The growth story of Chartered Insurance Brokers (CIB) can at best be described as meteoric. Listening to the founding Managing Director, Ronald Ketshabe narrating the company’s humble beginnings, one gets a sense that, the insurance broker indeed was established by forward looking men and women.
“During the early years of its operation-CIB was babysat within More Power Investments (its shareholder). As we speak today, eight years later, the company is now a full-fledged insurance broker, with a complete Board of Directors, Management and Staff,” Ketshabe, who has been with CIB since day one, told Botswana Guardian in an exclusive interview.
CIB offers a wide range of insurance products and risk management services through reputable insurance companies such as Botswana Insurance Company, Old Mutual, Liberty Botswana, Bryte among others. The Gaborone-based company, which also has a branch in Francistown, recently cemented its position within the multi-million Pula sector by acquiring Exclusive Insurance Company (EIC), a local company which offers both short and long term insurance products. The acquisition, has since moved the company from Number 3 to the second spot in Botswana’s insurance brokerage sub-sector.
Ketshabe’s eyes light up when he talks of this latest purchase. “The acquisition will meaningfully change the face of our business as we expand our product offering and capacity as a brokerage. It speaks to our ambitions of growing our book and breaking new frontiers in the industry. Our clients will get to experience an enhanced service offering and improved internal insurance expertise,” he said confidently. Botswana insurance brokerage sub-sector is highly competitive, with both citizen-owned and foreign companies fighting tooth and nail for the same share of the cake. CIB, which has now diversified into the highly lucrative commercial insurance (which include tendering), said it is growing exponentially because it has systems, procedure and water tight structures in place.
“What sets CIB apart is our commitment to delivering on our promise to be the trusted broker. We understand our fundamental role as an intermediary, also clearly understand that we represent promises to our clients and failing on ensuring that promises made come to fruition is essentially abdicating our basic responsibility,” Ketshabe who is armed with Master of Science in Strategic Management explained. Botswana Guardian understands when the company was established, majority of staff members were not equipped with basic insurance skills. However, the company has since made it a point that most of staff members, even those who are not necessarily selling insurance products have Certificate of Proficiency (COP) in short or long term insurance. “CIB invests heavily in training and development to create a team of highly skilled professionals who can provide the best possible service. We understand that well-cared-for staff translates to better client care,” stated Ketshabe.
The company also understands the importance of customer services. If fact, they view customer experience and better products offerings, as a competitive edge. "As CIB, we go beyond than simply offering products, we strive to understand our clients unique and evolving needs and customise solutions that help them better their lives and protect them. For some of our clients, we have negotiated the best bank rates with service providers in order for the clients to enjoy better instalment payments, reduced insurance premium payments and ultimately save clients’ hard earned money."
CIB also conducts Client Surveys regularly "to get a feel of how our clients feel about us and how they would want us to serve them better." The surveys allow the company to self-correct and strive to exceed expectations. Forging better managing relationships is key to any company. Such strong relations have been made with underwriters, suppliers, clients and staff and Management as well as our Principals at Group and Board levels, said Ketshabe.
In today’s business landscape, risk management, has come even more key for companies to stay afloat. Often, those who do not make calculated risks, fall through the cracks. “CIB is essentially in the business of risk as an insurance broker, and as per our business strategy, we have robust internal systems, processes and controls that help us manage our risks. We have a dedicated Legal and Risk Manager overseeing the risk function. Just last week, we conducted a training session for all our staff as a means of continuously raising awareness on issues of risk and risk management, and this is part of our operational culture,” he stated.
In recent years, the regulator of the insurance industry, Non-Bank Financial Regulatory Authority (NBFIRA) has come up with a raft of regulatory changes, in line with global trends. As a matter of fact, the sector, same as the finance sector, is highly regulated, with punitive actions often being taken against those who breach these laws. “To stay abreast of changes in regulations, we have a dedicated Principal Officer in-house who is the liaison between CIB and the regulator. This individual is responsible for ensuring compliance with regulation, and is also responsible for overseeing our operations and ensure at all times we are above-board. Over and above the aforesaid, we conduct market researches as a business, while at individual level we empower ourselves through gaining individual memberships of professional bodies where industry insights are shared from fellow professionals,” said Ketshabe.
More and more companies are adopting digital strategies for better and improved customer service experience. CIB is not left behind. The company has an in-house IT team that support its vision of becoming a technologically advanced business. “We have recently made a wholesale infrastructure upgrade on our systems to meet current demands and ensure smooth operations," said the MD of CIB, adding that, they are currently implementing 2 systems as part of their strategic objective of Improving Operational Efficiency (IOE).
Ketshabe is less worried that the company revenue targets of 2023 was not met, arguing the business fundamentals are right to place the company on a sustained growth trajectory in future. The company posted a net profit of P3.4 million in 2023, as opposed to P10.6 million the year before. The company has also invested back into the communities it operates in through sponsorships and donations. CIB sponsored the annual Madikwe Cultural Festival, which celebrates Botswana's diverse cultures as well as a community walk in Seolwane village, driving initiatives for local development and fostering community engagement. "The company provided critical support by covering transportation expenses for a child's kidney transplant journey to India, demonstrating our commitment to improving lives and ensuring access to essential healthcare services."
The future, according to Ketshabe is bright. The company plans to become the number 1 insurance broker in the country in three years. However, the ultimate goal is to become a full house insurance company. “The recent acquisition of EIS(Exclusive Insurance Solutions) clearly demonstrate our level of ambition and mind you, this is only a continuation of our intents. We will continue to place our clients at the forefront of our actions, we know and understand the value of serving them to exceed their expectations. Keep watching this space, there is more to come from CIB and we will be carrying all our stakeholders along with us. CIB aspires to be the leading insurance broker and employer of choice in Botswana,” he concluded.
“During the early years of its operation-CIB was babysat within More Power Investments (its shareholder). As we speak today, eight years later, the company is now a full-fledged insurance broker, with a complete Board of Directors, Management and Staff,” Ketshabe, who has been with CIB since day one, told Botswana Guardian in an exclusive interview.
CIB offers a wide range of insurance products and risk management services through reputable insurance companies such as Botswana Insurance Company, Old Mutual, Liberty Botswana, Bryte among others. The Gaborone-based company, which also has a branch in Francistown, recently cemented its position within the multi-million Pula sector by acquiring Exclusive Insurance Company (EIC), a local company which offers both short and long term insurance products. The acquisition, has since moved the company from Number 3 to the second spot in Botswana’s insurance brokerage sub-sector.
Ketshabe’s eyes light up when he talks of this latest purchase. “The acquisition will meaningfully change the face of our business as we expand our product offering and capacity as a brokerage. It speaks to our ambitions of growing our book and breaking new frontiers in the industry. Our clients will get to experience an enhanced service offering and improved internal insurance expertise,” he said confidently. Botswana insurance brokerage sub-sector is highly competitive, with both citizen-owned and foreign companies fighting tooth and nail for the same share of the cake. CIB, which has now diversified into the highly lucrative commercial insurance (which include tendering), said it is growing exponentially because it has systems, procedure and water tight structures in place.
“What sets CIB apart is our commitment to delivering on our promise to be the trusted broker. We understand our fundamental role as an intermediary, also clearly understand that we represent promises to our clients and failing on ensuring that promises made come to fruition is essentially abdicating our basic responsibility,” Ketshabe who is armed with Master of Science in Strategic Management explained. Botswana Guardian understands when the company was established, majority of staff members were not equipped with basic insurance skills. However, the company has since made it a point that most of staff members, even those who are not necessarily selling insurance products have Certificate of Proficiency (COP) in short or long term insurance. “CIB invests heavily in training and development to create a team of highly skilled professionals who can provide the best possible service. We understand that well-cared-for staff translates to better client care,” stated Ketshabe.
The company also understands the importance of customer services. If fact, they view customer experience and better products offerings, as a competitive edge. "As CIB, we go beyond than simply offering products, we strive to understand our clients unique and evolving needs and customise solutions that help them better their lives and protect them. For some of our clients, we have negotiated the best bank rates with service providers in order for the clients to enjoy better instalment payments, reduced insurance premium payments and ultimately save clients’ hard earned money."
CIB also conducts Client Surveys regularly "to get a feel of how our clients feel about us and how they would want us to serve them better." The surveys allow the company to self-correct and strive to exceed expectations. Forging better managing relationships is key to any company. Such strong relations have been made with underwriters, suppliers, clients and staff and Management as well as our Principals at Group and Board levels, said Ketshabe.
In today’s business landscape, risk management, has come even more key for companies to stay afloat. Often, those who do not make calculated risks, fall through the cracks. “CIB is essentially in the business of risk as an insurance broker, and as per our business strategy, we have robust internal systems, processes and controls that help us manage our risks. We have a dedicated Legal and Risk Manager overseeing the risk function. Just last week, we conducted a training session for all our staff as a means of continuously raising awareness on issues of risk and risk management, and this is part of our operational culture,” he stated.
In recent years, the regulator of the insurance industry, Non-Bank Financial Regulatory Authority (NBFIRA) has come up with a raft of regulatory changes, in line with global trends. As a matter of fact, the sector, same as the finance sector, is highly regulated, with punitive actions often being taken against those who breach these laws. “To stay abreast of changes in regulations, we have a dedicated Principal Officer in-house who is the liaison between CIB and the regulator. This individual is responsible for ensuring compliance with regulation, and is also responsible for overseeing our operations and ensure at all times we are above-board. Over and above the aforesaid, we conduct market researches as a business, while at individual level we empower ourselves through gaining individual memberships of professional bodies where industry insights are shared from fellow professionals,” said Ketshabe.
More and more companies are adopting digital strategies for better and improved customer service experience. CIB is not left behind. The company has an in-house IT team that support its vision of becoming a technologically advanced business. “We have recently made a wholesale infrastructure upgrade on our systems to meet current demands and ensure smooth operations," said the MD of CIB, adding that, they are currently implementing 2 systems as part of their strategic objective of Improving Operational Efficiency (IOE).
Ketshabe is less worried that the company revenue targets of 2023 was not met, arguing the business fundamentals are right to place the company on a sustained growth trajectory in future. The company posted a net profit of P3.4 million in 2023, as opposed to P10.6 million the year before. The company has also invested back into the communities it operates in through sponsorships and donations. CIB sponsored the annual Madikwe Cultural Festival, which celebrates Botswana's diverse cultures as well as a community walk in Seolwane village, driving initiatives for local development and fostering community engagement. "The company provided critical support by covering transportation expenses for a child's kidney transplant journey to India, demonstrating our commitment to improving lives and ensuring access to essential healthcare services."
The future, according to Ketshabe is bright. The company plans to become the number 1 insurance broker in the country in three years. However, the ultimate goal is to become a full house insurance company. “The recent acquisition of EIS(Exclusive Insurance Solutions) clearly demonstrate our level of ambition and mind you, this is only a continuation of our intents. We will continue to place our clients at the forefront of our actions, we know and understand the value of serving them to exceed their expectations. Keep watching this space, there is more to come from CIB and we will be carrying all our stakeholders along with us. CIB aspires to be the leading insurance broker and employer of choice in Botswana,” he concluded.
