Botswana Insurance Company (BIC) Group Chief Executive Officer (CEO) Newton Jazire has urged the youth to learn more about the insurance industry and the various policies it comes with.
“The digital migration of our products was inspired by the youth markets and their understanding of digital platforms. I encourage young people to learn more about insurance, as they will be exposed to greater risks in the future and will need to understand how insurance can help them as they navigate their path through life. As one grows older, your financial position can be dented by an unexpected event at any moment, so the best way to become financially secure is to cover yourself, your family, and your assets with insurance,” said the BIC Group CEO, Newton Jazire.
In our efforts to cater for the youth, we embarked on a digital transformation journey in 2021. Since then, we have introduced various solution that enhance client experience and shorten the amount of time it would usually take for customers to interact with us. These digital platforms include:
- MY BIC – a customer portal called My BIC, which is accessed via the BIC Website www.bic.co.bw
- Nkamo – a WhatsApp solutions that is accessed via your mobile phone on
- A re Bue – a customer service feedback platform which is accessed by scanning a QR code.
Since the launch of our digital platforms, we have seen a heightened interest coming from the youth.
It is understood that the youth are in a better place to understand more about insurance through various online platforms such as websites and digital apps, than the traditional sources of insurance information. “Fortunately, the current generation has easy access to the digital platforms, they can easily learn and acquire insurance products through these platforms without much of a hustle”. Stated Mr Jazire.
Jazire also urged local insurance companies to meet the youth halfway and insurance-related education and also have affordable policies that cater for both employed and unemployed young people.
“Our insurance market is still small in Botswana, insurance penetration is only 2.8% which means that there is growth potential, therefore, sensitizing the youth on insurance issues will influence them to have a policy or two which will contribute to the growth of our industry,” concluded Jazire Research shows that the market for insurance in Botswana is relatively small as there are only about 400,000 formally employed adults, however, the government sees great potential in the youth of Botswana in growing
