29 Mar 2023

Botswana Savings Bank (BSB) has launched insurance agency to align with the bank’s Lesedi Strategy which aims at creating business solutions and efficiencies for clients.

The new subsidiary of BSB will offer tailor-made short-term and long-term insurance products under the regulation of the Non-Bank Financial Institutions Regulatory Authority.

Speaking during the launch in Gaborone on Tuesday March 28, the BSB Board Chairperson, Ms Goitsemang Morekisi said the insurance agency was a significant and strategic shift that would shake the insurance industry.

 “It demonstrates that customers deserve accessible covers and policies that offer security, safety, and fortification for them and their loved ones,” she said.

Under short-term insurance, BSB insurance agency will offer policies ranging from motor personal, comprehensive car insurance covers, house owners, personal all risks insurance, personal accident cover and commercial insurance policies.

Long-term insurance caters for Term life insurance, Whole Life Insurance, Universal Life, Mortgage Protector, Credit Life, Funeral Policies and Commercial Life Policies.

She said the BSB insurance agency was one of the key drivers for business growth and expanding financial outreach in Botswana. “The unique and novel offerings will be provided throughout all branches across the country to every Motswana, not limited to BSB customers only,” she said.

Ms Morekisi thanked different stakeholders for their commitment and determination in making the establishment of the BSB Insurance Agency a reality.

For his part BSB Chief Executive Officer, Mr Nixon Marumoloa said as a state-owned bank, they bore  the responsibility of advocating for financial inclusion in Botswana hence the need for BSB to be the key player in the economy and development of the country.

Mr Marumoloa said the BSB Insurance Agency had been designed for Batswana from different walks of life in line with Lesedi 2025 Strategy.

Mr Marumoloa said the insurance enabled economic activity by protecting lives and property against insurable risks.

The development also fulfils the bank’s focus on driving business growth and sustainability, financial inclusion, customer service excellence and innovation, he said.

He said as a financial services player, BSB needed an insurance branch which protected the country’s economy, saying over the years banking institutions had taken a similar route and that had played a significant role in the economy. Ends