BIC Gathers Industry to Address Industry Concerns – Reshaping the insurance industry
Botswana Insurance Company (BIC) recently hosted the highly anticipated BIC Inaugural Thought Leadership Insurance Conference 2023, which brought together insurance industry leaders, experts, regulators, and thought leaders to discuss the unquantifiable power of insurance and its potential to shape a new Botswana. The conference, held at Cresta Lodge in Botswana, proved to be a resounding success, positioning BIC as a leader in the industry.
The event featured engaging presentations by renowned experts who delved into various aspects of the insurance landscape. Notable among them was Donald Dinnie, Director at Norton Rose Fulbright South Africa Inc, who discussed topics such as intermediaries’ liability exposure, policy interpretation, and the impact of COVID-19 on business interruption claims. Tefo Modise Setlhare, Executive at Debswana Diamond Company, advocated for a data-insight driven approach in reimagining insurance covers amid uncertainty. Jayne Cross, Partner and Head of Civil & Corporate Litigation at Minchin & Kelly (Botswana), shed light on the critical issue of fraud in insurance claims.
The BIC Inaugural Thought Leadership Insurance Conference 2023 served as a platform for comprehensive discussions on market insights, trends, regulations, policy changes, and potential deregulations within the insurance industry. It facilitated knowledge exchange, collaboration, and the exploration of possibilities to drive the insurance sector forward. The conference underscored BIC’s commitment to leading the transformation of the insurance landscape in Botswana.
In his keynote address, Newton Jazire, the Group CEO of Botswana Insurance Company, emphasized the importance of innovative solutions and ideas that can reshape the insurance industry and regulation. He highlighted the significance of converging and discussing pressing matters that affect the insurance industry, including market insights, trends, recent regulations, liberalizations, and possible deregulations that could foster the growth of the insurance market.
“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 realize the vision of becoming a high-income country that has an impeccable workforce,” said BIC Group CEO.
The COVID-19 pandemic has profoundly affected global insurance markets, with the industry grappling with asset risks, volatility in capital markets, and weaker premium growth prospects. The conference aimed to address these challenges and identify strategies to mitigate the great unknowns posed by the pandemic. Jazire stressed the role of insurance in economic development, stating that it acts as a first line of defense, protecting businesses, individuals, and countries from catastrophes through robust financial structures and adequate reserve coverage.
Furthermore, the conference highlighted the need for insurance companies to enhance their digitization efforts in response to the evolving marketplace. Topics such as cybersecurity and regulation protocols gained prominence as the industry adapts to the changing landscape.
Jazire’s vision for the conference was clear: to create a platform that empowers Batswana and transforms Botswana’s operating landscape. By bringing together industry experts and fostering collaboration, BIC aims to elevate the nation and achieve its vision of becoming a high-income country with an impeccable workforce. Jazire reiterated that the future of Botswana’s economy lies in the hands of those present at the conference, emphasizing the collective responsibility to lay the necessary foundations and raise the country’s flag high.
As the BIC Inaugural Thought Leadership Insurance Conference 2023 drew to a close, the industry leaders and stakeholders departed with renewed determination and fresh insights. BIC’s strategic positioning as an industry leader was reinforced, and the event successfully demonstrated the company’s commitment to driving the insurance sector forward in Botswana. With continued engagement, innovation, and collaboration, BIC remains at the forefront of transforming the insurance landscape in the country.
