GABORONE – In support of the critical role Brokers play in the Insurance industry, Botswana Life Insurance Limited (Botswana Life) proudly hosted the Inaugural Botswana Life Annual Broker Connect, bringing together key players in the industry to engage in insightful discussions to drive sustainable growth of the industry. The Broker Connect was held at Avani Gaborone & Casino Resort on the 22nd of November 2023, and convened over 45 Broker Fraternities and other key players and stakeholders.
Held under the theme “The role of the broker in driving sustainable insurance growth,” the forum worked to unpack the insurance sector as a whole, highlighting in particular pressures that arise from emerging unsustainable risk evaluation practices that adversely impact Botswana’s insurance industry. Attendees also saw dialogue on issues of financial inclusion and long-term stability of both the insurance industry and wider economy of Botswana.
Speaking at the event, NBFIRA CEO, Oduetse A. Motshidisi, shared, “Brokers perform an indispensable role both in creating business for the underwriters, but equally importantly, as the messengers between the clients and the insurance companies. In that capacity, they can either be good or bad messengers and if it is the latter, can do incalculable damage to the reputation of, and confidence in the industry.”
A bouquet of seasoned professionals spanning industries and socio-economic caps within Botswana and South Africa addressed the vital instruct on repurposing the Broker Value proposition on insurance as well as the compliant aspects. With his welcome remarks, BIHL Group Executive Distribution and Stakeholder Management, Thomas Masifhi, he attributed to an ever-revolving wheel of learning and self-positioning within all Broker streams that is essential.
Among the key topics covered by speakers was broker management Insights by Nokuthaba Mtunzie, Botswana Insurance Company (BIC) Chief Innovation and Products Officer, presenting on professional indemnity by Botswana Insurance Company (BIC) CEO, Newton Jazire structuring claims processing within a panel discussion on broker fraternity challenges and long-term sustainability in the current Market led by BIHL Group Chief Actuary Frank Dalo and Alexander Forbes’ Head of Multinational Consulting, Craig Bentley. Additionally, BIHL Group Chief Operations Officer, Johannes J. Schalkwyk underscored common challenges and inefficiencies when talking about the importance of underwriting, while Re-Insurers Hannover RE tackled claim management.
“At the BIHL Group and Botswana Life, we recognise the crucial role of Brokers in the insurance industry. Their partnership with us is instrumental in not only facilitating the efficient functioning of our operations but, more importantly, in driving sustainable growth within the broader insurance ecosystem. Brokers serve as the bridge between insurers and clients. They also ensure that the industry evolves in a manner that is both responsive and resilient. We are grateful to our community of Brokers and reaffirm our commitment to working together with them for progress. This Broker Connect has emerged not just as a forum for discussion but is a testament to the proactive stance taken by Botswana Life and BIHL in steering the insurance industry towards a future marked by stability, innovation, and enduring partnerships with Brokers.,” said Botswana Insurance Holdings Limited Group (BIHL) Chief Executive Officer, Catherine Lesetedi,
As Botswana insurance firms work to strengthen and professionalise the industry further, the onus is on this wider insurance collective to empower each other for the benefit of the consumer and client. This remains the fervent belief and ambition of Botswana Life.