Botswana Life Insurance Limited (BLIL) says its new corporate identity, which is to be launched soon, will align its new strategic direction and re-position the life insurer as a leader in today’s dynamic and competitive business environment.
In an interview with Sunday Standard, BLIL Chief Executive Officer (CEO), Catherine Lesetedi-Letegele said the company has developed a brand strategy that clearly articulates it’s evolution into a coherent, successful and sustainable brand.
“We have also defined a new culture that we want to embed in the company, in order to support the visual changes happening to the identity,” said Lesetedi-Letegele.
Because Botswana Life has over the years grown in appeal and the market segments it covers, the brand strategy will also seek to connect with the broad audience while at the same time introducing and engendering a new culture of connectedness with clients.
“This is not only abound a change of brand identity…it also embodies a journey of change that started more than a year ago,” she said.
She added that Botswana Life aims to be a customer-centric company that is focused on delivering value and excellence for its customers.
The new corporate identity also entails BLIL understanding what its customers’ needs are and aligning them with the strategic direction of the company, also taking into consideration what new developments there are in the market that can be used to enhance service offering.
However, Lesetedi-Letegele believes the challenges that BLIL is facing at the moment are similar to those that other private sector companies are facing in the country. She pointed out that even though the worst part of the 2008 economic crisis is over, the economy remains somewhat sluggish, which impacts household incomes.
“The effect of this is that customers then cancel their insurance policies in order to divert funds to other uses. Low levels of financial literacy are also a challenge because the market still views insurance as a grudge purchase and not a vehicle to financial security,” she stated.
Although BLIL in facing increasing competition with the entry of new companies into the market, Lesetedi-Letegele said they welcome it as a positive development as it keeps them on their toes to remain competitive and ensure the best value for clients.
“We are managing these challenges by remaining innovative in the products and service that we offer our clients,” she said.
She further said they can only remain relevant in the market if they constantly change to adapt the offering to what the market requires.
“We will soon be adding new strategic business units in response to market needs. Early this year, we launched a new corporate strategy for the period 2015 to 2020. This new strategy seeks to anchor the company on the four pillars of execution, people, innovation and sustainability,” said Lesetedi-Letegele.