06 Jun 2023

First National Bank of Botswana has introduced insurance brokers and product suites.

Executive director and head of FNBB insurance brokers, Ms Mosadinkwe Mosinyi said the insurance brokers had also introduced three product suites that catered for all segments inclusive of personal customers, commercial accounts and corporate business.

She said they had also introduced three new products including the FNB funeral plan which covered up to 16 people.

On the family product, she said as the family grew the premium remained the same. She added that premiums depended on the cover chosen and the age of the customer.

She said the family product paid for funeral expenses upon the death of beneficiaries. She also noted that unlike other products that carried a cash back incentive after three years, FNB gave 7.5 per cent cash back on paid premiums. She also said they were looking at paying returns monthly.

She said customers would get cash back before their policies lapsed and that there would regular rewards.

Ms Mosinyi further said they had introduced the personal lines product which bundled personal needs for the house and car insurance. She noted that it incorporated legal insurance amounting to P10 000 as well as an emergency assist which did not include hospitalisation. She also highlighted that the policy did not attract any additional premium.

Another product introduced, she said, was the business credit plan which covered the death of a business owner. She said the policy paid off outstanding balances on business loans attained by the business owner who may die or sustain a permanent disability.

She further explained that the product was similar to personal loans credit life.

She also said they had other regular products ‘sold by any other broker’ that were traditional in the insurance market.

She stated that they had strategic partners with whom they ‘built’ the products including Hollard Life and Botswana Insurance Company. She said they assisted in drafting customer needs and building customer centric products.

Ms Mosinyi said customers could make claims or sign up for FNB funeral plan over the phone, adding that they had cut out the paper work across their branches nationwide.

She also warned customers to be wary of people who enquired about their account numbers, noting that the bank already had the details and would rather ask security questions to ensure they were talking to the appropriate person. ENDS