Bomaid going strong 50 years on
Botswana Medical Aid ( Bomaid) Chairman, Emmanuel Maite said the company is well capacitated to provide medical claims despite tough financial situations from member contributions.
He said through the foresight of the company’s 2017- 2021 Strategy they have exceeded, much of what they aimed to achieve. “As we have started to plan for the next five years, we are excited and reinvigorated by the opportunities that we see in the horizon. In support of government’s initiative to combat the pandemic, the Board approved a P2 million donation to the Presidential Covid- 19 Fund. We also proactively, set aside a sum of BWP 30 Million aimed at managing the potential risks posed by this disease to our members”.
Bomaid is commemorating its 50 years of operations this year. The company currently provides cover for 87 000 people and over the years has increased its profits. In 2020 it achieved over 285 percent increase in profit to P117 million in the midst of Covid 19 pandemic.
Maite said they have built reserves that will allow the company to take care of members assuming there is no contribution. “With 10 months of claims cover at the end of 2020, we are comfortable that Bomaid is not only adequately capitalised the impact of the Covid- 19 pandemic but to remain sustainable for another 50 years and beyond.” He highlighted that the company will adopt technology and innovation to promote health and wellness.
On his note Bomaid Chief Executive Officer, Moraki Mokgosana said they are currently reviewing their strategy and will offer innovative and enhanced medical cover to its members. “we are currently reviewing our strategy. We have increased in customer satisfaction from 73.6 percent to 74.8 percent in 2020 and we have 3.3 million claim lines processed during the year.”