BiB delivers strong returns for shareholders

BOFUS Insurance Brokers (BiB) is flexing good business standing with the hand over six vehicles to the company’s shareholders. BiB is among the Botswana Sector of Educators Trade Union (BOSETU)’s youngest commercial wings having being established in 2018.

BiB is an insurance brokerage formulated by BOSETU the mother union and BOSETU Funeral Sceheme (BOFUS) as a subsidiary of BOSETU, and the two came together and formed BiB.

BiB offers both long term and shortterm insurance schemes and also ad- ministers legal insurance of BOSETU. BiB was formed in line with the constitution of BOSETU, which stipulates that as a union we should provide social and economic services to the members.

BiB on Monday despite is elementary status handed over six cars to the company’s shareholders, BOSETU and BOSETU

Funeral

Scheme (BOFUS). These six cars include two Toyota GD6 model cars and four panel vans. Speaking at the hand over ceremony BOSETU vice president and BiB chairperson, Mogomotsi Motshegwa the hand over cars clearly shows that for a company formed long ago is performing well at in the market this level.

Motshegwa said this shows an innovative and hardworking leadership, and it signals that BiB is making strides in the insurance area while also achieving its mandate of making profit for the benefit of the general membership. “Today we are delighted as BiB to have found it fit and proper to call our shareholders and say to them that they have supported BiB as a business entity and BiB has demonstrated is a company in good standing.

As BiB we are here to hand over six cars to our shareholders being BOSETU the mother union and BOFUS,” Motshegwa said.

He further said vehicles would assist BOSETU to take the products and service to general membership across the country. In addition, the donation BOFUS to give the departed members a dignified send off.

The six vehicles are branded BiB to raise the company brand awareness across the country.

Motshegwa said despite a sign of that the company is in good standing, BiB still yearn to dominate the local insurance market. He said BOSETU formed BiB upon realization that there were financial leakages in the market.

He said financial leakages in the sense that the members were not fully covered in the insurance area while credit life was also at the interest of the shareholders. He said BOSETU sought to control the rates of the insurance hence decided to formulate BiB for members can enjoy subsidized rates when it comes to both to long term and short term insurance “We also formulated BiB as a source of income to the shareholders. By penetrating in to the insurance market, the ultimate benefits are source of income and as BiB our role is to plant back to our shareholders.

When shareholders form a company, the expectation from the board of directors is declaration of dividends, they want profit and we understood our union to say BiB should generate income so that it plants back to the union for the union to service members in areas like scholarship education programmes, and also membership benefaction strategies,” Motshegwa said.

As BiB we are here to hand over six cars to our shareholders being BOSETU the mother union and BOFUS