FNBB flexes muscles on insurance market
First National Bank Botswana, the biggest lender by market capitalisation, this week announced the expansion of its insurance portfolio, by among others, introducing, for the first time, comprehensive coverage for car, home, and personal risks, including residential buildings, household contents, valuable items such as jewellery, legal matters, and personal motor vehicles.
At present, the bank’s insurance wing is managed under subsidiary, FNB Insurance Brokers Botswana (FNBIB). According to the bank, which is better known for its cutting edge banking technologies, the new insurance products will provide customers with ‘straightforward and cost-effective personal insurance options and the flexibility to select from three distinct packages: Gold, Platinum, and Black, each tailored to their specific needs’. During the event, FNBB launched three phenomenal flagship products which include, FNB Business Credit Protection Plan, which provides comprehensive coverage to safeguard businesses against credit-related risks.
There is the FNB Funeral Plan that offers support during difficult times to ensure a dignified farewell for loved ones. Lastly, the FNB Personal Lines offer comprehensive insurance solution covering various aspects of personal life, from home to valuable possessions.
Furthermore, the bank, which is listed on the Botswana Stock Exchange (BSE), said the latest offering which are expected to shake up the market, is yet another deliberate move to push its mission of becoming a preferred integrated financial services provider for individuals and businesses. FNB Botswana’s Chief Executive Officer, Steven Kefentse Bogatsu, said the launch of the new products, falls within its multi-pronged strategy which is customer-centric.
“FNBIB’s business strategy was launched in 2019 to deliver sustainable growth over the next five years. This strategy responds to a dynamic operating environment and ensures that we continue to focus on those matters that enable us to create value. The successful implementation of our strategy will bring our purpose to life: to be a trusted insurance partner committed to building a shared future of prosperity,” said Bogatsu, who has been leading the bank for over 8 straight years.
FNB Botswana, through its insurance wing, FNBIB will continue to offer unrivalled customer service, which will even be made better by adoption of latest digital technology. FNB Botswana is a market leader when it comes to digital banking, popularly known for its inclusive eWallet services. The bank’s head of insurance, is buoyant, the new products will put them in a better position to capture a sizeable share with the short term insurance sector, which has grown substantially in the past decade.
“With a substantial customer base, FNBB sees a unique opportunity to make notable progress in the short-term insurance sector. By eliminating the need for customers who finance their homes and cars through the Bank to seek coverage from external providers, FNBB aims to disrupt the insurance landscape and remain focused on customer assistance,” said Mosadinkwe Mosinyi, Head of FNB Insurance. The new short-term insurance solutions complement the bank’s existing transactional and lending businesses.
“It reflects FNBB’s commitment to placing customers at the core of its solutions. The Bank strongly believes that the insurance sector is primed for disruptive innovation. Insurance premiums, particularly for car and home insurance, are significant in the financial commitments of FNBB's individual customers,” said the bank. 'The introduction of these new solutions will contribute to providing comprehensive money management support in relation to insurance across various aspects of customers' lives to give them a piece of mind.'