-Aims to regain market share -Launches a refreshed brand -Looks forward for the next 10 years
Bona Life, the citizen owned insurance outfit, which this week celebrated ten years of existence, is ready to regain its market share within the multi-billion Pula sector. In an interview with Botswana Guardian, the Chief Executive Officer, Phatsimo Keakabetse, said after experiencing challenges, they have now turned a new leaf and ready to take industry stalwarts head on, mostly foreign controlled companies.
“As a citizen owned insurance company, we are in a better position to serve customers better, given the fact that, unlike others, our products are crafted here in Botswana. Our products are relatively affordable since they are tailored to the needs of an ordinary Motswana,” said Keakabetse, who was recruited to turn around the fortunes of the company last June.
Bona Life, which is owned by Botswana Public Officers Pension Fund (BPOPF) through Botswana Opportunities Partnership (BOP) offers life insurance products, ranging from funeral to credit life. “Basically, our products, guard against future risks for both individuals and corporates,” explained Keakabetse, who has a Masters of Science-(finance) from Dundee University in Scotland. Sources within the insurance industry, see Keakabetse as ‘a perfect person ’to lead the company, given the fact that he has experience in both the non-bank financial institutions and commercial banks.
She told Botswana Guardian that, amid challenges, they have managed to win customers‘ confidence. The company’s strategic plans jell well with the country’s national development plans. “At Bona Life, we promote social entrepreneurship.
This explains why, we give preference to locals when procuring any service. By promoting social entrepreneurship, we are by extent, helping government’s initiatives of building strong citizen owned companies who can address issues of unemployment that the country facestoday.” In the past two years, many companies have gone under, while others are still battling the after effects of COVID -19. Keakabetse told Botswana Guardian that, they have been able to survive COVID- 19, largely because of a well-crafted strategy.
“Our competitive edge is that, in all things we do, we are always futuristic. Our strategy is based on longevity, hence, even amidst pandemics such as COVID -19, we managed to survive," she said confidently. Keakabetse’s face lights up when he talks about a new digital strategy that they are about to roll out. “We want our customers to be in a position to access our services digitally, wherever they are without the need to physically come to our offices,” she said, adding, that they are negotiating with a certain third party who has country-spread network.
"Once we are done with negotiations, our customers will be able to go to that party and access our services across the country." Bona Life, which, among others is best known for its Monyadi Plan-(a policy which gives couples an opportunity to save for their wedding) has doubled its staff head count in the past ten months that Keakabetse has been the CEO.
“We will continue to create more job opportunities through our outsourced distribution channels,“ she disclosed. One of the key performance areas of Keakabetse, is to ensure that Bona Life adheres to water tight corporate governance systems. “We handle people’s finance, which basically means we hold key to people’s lives,” she said as a matter of fact. As CEO of Bona Life, Keakabetse has set her targets in the short to long term. In the not so distant future, she wants to improve Bona Life’s customer experience.
The company will also partner with more strategic partners, who will help the it grow and become a player to reckon with in the highly competitive market. The immediate task will be to turn Bona Life into a highly digitalised insurance outfit. The company also empowers the communities it operates in, through its corporate social responsibility initiatives. The company has invested in sport, particularly swimming.
“As a citizen owned insurance company, we are in a better position to serve customers better, given the fact that, unlike others, our products are crafted here in Botswana. Our products are relatively affordable since they are tailored to the needs of an ordinary Motswana,” said Keakabetse, who was recruited to turn around the fortunes of the company last June.
Bona Life, which is owned by Botswana Public Officers Pension Fund (BPOPF) through Botswana Opportunities Partnership (BOP) offers life insurance products, ranging from funeral to credit life. “Basically, our products, guard against future risks for both individuals and corporates,” explained Keakabetse, who has a Masters of Science-(finance) from Dundee University in Scotland. Sources within the insurance industry, see Keakabetse as ‘a perfect person ’to lead the company, given the fact that he has experience in both the non-bank financial institutions and commercial banks.
She told Botswana Guardian that, amid challenges, they have managed to win customers‘ confidence. The company’s strategic plans jell well with the country’s national development plans. “At Bona Life, we promote social entrepreneurship.
This explains why, we give preference to locals when procuring any service. By promoting social entrepreneurship, we are by extent, helping government’s initiatives of building strong citizen owned companies who can address issues of unemployment that the country facestoday.” In the past two years, many companies have gone under, while others are still battling the after effects of COVID -19. Keakabetse told Botswana Guardian that, they have been able to survive COVID- 19, largely because of a well-crafted strategy.
“Our competitive edge is that, in all things we do, we are always futuristic. Our strategy is based on longevity, hence, even amidst pandemics such as COVID -19, we managed to survive," she said confidently. Keakabetse’s face lights up when he talks about a new digital strategy that they are about to roll out. “We want our customers to be in a position to access our services digitally, wherever they are without the need to physically come to our offices,” she said, adding, that they are negotiating with a certain third party who has country-spread network.
"Once we are done with negotiations, our customers will be able to go to that party and access our services across the country." Bona Life, which, among others is best known for its Monyadi Plan-(a policy which gives couples an opportunity to save for their wedding) has doubled its staff head count in the past ten months that Keakabetse has been the CEO.
“We will continue to create more job opportunities through our outsourced distribution channels,“ she disclosed. One of the key performance areas of Keakabetse, is to ensure that Bona Life adheres to water tight corporate governance systems. “We handle people’s finance, which basically means we hold key to people’s lives,” she said as a matter of fact. As CEO of Bona Life, Keakabetse has set her targets in the short to long term. In the not so distant future, she wants to improve Bona Life’s customer experience.
The company will also partner with more strategic partners, who will help the it grow and become a player to reckon with in the highly competitive market. The immediate task will be to turn Bona Life into a highly digitalised insurance outfit. The company also empowers the communities it operates in, through its corporate social responsibility initiatives. The company has invested in sport, particularly swimming.
