Bomaid grows in leaps and bounds
Health and happiness for members are key to what Bomaid does on a daily basis. The future looks bright for the medical aid fund. Below, CEO Moraki Mokgosana speaks to KOOBONYE RAMOKOPELWA on what makes them tick.
Botswana Guardian: In a nutshell, how will you describe Bomaid to those who do not know your line of business?
Moaraki Mokgosana: Bomaid is the leading medical aid fund in Botswana that has been operating in the country for the last 50 years. Having been the first of its kind in the country, we have been at the forefront of the provision of solutions that are designed to assist our clients in defraying medical expenses. In this regard, we have positioned ourselves to be the companion of choice in providing funding solutions for the wellbeing of our members, in particular, and the wider population, generally.
Guardian: According to the 2019 annual report, Bomaid had 86 000 members by close of that financial year. Did you manage to grow these numbers? Provide reasons for the fall or rise in customers/ members?
Mokgosana: We had a total of just under 40,000 at the end of 2019 and together with their dependents, we were looking after just over 87, 000 lives. Though this positions us as the leading medical aid in the private space, we would like to have seen more growth in 2020. The onset of the Covid- 19 pandemic has presented challenges in our growth initiatives as we saw fewer new job opportunities becoming available in the market and pressure on disposable income for households. We believe, however, that this pandemic also underscores the importance of people having a plan to enhance access to health funding. We expect to continue to see growth as things return to normal.
At Bomaid, we have spent 50 years accumulating the reserves to be able to support our beneficiaries at times like these and we believe that we are adequately poised to reduce the pressure on the public health resources during this pandemic and beyond.
Guardian: How is Bomaid’s working relationship with the regulator Non- Bank Financial Institutions Regulatory Authority ( NBFIRA)? Mokgosana: Having been in the market for so long, we are considered the standard bearer in the industry. To this end, it is imperative that we continue to foster enduring and meaningful relationships with all stakeholders to promote the existence of the industry. At Bomaid, we welcome and respect NBFIRA’s mandate and will continue to strive to have a fruitful relationship with The Regulator. So far it has been a good relationship.
Guardian: How has Thobo Fund Administration System helped revolutionised the way Bomaid offer services?
Mokgosana: We see technology as a key enabler of our business model going forward. The system rollout is a critical component of our technology strategy. It provides a platform for us to enhance the experience of our customer and health care provider community as well as to enhance and optimise some of our key processes. The key benefits that we have experienced included productivity enhancements, customer self- service and improved turnaround times. Thobo has also provided an opportunity for us to tighten our control environment.
We have just concluded stakeholder surveys, and indications are that the system has been well received by our customers, health care practitioners and employees and that some of the pain points that were highlighted in the past have started to dissipate. It is our ardent hope that as we continue to optimise on this core administration system, we will well and truly be poised to embrace the Fourth Industrial Evolution and to execute on our other technology initiatives. Ultimately, we expect Bomaid to continue to be the best medical aid fund to work with and for.
Off course, we recognise that we still have demographics that still prefer the old way of transacting with Bomaid and we have to be mindful and respectful of tha. t
Guardian: The health sector in Botswana, which Bomaid operates under, is prone to risks. How is Bomaid coping with such climate?
Mokgosana: Indeed we are in the business of managing risk and some of these risks can be existential. The current situation is a classic case in point as medical aids reserves can be depleted very quickly when the claims experience quickly outpaces the premium income. The risks of the organisation are carefully monitored by both Management and Board and the risk mitigation plans are also watched closely.
Guardian: COVID 19 has surely affected Bomaid in one way or the other. To what extent has the impact been and how have you reacted? Mokgosana: Indeed it has! Firstly it has forced us to rethink about our approach to work and how we interact with our various stakeholders – especially with the advent of the social distancing. We have had to decongest our offices over the last 12 months for our office to accommodate only between 40 and 50 percent of our complement at any point in time. This has meant that, for many of us, our homes have become our offices. Even our Board meetings have been virtual over this period. Being an essential service provider, we have had to ensure uninterrupted service all the time. Apart from the intrusion into our homes by our work lives, we have had to establish new ways of keeping engagements alive at the office. We were very fortunate that the first lock down happened immediately after the Thobo system went live and we were able to transition to remote working quite speedily. The system also reduced the flow of paperwork which reduced the need for visits to our offices. However, where we felt the impact the most was in our call centre which has struggled to handle the increase in call volumes as we have advocated for a reduction in foot traffic at our offices and shut down our offices in the hospitals. Despite the discomfort of one not being able to physically interact with colleagues and clients, the biggest benefit of the pandemic is that it has accelerated the adoption of technology.
Guardian: More and more companies or institutions are offering services using digital platforms. How has Bomaid prepared its Information Technology systems to ensure customers spent less time at your physical offices?
Mokgosana: For us, the Thobo systems has indeed been a gamechanger that has propelled uptake of digital platforms. The system provides the ability for a fully integrated paperless member experience ranging from membership updates, billing, collections of premiums, submission of claims, remittance advices, electronic membership cards and query resolution. Members are enabled to self service through our websites and through their mobile phones where they can download our app as well as view their membership details including their virtual card. As part of our broader technology strategy, we will be looking for further opportunities for further digital transformation.
Guardian: As a leader, what systems are there to ensure the highest or strictest terms of corporate governance are adhered to on a daily basis by management and staff?
Mokgosana: Bomaid subscribes to the King 4 principles of corporate governance. In addition to that, we have subscribed to the Deloitte Tip- Off line which allows staff and other stakeholders to report unethical behaviour. One of our key values which is non- negotiable is Trust and we ensure that this is demonstrated every day in everything that we do and our interaction with other key stakeholders. As a regulated entity, we fall under the supervision of NBFIRA which takes a keen interest on the fitness and propriety of myself as the Principal Officer and our Board members to hold office. We are also a public entity falling under the purview of the Botswana Accountancy Oversight Authority ( BAOA). All of these and the internal audit processes – which are currently outsourced to an audit firm - comprise the requisite checks and balances to ensure that the highest standards of corporate governance are observed.
Guardian: The current financial year ( 2021) is the last year within your current Strategic Plan. Is Bomaid on course to successfully deliver this plan? Mokgosana: Yes, we believe so. When we set out on this strategic path, we had a lot of challenges and the Board made some very difficult and painful decisions. Although we have not achieved all that we have set out to do, we are very pleased that we have made significant strides in the attainment of our strategic objectives and have overcome a significant number of these challenges. Our financial, people and customer service indicators are certainly much better than they were in 2017 when we started on this strategic path. We do believe that there is still some improvement necessary for some of our processes and we will be focusing on improving on this in this final year.
Bomaid is the leading medical aid fund in Botswana that has been operating in the country for the last 50 years. Having been the first of its kind in the country, we have been at the forefront of the provision of solutions that are designed to assist our clients in defraying medical expenses. In this regard, we have positioned ourselves to be the companion of choice in providing funding solutions for the wellbeing of our members, in particular, and the wider population, generally.
Guardian: How important is the Bomaid Human
Capital?
Mokgosana: VERY! We are thankful to have a team of very dedicated professionals in the business who will not stop at anything to give our members a memorable experience. It is up to those of us as in leadership to provide them with the necessary support and tools for them to continue to shine.
Guardian: How much are you investing in corporate social investment across board? Mokgosana: We set aside a portion of our funds for CSI initiatives that resonate with our core mandate and our values. Through our initiatives, we have reached out to people in the Okavango, Gantsi, Kweneng, Ngamiland, Tswapong, Gaborone, Tlokweng and Jwaneng areas through initiatives ranging from educational support ( books, prize giving and assisting of students with learning disabilities), orphanages, support of medical initiatives ( awareness campaigns and donations of devices like wheelchairs).
Some of the organisations that we have worked with include the Lady Khama Charitable Trust, The PGM Foundation, The Kidney Association of Botswana, University of Botswana, Team Chain Ring, The Ycare Foundation and the SOS Village. We have recently adopted a school called Gosemama Junior Secondary School in the Tswapong area where we have been involved in their annual prize giving and have recently been involved in upgrading their library and donating computer equipment.
Guardian: What lies ahead for Bomaid in the next five years?
Mokgosana: We are hoping to conclude on our strategy beyond 2021 in the next couple of months. We are happy that we have set a platform for us to continue to offer unprecedented customer service and innovative solutions and to consolidate on efforts over the last 4 years. Ultimately, we are all about health and happiness and we will continue to pursue our vision with vigour.