Alyssa Lane
Botswana Life Insurance Limited (Botswana Life) is the country's leading and only home-grown life insurer. Established in 1975, Botswana Life has a proud history and is a subsidiary of the Botswana Insurance Holdings Limited (BIHL) Group. Botswana Life provides long-term insurance solutions for individuals and groups, including life insurance, retirement annuities, and investment policies. The company has an estimated market share of over 69% and manages over 300,000 policies, with an Annual Recurring Premium of P1.6 billion. In addition to life insurance, Botswana Life also offers funeral insurance, mortgage protection, hospital cash plans, and various other financial solutions to cater to the diverse needs of its customers.
| Characteristics | Values |
|---|---|
| Year Established | 1975 |
| Parent Company | Botswana Insurance Holdings Limited (BIHL) Group |
| Market Share | Over 69% |
| Number of Policies Managed | Over 300,000 |
| Annual Recurring Premium | P1.6 billion |
| Number of Direct Agents | 697 |
| Number of Sub-agents | 353 |
| Number of Employees | 342 |
| Number of People Receiving Monthly Pensions | 11,658 |
| Product Offerings | Life insurance, retirement annuities, investment policies, funeral insurance, mortgage protection, hospital cash plans, group life assurance, total permanent health insurance, income continuation benefit, business liability protection, key person insurance solution, buy and sell insurance solution |
What You'll Learn
History of Botswana Life Insurance
Botswana Life Insurance Limited (BLIL) was established in 1975 and is Botswana's leading and only home-grown life insurer. It has an estimated market share of over 75% and currently manages a file size of over 300,000 policies and an Annual Recurring Premium of P1 billion.
BLIL is a subsidiary of Botswana Insurance Holdings Limited (BIHL), which is listed on the Botswana Stock Exchange (BSE). BIHL consists of Botswana Life Insurance Limited and Botswana General Insurance Limited. BIHL was formed following the restructuring of the Botswana Insurance Company, which was established as a 51% subsidiary of the Botswana Development Corporation. The restructuring occurred due to the promulgation of the Insurance Industry Act of Botswana, which regulated all aspects of insurance in the country and required separate legal entities for the underwriting of long and short-term insurance businesses.
In June 2013, Botswana Life launched a unique prepaid card called Liferewards, enabling clients to receive their claims and benefits and transact with the card like a debit card. Botswana Life has contributed significantly to employment creation, employing over 600 direct agents, 500 sub-agents, and 260 employees. It is also among the largest payers of occupational pension benefits in Botswana, with over 7,000 people receiving their monthly pensions from the company.
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Botswana Life Insurance Leadership
Botswana Life Insurance is a subsidiary of Botswana Insurance Holdings Limited (BIHL). The company offers a range of insurance products and services for individuals, corporates, and businesses. Botswana Life Insurance's products include funeral plans, retirement annuities, hospital cash plans, and various types of insurance, such as life, health, business liability, and key person insurance.
The leadership of Botswana Life Insurance is committed to corporate governance and supporting community initiatives. The Board of Directors is the custodian of corporate governance, ensuring compliance with regulations and promoting ethical business practices.
Mustafa Sachak serves as the Chairman of the Board of Directors of Botswana Life Insurance Limited. He leads the company's strategic direction and oversees its operations.
BIHL, the parent company of Botswana Life Insurance, has demonstrated its commitment to corporate governance by adopting and implementing key policies and partnerships. In 2012, BIHL reinforced its dedication to ethical business practices and transparency. Additionally, the BIHL Trust, established in 2007, actively identifies and supports valuable initiatives within local communities.
Through its leadership and community engagement, Botswana Life Insurance, as part of the BIHL Group, strives to make a positive impact beyond its insurance offerings. The company's partnerships and initiatives contribute to raising awareness and supporting important causes, such as breast cancer screening and education.
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Botswana Life Insurance Products
Botswana Life Insurance Limited (Botswana Life) is the country's leading and only home-grown life insurer. Established in 1975, Botswana Life has a proud history and is a trusted partner to Batswana. The company provides financial solutions that make a positive difference in the lives of its customers and employees.
Botswana Life offers a range of insurance products, including:
- Life insurance
- Funeral insurance
- Retirement annuities
- Investment policies
One of the key products offered by Botswana Life is the Boikanyo Funeral Plan. This plan assists customers in paying for funeral expenses, ensuring that their loved ones are taken care of during difficult times. Botswana Life also offers the Mmoloki Funeral Cover, which provides similar benefits.
For those planning for their retirement, Botswana Life offers the Tapologo Retirement Annuity. This product helps individuals save for their retirement and provides them with a steady income during their golden years.
In addition to life insurance and retirement products, Botswana Life also offers investment solutions. The Isago Multi Fund Discretionary Savings plan allows customers to invest and grow their wealth over time. The company also offers the Botswana Life International Investment Plan, providing customers with international investment opportunities.
Botswana Life also offers various other insurance products, such as the Bosa Hospital Cash Plan, Group Life Assurance, and Business Liability Protection. The company is committed to providing comprehensive insurance solutions to meet the diverse needs of its customers, ensuring their financial security and peace of mind.
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Botswana Life Insurance Contact Information
Botswana Life Insurance is the country's oldest and only home-grown life insurer. The company has a market share of over 75% and manages over 300,000 policies. Botswana Life Insurance offers a range of insurance products, including life insurance, retirement annuities, and investment policies.
Address: Plot 50676 Blk A Fariground Office Pk, Gaborone, Botswana
Contact Number: +267 364 5118, +267 362 3700 (also listed as +267 36 23 700)
Email: [email protected]
Website: www.botswanalife.co.bw
Hours of Operation: Monday to Friday, 8:00 am - 5:00 pm
In addition to the contact details above, Botswana Life Insurance also has a WhatsApp number, +267 75 257 556, and a physical mail option via the address listed.
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Botswana Life Insurance Competitors
Botswana Life Insurance Limited is a life insurance company based in Botswana, with 342 employees and an annual revenue of $319 million. The company offers a range of insurance products, including funeral plans, retirement annuities, hospital cash plans, and business insurance solutions. Botswana Life Insurance's headquarters are in Gaborone, Botswana, and the company's official website is www.botswanalife.co.bw.
In terms of competitors, Botswana Life Insurance operates in a competitive market with other insurance providers offering similar products and services. While the specific names and details of these competitors are not readily available, it is safe to assume that they exist and offer comparable insurance packages to consumers in Botswana. Here is some information on Botswana Life Insurance and the insurance industry in Botswana:
Botswana Life Insurance's Market Presence
Botswana Life Insurance has established itself in the Botswana market by offering a diverse range of insurance products and services. They cater to individuals, corporates, and businesses, providing comprehensive solutions such as funeral plans, retirement options, and health-related coverage. Their commitment to corporate social responsibility and innovative product offerings further strengthen their market position.
Insurance Industry Dynamics in Botswana
The insurance industry in Botswana is regulated and governed by entities such as the Financial Intelligence Agency. Insurance providers in the country, including Botswana Life Insurance, are legally bound to comply with the agency's requirements. This indicates a structured and supervised insurance sector.
Consumer Preferences and Trends
Consumers in Botswana value convenience and accessibility, as evidenced by Botswana Life Insurance's emphasis on its call centre, which enables clients to handle queries without physically visiting branches. The company also introduced a prepaid card called "Liferewards" in partnership with Access Bank Botswana and Visa. This card allows clients to receive their claims and benefits and use them like a debit card, showcasing their adaptability to modern consumer preferences.
While the specific details of Botswana Life Insurance's competitors remain unknown, the company operates in a dynamic and competitive insurance market in Botswana. This market is likely characterised by evolving consumer preferences, regulatory frameworks, and innovative product offerings across multiple insurance providers.
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Frequently asked questions
Botswana Life Insurance Limited (Botswana Life) is Botswana’s leading and only home-grown life insurer. It was established in 1975 and has become synonymous with life and funeral insurance in the country.
Botswana Life provides long-term insurance solutions for individuals and groups, including life insurance, retirement annuities, and investment policies. They also offer a range of other products, such as funeral plans, mortgage protection, and hospital cash plans.
You can contact Botswana Life Insurance through their contact centre at +267 36 23 700 or via WhatsApp at +267 75 257 556. They also have a mobile app that gives policyholders access to their policies and other features.
