Botswana Insurance Company (BIC) Limited, the oldest short term insurance company in Botswana, last Friday celebrated 40 years of existence. Prior to the celebration, the Company hosted a media briefing at its head office in Gaborone where the Managing Director, Johann Claasen said they seek to exploit potential opportunities in the industry, create new markets and explore further growth.
He said they want to adapt to what the customers want. “We’ve already started and we are thrilled at the potential opportunities, new market creation and growth exploration. Through the embracing of technological industry changes, utilization of software & mobile apps, we aim to create client convenience,” he said.
Claasen highlighted that short term insurance in Botswana has many untapped opportunities in terms of enhancing customer experience. He added that it is their aim for the future to enhance customer experience for their customers, their agents, brokers, suppliers, strategic affiliates and other critical stakeholders.
“Together we have turned one idea into 40 years of making it happen, for Botswana, for our people, for investors. We have established a company that empowers people to feel at ease knowing that if they had to encounter a loss, they are covered. We have empowered our intermediary distribution partners to build sound, integral businesses that add to the enrichment of Batswana, and to the growth of not only the private sector but to the socio-development landscape,” Claasen said.
BIC was established in 1975, initially with a mandate of providing insurance solutions for both general insurance and life assurance business. It was founded by the Botswana Development Corporation who held a 51% shareholding while the other 49% was held by J.H Minet & Company Limited from London.
BIC is now a subsidiary of Masawara Plc, a AIM – London Stock Exchange-listed company, which holds a 60% shareholding. BIC has indicated that the minority shareholding of approximately 40% is held by Batswana, with 5% of it belonging to staff through the staff share trust.
The Company was restructured in 1991 to provide only short term market solutions, in order to comply with the Botswana Insurance Act of 1987. Now it offers insurance solutions for commercial, personal and specialized lines, with close to 17, 000 customers.