The newly appointed First Sun Alliance Insurance Brokers Executive Director, Tiny Kgatlwane, has set out her agenda and unveiled her blue print.
In an interview with Sunday Standard, Kgatlwane who is the former BIFM CEO spoke of industry players, clients and the company’s structure and says her immediate priority is to understand and review the business and determine ways to enhance it.
“My vision is to create the largest citizen majority owned insurance broker. First Sun should be known in every business and household,” said Kgatlwane.
The former BIFM boss-lady is of the view that First Sun Alliance Insurance Brokers has been establishing itself as a big brand in the insurance broker firm-financial services sector. She stated that they are looking to enhance their focus on existing clients to enrich their insurance experience as well as stepping up efforts on new business acquisitions through development of new products.
“Our efforts will also involve a complete review of internal processes and acquisition of new technology to automate these processes,” she said.
Kgwatlwane also stated that their understanding of the total market approach to diverse audiences puts them in a more advantageous position. She also revealed that First Sun Alliance offers a whole array of products and services which are more or less standard from a market perspective. She says they also go an extra mile to include value added benefits to suit each client’s specific needs.
“As Botswana is relatively a ‘new’ insurance market compared to other markets in the region, we see a profound opportunity for growth in terms of the demand for new products and market penetration,” said Kgatlwane.
Asked where the most significant growth would occur in First Sun in the next 2 years, she said that they expect most of the growth to come from the acquisition of Corporate and Employee Benefits Business. She also said the expectation is that as the Botswana economy grows, more corporate entities will be established thus giving them an opportunity for new business. She stated that in the case of Employee Benefits or Group Business, there is generally a low penetration rate of such cover in Botswana as most Batswana are not insured for life, disability or funeral covers.
“First Sun welcomes competition and we are happy to note that our industry regulation is improving from time to time thus promoting discipline and fair competition,” said Kgatlwane.
She believes that the company is also a strong proponent of a higher level of industry self-regulation where all insurance players subscribe to ethics of industry bodies such as the Botswana Insurance Brokers Association (BIBA) and Botswana Short Term Insurers Underwriters Association (BSTIUA).
“Our business will leverage on team work, technical expertise and our in-depth knowledge of the market,” she stated.
She is of the view that her approach has been to set realistic goals and targets for the year and beyond, adding that she will continuously engage all stakeholders, assess and communicate performance or reset expectations where necessary. She said she is confident that the team she is building will deliver more value to customers, which is the only way to uplift their business.
On the local front she said, “In order to expand our reach to our clients, we have plans to expand our branch network to regional centres namely Maun, Selebi Phikwe and Palapye.”