Hollard Life Botswana, wholly owned by Hollard South Africa is eyeing a number of corporate partnerships domestically to boost their portfolio, BG Business has learnt.
Hollard Group Chief Financial Officer (CFO) Brooks Mparutsa said already, the local subsidiary is working hard to establish a number of partnerships with big corporates aimed at pushing their business, which would also benefit local companies. Already, Hollard life has partnered with Barclays Bank under bank assurance as an underwriter.
“We have also established partnership with the University of Botswana where we offer career guidance,” he said. Mparutsa also said that Hollard has partnered with a number of companies within the tourism sector, adding that the sector, which is a major contributor to Botswana’s GDP needed sound insurance for the long term. “It does not end here, very soon we would be unveiling other products that would come with partnerships with other institutions,” he said. Hollard, arguably Africa’s independent insurance group in terms of financing, has been in Botswana for only two years and already, Mparutsa is optimistic that growth prospects remain colourful in the long run. He said the company’s operating strategy is to develop long-term partnerships with established corporations, which would work in their favour in terms of distribution of the products they offer.
Their two years of operation locally have earned them over P6 million in income, while their profits were just over P1 million. But going forward, Mparutsa said Hollard would use the group’s superior financial muscle with over P62 billion in revenue to fund potential profitable markets like Botswana. Mparutsa was speaking at the official launch of Hollard’s partnership with Botswana Post, where they also launched a new insurance product called ‘Motshidisi Funeral Plan’. The partnership excited Botswana Post’s, which has optimistic diversity goals.
Botswana Post Chief Executive Officer (CEO) Pele Moleta said with the traditional mail service being less effective, Botswana Post was looking to diversify their product range and even tap into financial services using their network to up efficiency and become profitable. This Wednesday, the postman launched an insurance product, ‘Motshidisi Family Funeral plan’ in partnership with Hollard Life Botswana, a wholly owned subsidiary of Hollard South Africa.
Botswana Post’s role in this partnership would be to use its 122 network of branches countrywide to distribute the funeral product. Moleta said Botswana Post staff has been trained to be able to sell this product to Botswana Post clients ‘mostly the elderly and rural area dwellers’ using all their branches in Botswana.
The funeral plan is said to be an affordable plan covering the insured member and up to 5 family members. The product has four options ranging from that of a P5000 benefit to P15 000, with premiums from P27 to over P62. Clients according to Moleta do not need any medical examination, bank account when accessing the product.