- Reshaping the insurance industry
Botswana Insurance Company (BIC) successfully organised the highly anticipated BIC Inaugural Thought Leadership Insurance Conference 2023, held at Cresta Lodge in Botswana.
The conference brought together distinguished leaders, industry experts, and thought leaders to explore the theme, “The Unquantifiable Power of Insurance: A New Botswana.”
The event commenced with welcome remarks from BIC Group CEO Newton Jazire, who expressed his pleasure in having such a remarkable gathering of knowledgeable and experienced individuals. Jazire emphasised the potential for groundbreaking solutions, ideas, and innovations that could reshape the insurance industry and its regulations.
He highlighted the importance of conversation and collaboration as the catalysts for transformative change, stating: “The powerful solutions, ideas, notions, and innovations that can reshape the insurance industry and regulation forever can all come from this pristine selection of mind-boggling thought leaders. No phenomenal creation has ever existed that did not begin first as an idea, a verbalisation, and a conversation.”
The conference provided an overview of the insurance industry, discussing its remarkable 7 percent annual average growth rate between 2010 and 2015, nearly double the average growth rate of real GDP. Furthermore, a paper released during the event highlighted the statistically significant 10 percent influence of the insurance industry on economic growth during the period of 1993 to 2010. But despite these positive indicators, the insurance industry in Botswana is still in its infancy stage, with a penetration rate of only 2.8 percent, leaving substantial room for growth.
Given the unprecedented challenges posed by the COVID-19 pandemic, the conference addressed its impact on global insurance markets, focusing on asset risks, volatility in capital markets, weaker premium growth prospects, and other affected areas. The pandemic also prompted the need for digitisation and raised concerns about cybersecurity and regulation protocols, which were discussed extensively.
Recognising the substantial role of insurance in economic development, the conference underscored how insurance manages risks, protects businesses, individuals, and countries from catastrophes, and ensures sound economic policies and robust financial structures. The COVID-19 crisis highlighted the critical nature of insurance as the first line of defence against unforeseen events that can disrupt national balance sheets and cripple economies.
Group CEO Newton Jazire further emphasised the significance of insurance, stating: “This morning, we hope to not only deliberate on the key lessons taken away from the COVID-19 period and how the insurance industry can be better positioned to mitigate the great unknowns but to also delve into what could be and how far we can take this industry – together. This can only be limited by how far we dare to dream.”
During the event, the BIC Group proudly announced its third consecutive PMR Africa Excellence award, a testament to its unwavering commitment to excellence, stakeholders, and superior service. BIC’s focus on the customer experience and their dedication to growth and innovation have allowed them to thrive for over 45 years. The company aims to empower Batswana and transform Botswana’s operating landscape, envisioning a high-income country with an impeccable workforce. Jazire highlighted their vision, stating: “We wanted to create a platform that empowers Batswana and can stand to transform Botswana’s operating landscape. We want more people at the top with us. That is the only way we can lift the country and realise the vision of becoming a high-income country that has an impeccable workforce.”
The conference featured engaging presentations by notable experts in the field. Donald Dinnie, Director at Norton Rose Fulbright South Africa Inc, discussed intermediaries’ liability exposure, commercial expediency, equity in policy interpretation, securing legal privilege, and COVID-19 and business interruption claims.
Tefo Modise Setlhare, Executive at Debswana Diamond Company, delved into reimagining insurance covers amid uncertainty, advocating for a data-insight driven approach. Jayne Cross, Partner and Head of Civil & Corporate Litigation at Minchin & Kelly (Botswana), shed light on fraud in insurance claims.
The BIC Inaugural Thought Leadership Insurance Conference 2023 provided a platform for comprehensive discussions on market insights, trends, regulations, policy changes and potential deregulations in the insurance industry. The event facilitated knowledge exchange, collaboration, and the exploration of possibilities to drive the insurance sector forward. BIC remains committed to leading the transformation of the insurance landscape in Botswana and looks forward to continued engagement and innovation within the industry.
