Thursday, July 18, 2024

BIHL seeks to reinvent itself with key appointments

Botswana Insurance Holding Limited (BIHL), the titanic insurance company in Botswana, upped the game around its citadel by appointing talented executives to its key subsidiaries, the company announced last week.

The key subsidiaries are Botswana Insurance Management Fund (Bifm), Botswana Life and Botswana Insurance Company (BIC).

Neo Bogatsu who has been at the helm of Bifm was moved to the troubled Botswana Life where she is now the deputy chief executive officer of Botswana Life.

She first joined Bifm in 2011 as Chief Finance Officer and in 2015  she became its CEO.

The Life insurance business has been up in flames during the Covid-19 pandemic and Botswana Life said the executive management that it had was not agile enough to respond to the then challenging environment.

BIHL chief executive officer, Catherine Letegele, said recently that muted economic climate has affected short term insurance as policies lapsed or were surrendered.

She said the move was influenced by a number of factors, such  as high inflation and central bank by tightening interests rates.

“The challenge to management is that, we have to resolve these as we go into 2023. There were significant lapses and surrenders,” she said.

As she justified the move to wipe-out the old management at Botswana Life she said there were “too much layers of executives that impeded decision-making”.

“She will deputise and support Botswana Life’s CEO, Ronalsd Samuels, to further reinforce the depth of leadership at Botswana Life, a flagship subsidiary in the Group,” the company said about Bogatsu.

Clair Mathe- Lesinda filled in the position of Neo Bogatsu at Bifm.  Mathe-Lesinda started her career at African Alliance.

“We have made determined effort to refine our strategies, revised our business archetype and structures and optimize for greater efficiencies in recent months. It allows us to remain competitive and enhances our ability to deliver returns to our shareholders and create shared values for our stakeholders. “We are excited to see not only proudly Batswana women in Neo( Bogatsu) and Clair (Mathe-Lesinda) executives take the reins, but know these leadership ascensions have been made from within the business. It demonstrative of the depth of talent we have as a group,” Letegele said.

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