Botswana Life Insurance Limited says it will pursue sustainable growth through diversification of its revenue base by establishing partnerships, penetrating new and existing segments and improving persistency.
Led by Chief Executive Officer Catherine Lesetedi-Letegele, the company said one of its goals is to introduce additional channels to make it even easier to do business with customers. It further promised to target different sectors of the market and find new ways to grow its business.
“We want to ensure all this is achieved while driving costs down. So clients can expect the introduction of new products, extension of existing products and delivery of even more convenience and capability,” said the CEO in the 2014 annual report.
Looking ahead, Lesetedi-Letegele said what Botswana Life will strive to make an impact at macro level and identify opportunities to create meaningful employment for graduates.
“Our aim is to make a significant social impact that will benefit all citizens. We receive a lot of income from clients and we need to find ways of investing this in the economy of Botswana, creating jobs and really offering solutions to some of our economic and social challenges,” she said.
She also revealed that during the next five years, the company will attract more graduates, not necessarily as employees but to empower them to start up their own businesses. She added that plans are also afoot to launch a “virtual academy” in partnership with a local tertiary institution. She pointed out that this academy will be for the benefit of Botswana Life, but it could ultimately service the entire industry.
“We continue to keep an eye on operations. It is an ongoing process. In the next financial year, our focus will be on strengthening operations in the compliance department ÔÇô ensuring that we have up to date processes and procedures. We will be conducting ongoing audits of the different processes to ensure they are always implemented and used correctly,” she stated.
The company said that remains committed to pursuing, premium income growth, improving customer service and turnaround times, and reducing costs. She also stated that acquisition costs per policy fell by 15 percent over the previous year while sales increased and client retention improved. Botswana Life did not lose a single, significant client during the review period; and lapses declined, helping to boost the value of new business growth to an incredible 40 percent increase over 2014. Lesetedi-Letegele expressed satisfaction with government for introducing regular bond auctions which have made an immense difference to the way they are able to conduct their business.