss Molefe is confident that Batswana are becoming more informed about Insurance and that motivates them to remain stable amidst aggressive competition.
The greatest thinkers of all times Albert Einstein reiterates the following statement that also relates to BIC team of Creators, “if you can’t explain it to a six-year-old, you don’t understand it yourself”. The greatest inventions are premised on the principle of simplicity. BIC pledges to keep Making life better for their clients.