FNB Insurance Brokers stands tall in the market
Insurance is as old as historical society. According to available information, insurance policies were first taken as early as the 18th century.
In Botswana, the sector started to gain traction in the 20th century after being propelled by legislative instruments which were passed to regulate the sector post- independence. Fastrack to 2021, the country is now booming with a wide range of insurance companies offering both long and short- term insurance policies. As a matter of fact, the sector is worth billions of Pula.
Amidst all these companies, multi- nationals and locals, there has emerged one company, FNB Insurance Brokers which is in the same group as First National Bank Botswana, a leading commercial bank which is listed at the Botswana Stock Exchange.
The insurance broking firm, which is relatively new, has managed to stand tall, side by side with other established industry stalwarts. In a candid interview with Botswana Guardian, its Head, Modisankwe Mosinyi, who played a pivotal role in optimisation of the insurance business within FNB started by explaining in plain language that insurance is, “An arrangement that transfers risk from a person / or company for a specified event and for a fee.” Mosinyi is an insurance professional who has worked for years in the sector for giants such as AON Botswana, Botswana Insurance Company, major banks among others. As a matter of fact, this year will be her 20th in the insurance industry and financial services sector, having started as a trainee broker at Aon Botswana, way back in September 2011.
She landed at FNBB in November 2019 to head the insurance arm of the bank. At FNB Insurance Brokers, Mosinyi is executive responsible for driving the business strategy, sales, sustainability and ultimately the bottom line for shareholders. Every day, she and her team, think and work hard to convince both existing and prospective clients on why
it is important to have insurance in whatever form. In convincing customers to sign for insurance for policies, the subsidiary has made it known that it provides various options for customers to choose from with a mind to bring affordable products to their customers.
FNB Insurance Brokers as one of the foremost insurance companies in the country, has become wellknown for offering cutting edge insurance products for both personal and business clients. Some of the products that can be subscribed to by individuals include, but are not limited to funeral cover, Motor Insurance, Home Owners which covers houses, House Holders, which covers house contents, Retrenchment Cover and Credit Life for loans. Mosinyi spoke fondly of their Funeral Cover, Moemedi, which she said has been a hit with customers, even those in the lower income levels.
She said they are revamping the cover. The revised version, which will offer even more benefits and limits will be launched in the foreseeable future. In addition, FNB Insurance Brokers, has under its personal insurance, the Retrenchment Cover, which compensates those cut off from work. The Cover has become even more relevant, especially as the country experiences COVID- 19, which has affected businesses and employees negatively.
There is also an array of insurance covers that are tailor- made for business across board. Among these are those that help in case of fire, workers compensation, contractors’ risk, business interruption, among others. As things stand, Mogwebi has become well known. “Mogwebi Insurance has done very well and continues to grow as our customers get to understand it. We will also be unveiling the revamp products which is packed with even more value,” disclosed Mosinyi, a University of Botswana alumni. She has a Bachelor of Business Administration from the leading university.
As previously mentioned, the insurance sector in the country is hotly contested. How has FNB
Insurance Brokers managed to stay relevant amid increasing competition? “Our aim is really to be very client focused. We believe in incorporating the customer’s voice in everything we do. So, key to our strategy is to develop products that will meet our customers’ needs, both in the features as well as the price. We have this past year really taken the time to automate most of our processes. This will allow us to be cost effective and to offer exceptional customer experience,” narrated Mosinyi. As a matter of fact, FNB Insurance Brokers is hard at work to ensure that, in future their clients will have access to FNB App and USSD platforms.
On a monthly basis, customers, both personal and businesses pay premiums. The COVID- 19 has affected consumers hard and, in the process, reducing disposable income. This has resulted in some of them missing scheduled premiums. As a proactive business, FNB Insurance Brokers, has found it fitting to meet customers halfway.
“Just as other businesses, FNB Insurance Brokers has been negatively impacted by Covid- 19. We have seen some policy cancellations on some of our products as customers feel the financial pressure, mostly with the funeral product. FNB Insurance negotiated for our customers; with our partners to suspend premium payments for those who could not afford during lock down,” said Mosinyi in a written response to Botswana Guardian.
In today’s business environment, there are more challenges which often require strategic allegiances to tackle head on. FNB Insurance Brokers has also found it necessary to have partners who help them at product and services development stages. “As a Broker, we have intermediary contracts with most of the underwriters in the market. FNBIB however, has two strategic partners with whom we develop bespoke products for our customers. Our Strategic partners are Botswana Insurance Company for general insurance and Hollard Life for long term insurance,” disclosed Mosinyi.
Looking forward, there will be more for customers in the coming weeks and months. “We have one new product which will be coming in a few weeks, it was developed with our customers in mind,” she said briefly. She added that there are products which have been revamped and will be launched soon. We are still undertaking more customer research that we will use to develop and enhance our offering,” concluded Mosinyi.