Botswana Insurance Holdings (BIHL) says its strategy of growth and profits is not changing as the group is targeting lifting the financial knowledge of customers through numerous interventions.
According to BIHL Group Chief Executive Catherine Lesetedi-Letegele, it is important to educate their clients on the different financial products. She stated that the BIHL Group is considering cost reductions methods, adding that the group is currently finalising the new strategy.
“As BIHL we are not going to be fighting price-wars but aiming to retain the customers while running as a sustainable business,” said Lesetedi-Letegele.
She said the group is going to refine their go to market strategy so that their clients can understand fully what they do as a collective team. Lesetedi-Letegele also acknowledged market competition and says they will find ways of strengthening their subsidiaries especial Botswana Life, BIFM and BIC. The Group CEO also said they will focus on their key strategies of giving timely and correct services to the customers and to retain them.
“We have done very well in the market but we realized that there are certain groups of people which want to see innovative products and services,” she said.
Quizzed on the business opportunities, she said growing clients offering is important and she gave an example that other clients are considering self-service offerings. She said in the future, some of the client will be able to access information on their policies without talking to anybody.
“We are successful because of customers, we have been looking at the business base which is very strong and also working on leveraging on the strong financial muscle we have,” she stated.
Lesetedi-Letegele also said they are on track to expand outside Botswana and she gave an example that they acquired Nico Holding Limited, listed on the Malawian Stock Exchange and which also operates in five countries being Malawi, Tanzania, Uganda, Zambia and Mozambique. She also said as a group of companies, BIHL and its subsidiaries have worked as a team to support growth and efficiencies in other parts of the business. She added that existing strengths and experience in the areas of leadership, customer service and selling, results in growth of the smaller businesses and sustenance of the more mature subsidiaries.
“There is pressure from all quarters from different stakeholders such as board of directors and shareholders and asset managers. It is important to here from other people what they think of you to build a better business,” said Lesetedi-Letegele.