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Western Life Insurance Botswana (PTY) Limited (the “Company”) is an insurance start up and is a licensed insurer registered with the Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”)
The company underwrites individual life business (including funeral and credit protection products) and group risk business
On 1 March 2021 Boago Emerging Markets, an intermediate holding company wholly owned by the Acute Global group of companies, announced the acquisition of 100% issued share capital of Western Life Insurance from Western National Insurance Company
Western Life Insurance Botswana (PTY) limited is a stand-alone regulated entity with an independent board of directors
The company operates under the constitution contained in the Companies Act, CAP 42:01, Laws of Botswana (the “Act”)
We have strengthened capability at Board level
There are five directors currently: Boikanyo Kgosidintsi (CEO), Edward Fashole Luke II (INED), Colm Patterson (shareholder representative) Victor Nnoi (INED) and Thamsanqa Majova (INED)
The Board of Directors controls and directs the affairs of the Company in the manner contemplated in the draft NBFIRA Corporate Governance Rules
It is further the intention to establish various sub committees of the Board to assist with providing oversight and assisting in the implementation of plans and strategies
The day-to-day management of the Company has been delegated to the CEO and his team
Western Life Insurance Botswana is fully committed to protecting the personal rights of individuals in accordance with its responsibilities under the Data Protection Act, 2018. In so doing we are committed to the privacy and confidentiality of data provided to us. Any decision for the disclosure or use for purposes other those specified is made in line with the relevant legislation.
All data is processed in a fair and lawful manner and is protected by security safeguards against risks such as loss, unauthorized access, destruction, modification or disclosure.
“Westlife Insurance Botswana is the most recent entrant into an industry that has historically been dominated by regional and international players. Our challenge, therefore, has been to find a niche where we could be in the top three in our chosen market segment.
We are a 100% citizen owned underwriter. Our business is aligned to the National Financial Inclusion Roadmap and Strategy 2015 -2021. We have a identified a need for low-cost pre-underwritten insurance products. Through our broker network we aim to provide access to these insurance products to help improve citizen’s welfare and support national objectives
Technology will be a key part of this distribution strategy. The aim is to leverage our call centre and develop a chatbot to deliver a digital experience that truly enhances our customer experience. Also under consideration is the activation of a broker portal on our core insurance IT platform Exergy
I have a fantastic team that is highly engaged and with the right balance of technical skills and industry experience. We are providing customer service training to customer facing staff and AML/CFT training to all staff.
I’m really excited about servicing a new generation of consumers and building the most admired indigenous insurance underwriter in the market”– Boikanyo Kgosidintsi