14 Nov 2019

 The newly formed Association of Life Underwriters Botswana (ALUB) has committed to adherence to regulatory requirements that guide such practices.

Addressing members of the media on November 13, ALUB chairperson Mr Ronald Samuels said Botswana had more insurance providers in the market than ever before, with eight life insurance and even more in non-life provisions.

He said his association was formed after realising that there was a need to unite as the insurance sector to ensure the promotion of best practice and highest standards of professionalism in life insurance.

Mr Samuels, who is also the chief executive officer of Botswana Life said that all ALUB committee members reaffirmed their unwavering commitment to working together with both purpose and passion, ultimately looking to enhance and unlock the potential of what such a body could deliver.

“Best practice in other markets also reveals that through such self-driven bodies, industries stand to grow more significantly and in more sustainable and impactful manners,” he said.

Mr Samuels said, ‘it is this purpose that served as the impetus for formation of ALUB and its newly defined and crafted strategic approach’. 

Further, Mr Samuels said that working with key stakeholders and embracing a truly consultative process would be paramount towards truly delivering on the ALUB mandate.

He said the committee would be focusing on the six strategic themes such as review of upfront commissions on investment products, professionalising the selling of life insurance, access to government electronic bio data registers, consumer education, standards for claims experience and working with government to improve operational efficiencies that affect the customer.

Deputy secretary, Ms Motshabi Mokone, who is also the managing director of Barclays Life Botswana said the introduction of the ALUB committee marked the beginning of what promised to be a fruitful journey for the entire value chain of insurance sector.

She said it was not a journey that could be undertaken in isolation, hence the formation of a united front and engagement of relevant stakeholders such as government and the Non-Bank Financial Institution Regulatory Authority. 

The committee is comprised of  Samuels, Mr Thebe Modikwa, Ms Lulu Rasebotsa, Mr Motshabi Mokone and Mr Bilkiss Moorad from different insurance companies. ENDS